Nicholas Financial Posts Record Second Quarter Revenues and Earnings
19 October 1999
Nicholas Financial Posts Record Second Quarter Revenues and Earnings
CLEARWATER, Fla., Oct. 19 -- Nicholas Financial, Inc.
, announced today that revenues for the second quarter ended
September 30, 1999 increased 31% to $3,262,000, compared to $2,490,000 for the
period ended September 30, 1998. Net income for the quarter increased 77% to
$637,817 from $359,364. Earnings per share for the quarter increased 67% to
$.25, compared to $.15 in the same quarter a year ago.
For the six months ended September 30, 1999, revenues increased 33% to
$6,233,000, compared to $4,678,000 for the six months ended September 30,
1998. Net income for the six month period increased 84% to $1,139,964 from
$619,588. Earnings per share increased 73% to $.45 per share, compared to
$.26 for the six month period ended September 30, 1998.
The Company attributes these results to its historically conservative
business practices, an increase in the size of the outstanding loan portfolio
and an increase in its net portfolio yield. Furthermore, as an increasing
percentage of the Company's branch offices have matured, they have achieved
increased profitability.
The Company currently operates out of 16 branch locations and is expanding
its branch network in Florida, Georgia and North Carolina.
Nicholas Financial, Inc., is a specialized finance Company that provides
funding for pre-owned automobiles and light trucks. The Company acquires and
services non-prime retail installment sales contracts through a network of
automobile dealerships through its branch network in Florida, Georgia and
North Carolina. In addition, the company provides consumer loans primarily to
its customer base. Its software subsidiary, Nicholas Data Services, Inc.,
designs, develops, supports all the systems related to the Finance Company and
sells proprietary accounting software to small businesses.
NICHOLAS FINANCIAL, INC.
CONSOLIDATED UNAUDITED SELECT FINANCIALS
For the Three Months Ended September 30, 1999
1999 1998 % CHANGE
Gross Receivables $69,790,000 $56,090,000 24%
Total Assets $45,843,000 $37,400,000 23%
Revenues 3,262,000 2,490,000 31%
Net Income 637,817 359,364 77%
Weighted Avg. Shares 2,669,275 2,621,811 2%
Earnings per share - diluted $.25 $.15 67%
For the Six Months Ended September 30, 1999
1999 1998 % CHANGE
Gross Receivables $69,790,000 $56,090,000 24%
Total Assets $45,843,000 $37,400,000 23%
Revenues 6,233,000 4,673,000 33%
Net Income 1,139,964 619,588 84%
Weighted Avg. Shares 2,658,779 2,621,811 2%
Earnings per share - diluted $.45 $.26 73%
Except for the historical information contained herein, the matters
discussed in this news release include forward-looking statements that involve
risks and uncertainties including competitive factors, the management of
growth, 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, 1999. Such
statements are based on the beliefs of the Company's management as well as
assumptions made by and information currently available to Company management.
Actual events or results may differ materially.