Exhibit 99.1

 

 

 

FOR IMMEDIATE RELEASE

Nicholas

 

 

Contact: Irina Nashtatik

 

NASDAQ: NICK

Nicholas Financial, Inc.

Corporate Headquarters

2454 McMullen-Booth Rd.

Building C, Suite 501

Clearwater, FL 33759

 

               CFO

               Ph #  (727)-726-0763

 

Web site: www.nicholasfinancial.com

 

Nicholas Financial Reports

2nd Quarter Fiscal Year 2021 Results

 

 

Income year-over-year before income taxes for the three months ended September 30, 2020 increased by 277.5% compared to prior year second quarter

 

Pre-tax yield as a percentage of average finance receivables for the three months ended September 30, 2020 increased to 2.6% compared to 0.6% during the prior year second quarter

 

Originations year-over-year on new Contracts purchased for the three months ended September 30, 2020 decreased by 13.9% compared to prior year second quarter

 

Originations year-over-year on Direct Loans for the three months ended September 30, 2020 increased by 28.2% compared to prior year second quarter

 

Accounts 60+ days delinquent decreased to 2.9%, excluding Chapter 13 bankruptcy accounts, compared to 3.2% as of the prior year second quarter

 

Net Portfolio Yield for the three months ended September 30, 2020 increased to 18.6% compared to 16.0% during the prior year second quarter

October 30, 2020 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced net income for the three months ended September 30, 2020 of $1.3 million compared to $0.3 million for the three months ended September 30, 2019.  Diluted net income per share was $0.16 for the three months ended September 30, 2020 as compared to $0.03 for the three months ended September 30, 2019. Revenue decreased 9.8% to $14.1 million for the three months ended September 30, 2020 as compared to $15.6 million for the three months ended September 30, 2019. The Company reported income before income taxes for the three months ended September 30, 2020 of $1.4 million compared $0.4 million for the three months ended September 30, 2019. The Company recorded an income tax expense of approximately $0.1 million during the three months ended September 30, 2020 compared to an income tax expense of $0.1 million during the three months ended September 30, 2019.  

For the Fiscal Year 2021, the Company has calculated an effective tax rate of approximately 25%, before income tax benefit. As of September 30, 2020, the company recognized a net income tax benefit of approximately $(0.3) million, with $(0.2) million relating to the tax provision analysis and $(0.1) million relating to the net operating loss carry-back provisions allowed by the CARES Act. The effective tax rate has been similar for the reporting periods presented.

The Company announced net income for the six months ended September 30, 2020 of $2.7 million compared to $0.9 million for the six months ended September 30, 2019.  Diluted net income per share was $0.34 for the six months ended September 30, 2020 as compared to $0.11 for the six months ended September 30, 2019. Revenue decreased 12.4% to $28.2 million for the six months ended September 30, 2020 as compared to $32.2 million for the six months ended September 30, 2019. The Company reported income before income taxes for the six months ended September 30, 2020 of $3.2 million compared $1.2 million for the six months ended September 30, 2019.   The Company recorded an income tax expense of approximately $0.5 million during the six months ended September 30, 2020 compared to $0.3 million during the six months ended September 30, 2019.  

For the six months ended September 30, 2020, the Company originated $40.4 million in finance receivables, collected $58.8 million in principal payments, reduced debt by a net amount of $14.6 million, repurchased $0.2 million of common stock, and increased cash by $8.5 million.

“We continue to enjoy excellent results in terms of portfolio management,” stated Doug Marohn, President and CEO of Nicholas Financial, Inc.  “Our core philosophy of providing primary transportation to and from work for the subprime borrower and our focus on smaller dollar, more affordable loans have made it easier for customers to meet their obligation even in tough economic times.  Matching our customers’ individual needs and abilities with an appropriate loan structure has served them and Nicholas well.”


 

“The strong portfolio performance is encouraging and reinforces our approach to this business as being the right way.  The 2nd Quarter generated reduced delinquency and lower losses year over year without relying on increased extensions or modifications.  That said we are maintaining a conservative approach to our reserve methodology and ensuring our loss reserves are more than sufficient until we have better clarity of the future as it relates to the economic impact of the pandemic.”

“Whereas it is true that new originations on indirect retail sales finance have been suppressed throughout this pandemic, Nicholas is very much committed to growing our receivables and expanding our reach wherever possible and prudent,” continued Marohn.  “Our Direct Loan product is experiencing substantial growth now that it is active and in place in every one of our brick and mortar locations across our branch network.  We have renewed our focus on new market expansion and are excited to report we are opening our first Nevada branch in Las Vegas this month.  We expect that, over the next 30 to 60 days we will have new fully operational branches in Columbia, SC and Milwaukee, WI.  We are actively developing expansion in Salt Lake City, UT and Boise, ID.  We are also initiating initial expansion efforts on top of that in Arizona and New Mexico.  Finally, we have elected to re-enter the Texas market now that we have reinforced our infrastructure and disciplined approach.”



 

 

Key Performance Indicators on Contracts Purchased

 

(Purchases in thousands)

 

 

 

 

 

Number of

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year

 

 

Contracts

 

 

Principal Amount

 

 

Amount

 

 

Average

 

 

 

Average

 

 

 

Average

 

/Quarter

 

 

Purchased

 

 

Purchased#

 

 

Financed*^

 

 

APR*

 

 

 

Discount%*

 

 

 

Term*

 

2021

 

 

 

3,395

 

 

$

34,103

 

 

$

10,045

 

 

 

23.5

 

%

 

 

7.4

 

%

 

 

46

 

 

2

 

 

 

1,709

 

 

 

17,307

 

 

 

10,127

 

 

 

23.5

 

%

 

 

6.8

 

%

 

 

46

 

 

1

 

 

 

1,686

 

 

 

16,796

 

 

 

9,962

 

 

 

23.5

 

%

 

 

8.0

 

%

 

 

46

 

2020

 

 

 

7,647

 

 

$

76,696

 

 

$

10,035

 

 

 

23.4

 

%

 

 

7.9

 

%

 

 

47

 

4

 

 

 

1,991

 

 

 

19,658

 

 

 

9,873

 

 

 

23.5

 

%

 

7.9

 

%

 

 

46

 

3

 

 

 

1,753

 

 

 

17,880

 

 

 

10,200

 

 

 

23.3

 

%

 

7.6

 

%

 

 

47

 

2

 

 

 

2,011

 

 

 

20,104

 

 

 

9,997

 

 

 

23.5

 

%

 

7.9

 

%

 

 

46

 

1

 

 

 

1,892

 

 

 

19,054

 

 

 

10,071

 

 

 

23.4

 

%

 

8.3

 

%

 

 

47

 

2019

 

 

 

7,684

 

 

$

77,499

 

 

$

10,086

 

 

 

23.5

 

%

 

 

8.2

 

%

 

 

47

 

4

 

 

 

2,151

 

 

 

21,233

 

 

 

9,871

 

 

 

23.5

 

%

 

 

8.0

 

%

 

 

46

 

3

 

 

 

1,625

 

 

 

16,476

 

 

 

10,139

 

 

 

23.5

 

%

 

 

8.1

 

%

 

 

47

 

2

 

 

 

1,761

 

 

 

17,845

 

 

 

10,133

 

 

 

23.5

 

%

 

 

8.4

 

%

 

 

47

 

1

 

 

 

2,147

 

 

 

21,945

 

 

 

10,221

 

 

 

23.7

 

%

 

 

8.3

 

%

 

 

48

 

 

Key Performance Indicators on Direct Loans Originated

(Originations in thousands)

 

 

 

Number of

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year

 

Loans

 

 

Amount

 

 

Average Amount

 

 

Average

 

 

 

Average

 

/Quarter

 

Originated

 

 

Originated

 

 

Financed*^

 

 

APR*

 

 

 

Term*

 

2021

 

 

1,479

 

 

$

6,259

 

 

$

4,260

 

 

 

29.0

 

%

 

 

26

 

2

 

 

924

 

 

 

3,832

 

 

 

4,147

 

 

 

29.2

 

%

 

 

25

 

1

 

 

555

 

 

 

2,427

 

 

 

4,373

 

 

28.7

 

%

 

 

26

 

2020

 

 

3,142

 

 

$

12,638

 

 

$

4,017

 

 

28.2

 

%

 

 

25

 

4

 

 

720

 

 

 

3,104

 

 

 

4,310

 

 

28.6

 

%

 

 

25

 

3

 

 

1,137

 

 

 

4,490

 

 

 

3,949

 

 

28.4

 

%

 

 

24

 

2

 

 

739

 

 

 

2,988

 

 

 

4,043

 

 

27.4

 

%

 

 

25

 

1

 

 

546

 

 

 

2,056

 

 

 

3,765

 

 

28.2

 

%

 

 

24

 

2019

 

 

1,918

 

 

$

7,741

 

 

$

4,036

 

 

26.4

 

%

 

 

25

 

4

 

 

236

 

 

 

1,240

 

 

 

4,654

 

 

27.3

 

%

 

 

24

 

3

 

 

738

 

 

 

2,999

 

 

 

4,063

 

 

25.9

 

%

 

 

25

 

2

 

 

495

 

 

 

1,805

 

 

 

3,646

 

 

26.5

 

%

 

 

25

 

1

 

 

449

 

 

 

1,697

 

 

 

3,779

 

 

25.7

 

%

 

 

28

 

*Each average included in the tables is calculated as a simple average.

^Average amount financed is calculated as a single loan amount.

#Bulk portfolio purchase excluded for period-over-period comparability

 

Nicholas Financial, Inc. (NASDAQ:NICK) is a specialized consumer finance company, operating branch locations in primarily Southeastern and Midwestern U.S. States.  The Company engages primarily in acquiring and servicing automobile finance installment contracts (“Contracts”) for purchases of used and new automobiles and light trucks. Additionally, Nicholas Financial originates direct consumer loans (“Direct Loans”) and sells consumer-finance related products.  For an index of Nicholas Financial, Inc’s new releases or to obtain a specific release, please visit our website at www.nicholasfinancial.com.

 

Cautionary Note regarding Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements, including expectations regarding the impact of COVID-19 on the Company’s business, its ability to obtain the expected financial and tax benefits from the CARES Act, and its ability to obtain loan forgiveness under its PPP loan, that involve risks and uncertainties, including risk relating to competition and our ability to increase and maintain yield and profitability at desirable levels, as well as risks relating to  general economic conditions, including in connection with the current COVID-19 pandemic, access to bank financing, our ability to expand the geographical scope of, and otherwise continue growing, our Direct Loan operations, and other risks detailed from time to time in the Company’s filings and reports with the Securities and Exchange Commission including the Company’s Annual Report on Form 10-K for the year ended March 31, 2020.  When used in this document, the words “anticipate”, “estimate”, “expect”, “will”, “may”, “plan,” “believe”, “intend” and similar expressions are intended to identify forward-looking statements.  Such statements are based on the beliefs of Company management as well as assumptions made by and information currently available to Company management. Actual events or results may differ materially from those anticipated, estimated or expect. All forward-looking statements and cautionary statements included in this document are made as of the date hereof based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement or cautionary statement.

 

## More ##



Nicholas Financial, Inc.

Condensed Consolidated Statements of Income

(Unaudited, Dollars in Thousands, Except Share and Per Share Amounts)

 

 

Three months ended

 

 

Six months ended

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fee income on finance receivables

 

$

14,064

 

 

$

15,585

 

 

$

28,215

 

 

 

$

32,226

 

 

Unrealized gain on equity investments

 

 

45

 

 

 

-

 

 

 

45

 

 

 

 

-

 

 

Total revenue

 

 

14,109

 

 

 

15,585

 

 

 

28,260

 

 

 

 

32,226

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

8,131

 

 

 

8,927

 

 

 

15,474

 

 

 

 

17,898

 

 

Provision for credit losses

 

 

3,050

 

 

 

4,000

 

 

 

6,350

 

 

 

 

8,385

 

 

Interest expense

 

 

1,569

 

 

 

2,298

 

 

 

3,218

 

 

 

 

4,786

 

 

Total expenses

 

 

12,750

 

 

 

15,225

 

 

 

25,042

 

 

 

 

31,069

 

 

Income before income taxes

 

 

1,359

 

 

 

360

 

 

 

3,218

 

 

 

 

1,157

 

 

Income tax expense

 

 

92

 

 

 

92

 

 

 

521

 

 

 

 

298

 

 

Net income

 

$

1,267

 

 

$

268

 

 

$

2,697

 

 

 

$

859

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.16

 

 

$

0.03

 

 

$

0.34

 

 

 

$

0.11

 

 

Diluted

 

$

0.16

 

 

$

0.03

 

 

$

0.34

 

 

 

$

0.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets

(Unaudited, In Thousands)

 

 

 

September 30,

 

 

March 31,

 

 

 

2020

 

 

2020

 

Cash and restricted cash

 

$

33,169

 

 

$

24,684

 

Equity investments with readily determinable fair values

 

 

3,013

 

 

 

-

 

Finance receivables, net

 

 

179,035

 

 

 

199,781

 

Repossessed assets

 

 

856

 

 

 

1,340

 

Operating lease right-of-use assets

 

 

2,588

 

 

 

2,598

 

Other assets

 

 

7,085

 

 

 

10,415

 

Total assets

 

$

225,746

 

 

$

238,818

 

Credit facility, net of debt issuance costs

 

$

106,639

 

 

$

124,255

 

Note payable

 

 

3,244

 

 

 

-

 

Operating lease liabilities

 

 

2,590

 

 

 

2,652

 

Other liabilities

 

 

3,129

 

 

 

4,332

 

Total liabilities

 

 

115,602

 

 

 

131,239

 

Shareholders’ equity

 

 

110,144

 

 

 

107,579

 

Total liabilities and shareholders’ equity

 

$

225,746

 

 

$

238,818

 

Book value per share

 

$

14.14

 

 

$

13.78

 

 



 

 

 

Three months ended

 

 

Six months ended

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

(In thousands)

 

 

(In thousands)

 

 

Portfolio Summary

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Average finance receivables (1)

 

$

203,407

 

 

$

232,021

 

 

$

208,608

 

 

 

$

236,024

 

 

Average indebtedness (2)

 

$

113,233

 

 

$

139,929

 

 

$

117,983

 

 

 

$

144,486

 

 

Interest and fee income on finance receivables

 

$

14,064

 

 

$

15,585

 

 

$

28,215

 

 

 

$

32,226

 

 

Interest expense

 

 

1,569

 

 

 

2,298

 

 

 

3,218

 

 

 

 

4,786

 

 

Net interest and fee income on finance receivables

 

$

12,495

 

 

$

13,287

 

 

$

24,997

 

 

 

$

27,440

 

 

Portfolio yield (3)

 

 

27.66

 

%

 

26.87

 

%

 

27.05

 

 

 

 

27.31

 

%

Interest expense as a percentage of average finance receivables

 

 

3.09

 

%

 

3.96

 

%

 

3.09

 

 

 

 

4.06

 

%

Provision for credit losses as a percentage of average finance receivables

 

 

6.00

 

%

 

6.90

 

%

 

6.09

 

 

 

 

7.11

 

%

Net portfolio yield (3)

 

 

18.57

 

%

 

16.01

 

%

 

17.87

 

 

 

 

16.15

 

%

Operating expenses as a percentage of average finance receivables

 

 

15.99

 

%

 

15.39

 

%

 

14.84

 

 

 

 

15.17

 

%

Pre-tax yield as a percentage of average finance receivables (4)

 

 

2.58

 

%

 

0.62

 

%

 

3.03

 

%

 

 

0.98

 

%

Net charge-off percentage (5)

 

 

5.56

 

%

 

11.40

 

%

 

5.79

 

%

 

 

10.01

 

%

Finance receivables

 

 

 

 

 

 

 

 

 

$

198,168

 

 

 

$

222,320

 

 

Allowance percentage (6)

 

 

 

 

 

 

 

 

 

 

5.79

 

%

 

 

6.07

 

%

Total reserves percentage (7)

 

 

 

 

 

 

 

 

 

 

9.84

 

%

 

 

10.42

 

%

 

Note: All three-month and six-month statement of income performance indicators expressed as percentages have been annualized.

(1)

Average finance receivables represent the average of finance receivables throughout the period.

(2)

Average indebtedness represents the average outstanding borrowings under the Credit Facility.

(3)

Portfolio yield represents interest and fee income on finance receivables as a percentage of average finance receivables. Net portfolio yield represents (a) interest and fee income on finance receivables minus (b) interest expense minus (c) the provision for credit losses, as a percentage of average finance receivables.

(4)

Pre-tax yield represents net portfolio yield minus operating expenses, as a percentage of average finance receivables.

(5)

Net charge-off percentage represents net charge-offs (charge-offs less recoveries) divided by average finance receivables, outstanding during the period.

(6)

Allowance percentage represents the allowance for credit losses divided by finance receivables outstanding as of ending balance sheet date.

(7)

Total reserves percentage represents the allowance for credit losses, purchase price discount, and unearned dealer discounts divided by finance receivables outstanding as of ending balance sheet date.

 

 

 

 



 

 

 

 

The following tables present certain information regarding the delinquency rates experienced by the Company with respect to automobile finance installment contracts (“Contracts”) and direct consumer loans (“Direct Loans”), excluding any Chapter 13 bankruptcy accounts:

(In thousands, except percentages)

 

Contracts

 

Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding

 

 

30 – 59 days

 

 

60 – 89 days

 

 

 

90 – 119 days

 

 

 

120+

 

 

 

Total

 

 

September 30, 2020

 

$

185,287

 

 

$

10,232

 

 

$

3,962

 

 

 

$

1,560

 

 

 

$

42

 

 

 

$

15,796

 

 

 

 

 

 

 

 

 

5.52

 

%

 

2.14

 

%

 

 

0.84

 

%

 

 

0.02

 

%

 

 

8.53

 

%

September 30, 2019

 

$

212,396

 

 

$

13,981

 

 

$

4,950

 

 

 

$

1,946

 

 

 

$

42

 

 

 

$

20,919

 

 

 

 

 

 

 

 

 

6.58

 

%

 

2.33

 

%

 

 

0.92

 

%

 

 

0.02

 

%

 

 

9.85

 

%

 

 

 

 

 

 

 

Direct Loans

 

Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding

 

 

30 – 59 days

 

 

60 – 89 days

 

 

 

90 – 119 days

 

 

 

120+

 

 

 

Total

 

 

September 30, 2020

 

$

12,715

 

 

$

349

 

 

$

159

 

 

 

$

52

 

 

 

$

0

 

 

 

$

560

 

 

 

 

 

 

 

 

 

2.74

 

%

 

1.25

 

%

 

 

0.41

 

%

 

 

0.00

 

%

 

 

4.40

 

%

September 30, 2019

 

$

9,480

 

 

$

219

 

 

$

115

 

 

 

$

56

 

 

 

$

0

 

 

 

$

390

 

 

 

 

 

 

 

 

 

2.31

 

%

 

1.21

 

%

 

 

0.59

 

%

 

 

0.00

 

%

 

 

4.11

 

%

 

 

The following table presents selected information on Contracts purchased and Direct Loans originated by the Company:    

 

 

 

Contracts

 

 

Direct Loans

 

 

 

 

Three months ended

 

 

Three months ended

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

(Purchases in thousands)

 

 

(Originations in thousands)

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Purchases/Originations

 

$

17,307

 

 

$

20,104

 

 

$

3,832

 

 

 

$

2,988

 

 

Average APR

 

 

23.5

 

%

 

23.5

 

%

 

29.2

 

%

 

27.4

 

%

Average discount

 

 

6.8

 

%

 

7.9

 

%

N/A

 

 

 

N/A

 

 

Average term (months)

 

 

46

 

 

 

46

 

 

 

25

 

 

 

 

25

 

 

Average amount financed

 

$

10,127

 

 

$

9,997

 

 

$

4,147

 

 

 

$

4,043

 

 

Number of contracts

 

 

1,709

 

 

 

2,011

 

 

 

924

 

 

 

 

739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

 

Direct Loans

 

 

 

 

Six months ended

 

 

Six months ended

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

(Purchases in thousands)

 

 

(Originations in thousands)

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Purchases/Originations

 

$

34,103

 

 

$

39,158

 

 

$

6,259

 

 

 

$

5,044

 

 

Average APR

 

 

23.5

 

%

 

23.5

 

%

 

29.0

 

%

 

27.8

 

%

Average discount

 

 

7.4

 

%

 

8.1

 

%

N/A

 

 

 

N/A

 

 

Average term (months)

 

 

46

 

 

 

47

 

 

 

26

 

 

 

 

25

 

 

Average amount financed

 

$

10,045

 

 

$

10,034

 

 

$

4,260

 

 

 

$

3,904

 

 

Number of contracts

 

 

3,395

 

 

 

3,903

 

 

 

1,479

 

 

 

 

1,285

 

 

 


 

 

The following table presents selected information on the entire Contract and Direct Loan portfolios of the Company:

 

 

 

Contracts

 

 

Direct Loans

 

 

 

 

As of

 

 

As of

 

 

 

 

September 30,

 

 

September 30,

 

 

Portfolio

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Average APR

 

 

22.7

 

%

 

22.7

 

%

 

27.7

 

%

 

 

26.5

 

%

Average discount

 

 

7.6

 

%

 

7.7

 

%

N/A

 

 

 

N/A

 

 

Average term (months)

 

 

51

 

 

52

 

 

27

 

 

 

27

 

 

Number of active contracts

 

 

24,656

 

 

 

27,294

 

 

 

3,673

 

 

 

 

2,921

 

 

 

## End ##

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