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Nicholas Financial Inc (NICK) SEC Filing 10-K Annual Report for the fiscal year ending Wednesday, March 31, 2021

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

4th Quarter and Fiscal Year 2021 Results

 

Income year-over-year before income taxes for the three months ended March 31, 2021 increased by 399.6% compared to prior year fourth quarter

 

Pre-tax yield as a percentage of average finance receivables for the three months ended March 31, 2021 increased to 4.92% compared to 1.03% during the prior year fourth quarter

 

Net Portfolio Yield for the three months ended March 31, 2021 increased to 24.22% compared to 17.10% during the prior year fourth quarter

 

Contracts purchased year-over-year for the three months ended March 31, 2021 increased by 25.3% compared to prior year fourth quarter

 

Amount financed year-over-year on Direct Loans for the three months ended March 31, 2021 increased by 5.8% compared to prior year fourth quarter

 

Accounts 60+ days delinquent decreased to 1.9%, excluding Chapter 13 bankruptcy accounts, compared to 2.9% as of the prior year fourth quarter

June 2, 2021 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced net income for the three months ended March 31, 2021 of $1.9 million compared to $2.3 million for the three months ended March 31, 2020.  Diluted net income per share was $0.24 for the three months ended March 31, 2021 as compared to $0.29 for the three months ended March 31, 2020. Total revenue decreased 10.8% to $13.3 million for the three months ended March 31, 2021 as compared to $14.9 million for the three months ended March 31, 2020, which included gains of $0.5 million on equity investments during the three months ended March 31, 2021. The Company reported income before income taxes for the three months ended March 31, 2021 of $2.8 million compared to $0.6 million for the three months ended March 31, 2020. The Company recorded an income tax expense of approximately $0.9 million during the three months March 31, 2021 compared to an income tax benefit of $1.7 million during the three months ended March 31, 2020.  

The Company announced net income for the year ended March 31, 2021 of $8.4 million compared to $3.5 million for the year ended March 31, 2020.  Diluted net income per share was $1.09 for the year ended March 31, 2021 as compared to $0.45 for the year ended March 31, 2020. Total revenue decreased 9.8% to $56.0 million for the year ended March 31, 2021 as compared to $62.1 million for the year ended March 31, 2020, which included gains of $1.8 million on equity investments during the year ended March 31, 2021. The Company reported income before income taxes for the year ended March 31, 2021 of $10.9 million compared to $2.2 million for the year ended March 31, 2020. The Company recorded an income tax expense of approximately $2.6 million during the year ended March 31, 2021 compared to an income tax benefit of $1.2 million during the year ended March 31, 2020.  

For the year ended March 31, 2021, the Company originated $88.2 million in finance receivables, collected $118.6 million in principal payments, reduced debt by a net amount of $35.3 million, repurchased $0.9 million of common stock, and increased cash by $8.3 million.

“We are very pleased with our 4th Quarter and overall Fiscal Year-end results,” commented Doug Marohn, President and CEO of Nicholas Financial, Inc.  “We continue to produce excellent portfolio performance, recognizing very low delinquency and net write-offs, the likes of which we have not seen in years.  We were also able to enjoy year-over-year increases in both Indirect and Direct originations and loan volumes.  The year-over-year increase on Indirect originations was the first we have seen since my return to Nicholas, and it was especially gratifying to see this during the pandemic.”

“The ability to once again report substantially increased earnings is a testament to our core business strategy as well as to the hard-working men and women who execute that strategy every day,” Marohn continued. “Our commitment to the branch-based model with a local office in every market we service allows us to better support our dealer partners and our borrowing customers.  This approach has also facilitated the expansion of our Direct Loan products to virtually every NFI branch office.  As we continue to increase our core product market share in the existing branch markets, we remain focused on growing the Direct Loan business, as well as expanding our branch network in Western States.”


The following information was filed by Nicholas Financial Inc (NICK) on Wednesday, June 2, 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Acquisition
Acquisition (Detail Textuals)
Commitments And Contingencies
Credit Facility
Credit Facility (Detail Textuals)
Credit Facility (Tables)
Credit Facility - Schedule Of Future Maturities Of Debt (Detail)
Employee Benefit Plan
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 - Activity In Allowance For Credit Losses (Details 1)
Finance Receivables - Activity In Allowance For Credit Losses (Parenthetical) (Details 1)
Finance Receivables - Assessment Of Credit Quality By Creditworthiness (Details 2)
Finance Receivables - Information Regarding Delinquency Rates With Respect To Contracts And Direct Loans (Details 3)
Finance Receivables - Summary Of Contracts And Direct Loans Included In Finance Receivables (Details)
Income Taxes
Income Taxes (Detail Textuals)
Income Taxes (Tables)
Income Taxes - Income Tax Expense (Benefit) (Details)
Income Taxes - Income Tax Expense (Benefit) Reflects An Effective U.S Tax Rate (Details 2)
Income Taxes - Significant Components Of The Company's Deferred Tax Assets (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)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Detail Textuals)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Summary (Details)
Quarterly Results Of Operations (Unaudited)
Quarterly Results Of Operations (Unaudited) (Tables)
Quarterly Results Of Operations (Unaudited) - Summary (Details)
Share-Based Payments
Share-Based Payments (Detail Textuals 1)
Share-Based Payments (Detail Textuals)
Share-Based Payments (Tables)
Share-Based Payments - Summary Of Option Activity Under The Equity Plans (Details)
Share-Based Payments - Summary Of The Status Of The Company's Non-Vested Restricted Shares (Details 1)
Stock Plans
Stock Plans (Detail Textuals)
Stock Plans (Tables)
Stock Plans - Summary Of Treasury Share Transactions Under The Company's Stock Repurchase Program (Details)
Subsequent Events
Subsequent Events (Detail Textuals)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Detail Textuals 2)
Summary Of Significant Accounting Policies (Detail Textuals)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Income Per Share (Details 1)
Summary Of Significant Accounting Policies - Income Per Share (Parentheticals) (Details 1)
Summary Of Significant Accounting Policies - Summary Of Estimated Useful Lives Of Assets (Details)
Variable Interest Entity
Variable Interest Entity (Detail Textuals)
Variable Interest Entity (Tables)
Variable Interest Entity - Summary Of Assets And Liabilities Held By Vie (Details)
Ticker: NICK
CIK: 1000045
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-033737
Submitted to the SEC: Tue Jun 22 2021 8:31:10 AM EST
Accepted by the SEC: Tue Jun 22 2021
Period: Wednesday, March 31, 2021
Industry: Short Term Business Credit Institutions

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