Nicholas Financial Posts Record Q3 and Nine Month Revenues And Earnings
19 January 2000
Nicholas Financial Posts Record 3rd Quarter and Nine Month Revenues And Earnings
CLEARWATER, Fla., Jan. 18 -- Nicholas Financial, Inc.
announced today that revenues for the third quarter ended
December 31, 1999, increased 35% to $3,620,000 compared to $2,691,000 for the
period ended December 31, 1998. Net income for the quarter increased 73% to
$668,427 from $385,441. Earnings per share for the quarter increased 63% to
$.26 compared to $.16 in the same quarter a year ago.
For the nine months ended December 31, 1999, revenues increased 34% to
$9,852,000 compared to $7,369,000 for the nine months ended December 31, 1998.
Net income for the nine months increased 80% to $1,808,391 from $1,005,029.
Earnings per share increased 73% to $.71 per share as compared to $.41 for the
nine-month period ended December 31, 1998.
The Company attributes these results to its historic overall conservative
business practices, a higher percentage of its branches maturing and becoming
profitable and lower write-offs than predicted.
The Company currently operates out of 16 branch locations. The Company is
currently 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 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 and 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 December 31
1999 1998 % CHANGE
Gross Receivables $74,952,000 $57,788,000 30%
Total Assets $49,514,000 $38,853,000 27%
Revenues 3,620,000 2,691,000 35%
Net Income 668,427 385,441 73%
Weighted Avg. Shares 2,676,610 2,623,531 2%
Earnings per share -- diluted $.26 $.16 63%
For the Nine Months Ended December 31
1999 1998 % CHANGE
Gross Receivables $74,952,000 $57,788,000 30%
Total Assets $49,514,000 $38,853,000 27%
Revenues 9,852,000 7,369,000 34%
Net Income 1,808,391 1,005,029 80%
Weighted Avg. Shares 2,664,790 2,622,387 2%
Earnings per share -- diluted $.71 $.41 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.