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Nicholas Financial Inc (NICK) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 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

1st Quarter Fiscal Year 2022 Results

 

 

Income year-over-year before income taxes for the three months ended June 30, 2021 increased by 25.2% compared to prior year first quarter

 

Pre-tax yield for the three months ended June 30, 2021 increased to 5.1% compared to 3.5% during the prior year first quarter

 

Originations year-over-year on new Contracts purchased for the three months ended June 30, 2021 increased by 20.9% compared to prior year first quarter

 

Originations year-over-year on Direct Loans for the three months ended June 30, 2021 increased by 136.4% compared to prior year first quarter

 

Accounts 60+ days delinquent decreased to 1.9%, excluding Chapter 13 bankruptcy accounts, compared to 2.5% as of the prior year first quarter

 

Net Portfolio Yield for the three months ended June 30, 2021 increased to 23.5% compared to 17.2% during the prior year first quarter

July 30, 2021 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced net income for the three months ended June 30, 2021 of $1.7 million compared to $1.4 million for the three months ended June 30, 2020.  Diluted net income per share was $0.22 for the three months ended June 30, 2021 as compared to $0.18 for the three months ended June 30, 2020. Revenue decreased 11.0% to $12.6 million for the three months ended June 30, 2021 as compared to $14.2 million for the three months ended June 30, 2020. The Company reported income before income taxes for the three months ended June 30, 2021 of $2.3 million compared to $1.9 million for the three months ended June 30, 2020.  The Company recorded an income tax expense of approximately $0.6 million during the three months ended June 30, 2021 as compared to $0.4 million during the three months ended June 30, 2020.

During the quarter ended June 30, 2021, the Company originated $26.0 million in finance receivables, collected $30.0 million in principal payments, reduced debt by $13.4 million and cash by $9.5 million.

 

“The more exciting news this quarter is the realization of year-over-year increases in both new indirect contract purchases and direct loan originations,” stated Doug Marohn, President and CEO of Nicholas Financial, Inc.  “This has helped level off the liquidation rate of our portfolio.  We have not returned to a net portfolio growth situation quite yet, but the rate of shrinkage has slowed.”

 

“Helping to fuel those year-over-year increases in production is our continued focus on the Direct Loan product as well as the commitment to expanding our branch network.  The Direct Loan product continues to gain momentum and is becoming a larger portion of our portfolio every month.  In terms of expansion, we have reentered the Houston, Texas market and expect to open the branch in the 2nd Quarter of FY 2022. We are also actively working the Dallas, San Antonio and Austin markets in Texas and plan to open offices there this fiscal year. Phoenix, Arizona is currently being developed, as well,” continued Marohn.

 

“The elevated operational expense is attributed to our investments in our workforce and our network,” concluded Marohn.  “As a result of our improved financial results, we are able to reinvest in technology, training, personnel development as well the expansion of our branch network. These investments will yield positive results for years to come.”

 

The 2021 Annual General Meeting of Shareholders of Nicholas Financial, Inc. will be held at the Company’s Central Business Operations hub, located at 3600 Arco Corporate Drive, Charlotte, North Carolina 28273, Suite 210, on Thursday, September 2, 2021, at 11:00 a.m. EST.  The Company will simultaneously hold a virtual shareholder meeting. The URL Path for the virtual meeting is https://agm.issuerdirect.com/nick.


The following information was filed by Nicholas Financial Inc (NICK) on Friday, July 30, 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)
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 (Parentheticals) (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)
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
Notes 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 (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: 0001564590-21-043733
Submitted to the SEC: Thu Aug 12 2021 10:48:50 AM EST
Accepted by the SEC: Thu Aug 12 2021
Period: Wednesday, June 30, 2021
Industry: Short Term Business Credit Institutions

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