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Nicholas Financial Inc (NICK) SEC Filing 10-Q Quarterly report for the period ending Thursday, December 31, 2020

Nicholas Financial Inc

CIK: 1000045 Ticker: NICK

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

3rd Quarter Fiscal Year 2021 Results

 

Income year-over-year before income taxes for the three months ended December 31, 2020 increased by 821.3% compared to prior year third quarter

 

Pre-tax yield as a percentage of average finance receivables for the three months ended December 31, 2020 increased to 7.63% compared to 0.98% during the prior year third quarter

 

Net Portfolio Yield for the three months ended December 31, 2020 increased to 23.0% compared to 15.5% during the prior year third quarter

 

Originations year-over-year on new Contracts purchased for the three months ended December 31, 2020 decreased by 14.5% compared to prior year third quarter

 

Originations year-over-year on Direct Loans for the three months ended December 31, 2020 increased by 2.6% compared to prior year third quarter

 

Accounts 60+ days delinquent decreased to 3.9%, excluding Chapter 13 bankruptcy accounts, compared to 4.0% as of the prior year third quarter

February 3, 2021 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced net income for the three months ended December 31, 2020 of $3.8 million compared to $0.3 million for the three months ended December 31, 2019.  Diluted net income per share was $0.49 for the three months ended December 31, 2020 as compared to $0.04 for the three months ended December 31, 2019. Total revenue decreased 3.3% to $14.5 million for the three months ended December 31, 2020 as compared to $15.0 million for the three months ended December 31, 2019, which included realized gains of $0.2 million and unrealized gains of $1.1 million on equity investments during the three months ended December 31, 2020. The Company reported income before income taxes for the three months ended December 31, 2020 of $5.0 million compared to $0.5 million for the three months ended December 31, 2019. The Company recorded an income tax expense of approximately $1.2 million during the three months ended December 31, 2020 compared to an income tax expense of $0.2 million during the three months ended December 31, 2019.  

The Company announced net income for the nine months ended December 31, 2020 of $6.5 million compared to $1.2 million for the nine months ended December 31, 2019.  Diluted net income per share was $0.85 for the nine months ended December 31, 2020 as compared to $0.15 for the nine months ended December 31, 2019. Total revenue decreased 9.5% to $42.7 million for the nine months ended December 31, 2020 as compared to $47.2 million for the nine months ended December 31, 2019, which included realized and unrealized gains of $1.3 million on equity investments during the nine months ended December 31, 2020. The Company reported income before income taxes for the nine months ended December 31, 2020 of $8.2 million compared to $1.7 million for the nine months ended December 31, 2019. The Company recorded an income tax expense of approximately $1.7 million during the nine months ended December 31, 2020 compared to $0.5 million during the nine months ended December 31, 2019.  

For the nine months ended December 31, 2020, the Company originated $60.3 million in finance receivables, collected $87.5 million in principal payments, reduced debt by a net amount of $29.8 million, repurchased $0.7 million of common stock, and increased cash by $4.6 million.

“For the third consecutive Quarter we recognized near-record low losses and strong portfolio performance in terms of organic delinquency control,” stated Doug Marohn, President and CEO of Nicholas Financial, Inc. “We continue to enjoy these results without any increase in deferments and without the use of any special Covid-19 related customer assistance programs. Indirect sales finance originations continue to be soft, but our direct loan originations are strong.”

“The increase in core earnings is exciting and is a testament to our successful implementation and execution of Nicholas’ business strategy,” Marohn continued. “This unique and disciplined business model is being replicated in new markets as we look to continue our expansion. We have just completed several new offices expansions, and continue to initiate expansion in several others states including Texas, Arizona, Utah, Idaho and New Mexico. This will allow us to be prepared to maximize originations potential when the market starts to return to normal levels.”  


The following information was filed by Nicholas Financial Inc (NICK) on Wednesday, February 3, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Nicholas Financial Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited)
Acquisition
Acquisition (Detail Textuals)
Basis Of Presentation
Commitments And Contingencies
Credit Facility
Credit Facility (Detail Textuals)
Credit Facility (Tables)
Credit Facility - Schedule Of Future Maturities Of Debt (Detail)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Disclosures
Fair Value Disclosures (Detail Textuals)
Fair Value Disclosures (Tables)
Fair Value Disclosures - Summary Of Financial Instruments Not Measured At Fair Value (Details 1)
Finance Receivables
Finance Receivables (Detail Textuals 1)
Finance Receivables (Detail Textuals)
Finance Receivables (Tables)
Finance Receivables - Assessment Of Credit Quality By Creditworthiness (Details 3)
Finance Receivables - Information Regarding Delinquency Rates With Respect To Contracts And Direct Loans (Details 4)
Finance Receivables - Selected Information On Entire Portfolio Of Company (Details 1)
Finance Receivables - Summary Of Contracts And Direct Loans Included In Finance Receivables (Details)
Finance Receivables - Summary Of Reconciliation Of Changes In Allowance For Credit Losses On Contracts (Details 2)
Income Taxes
Income Taxes (Detail Textuals)
Investments
Investments (Detail Textuals)
Investments (Tables)
Investments - Calculation Of Net Unrealized Gains And Losses That Relate To Equity Securities (Details 2)
Investments - Schedule Of Carrying Values Of Equity Securities (Details 1)
Leases
Leases (Detail Textuals)
Leases (Tables)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Other Lease Information (Details)
Leases - Summary Of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Details)
Note Payable
Note Payable (Detail Textuals)
Revenue Recognition
Revenue Recognition (Detail Textuals)
Stock Plans
Stock Plans (Detail Textuals)
Stock Plans (Tables)
Stock Plans - Summary Of Treasury Share Transactions Under The Company's Stock Repurchase Program (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Detail Textuals)
Summary Of Significant Accounting Policies (Policies)
Variable Interest Entity
Variable Interest Entity (Detail Textuals)
Variable Interest Entity (Tables)
Variable Interest Entity - Summary Of Assets And Liabilities Held By Vie (Details)

Material Contracts, Statements, Certifications & more

Nicholas Financial Inc provided additional information to their SEC Filing as exhibits

Ticker: NICK
CIK: 1000045
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-005399
Submitted to the SEC: Thu Feb 11 2021 8:30:59 AM EST
Accepted by the SEC: Thu Feb 11 2021
Period: Thursday, December 31, 2020
Industry: Short Term Business Credit Institutions

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