July 29, 2010 Nicholas Financial Reports Record 1st Quarter Revenue & EarningsClearwater, Florida, - July 29, 2010 - Nicholas Financial, Inc. (NASDAQ: NICK), announced that for the three months ended June 30, 2010, net earnings, excluding change in fair value of interest rate swaps, increased 65% to $3,426,000 as compared to $2,081,000 for the three months ended June 30, 2009. Per share diluted net earnings, excluding change in fair value of interest rate swaps, increased 61% to $0.29 as compared to $0.18 for the three months ended June 30, 2009. See reconciliations of the Non-GAAP measures on page 2. Revenue increased 9% to $14,952,000 for the three months ended June 30, 2010 as compared to $13,694,000 for the three months ended June 30, 2009. According to Peter L. Vosotas, Chairman and CEO, “We are pleased to report record 1st quarter revenue and earnings. Our results were primarily impacted by an increase in revenues, a reduction in the net charge-off rate and an increase in the cost of borrowed funds. During the first quarter we have added four branch offices to our 12 state branch network, bringing the total to 54 locations. The Company continues to evaluate additional markets for future branch locations and subject to market conditions, could open additional branch locations during the year. The Company remains open to acquisitions should an opportunity present itself”. The Company will hold its Annual Shareholders Meeting at the Innisbrook Golf Resort in Palm Harbor, Florida on August 11th at 10:00am. Nicholas
Financial, Inc. is one of the largest publicly traded specialty consumer finance companies
based in the Southeastern states. The Company presently operates 54 branch locations in
both the Southeastern and the Midwestern states. The Company has approximately 11,800,000
shares of common stock outstanding. For an index of Nicholas Financial, Inc.’s news releases
or to obtain a specific release, visit our web site at www.nicholasfinancial.com. |