August 6, 2014 Nicholas Financial Reports 1st Quarter ResultsClearwater, Florida, - August 6, 2014 - Nicholas Financial, Inc. (NASDAQ: NICK), announced that for the three months ended June 30, 2014 net earnings decreased 14% to $4,909,000 as compared to $5,700,000 for the three months ended June 30, 2013. Per share diluted net earnings decreased 13% to $0.40 as compared to $0.46 for the three months ended June 30, 2013. Revenue increased 4% to $21,333,000 for the three months ended June 30, 2014 as compared to $20,476,000 for the three months ended June 30, 2013. “Our results for the three months ended June 30, 2014 were negatively affected by a reduction in the gross portfolio yield, an increase in the provision for credit losses and an increase in operating expenses compared to the corresponding period ended June 30, 2013. Results were further impacted negatively by a change in the fair value of interest rate swap agreements which resulted in a loss of $212,000 for the three months ended June 30, 2014 compared to a gain of $833,000 for the period ended June 30, 2013. Finally, for the period ended June 30, 2014, professional fees associated with the previously announced potential sale of the Company, that were not deductible for income tax purposes, will now be deductible as a result of the termination of the Arrangement Agreement as announced on July 1, 2014, resulting in a decrease in income tax expense of $804,000. We will continue to develop additional markets and we may open additional branch locations during the remainder of our current fiscal year, which ends March 31, 2015", stated Ralph T. Finkenbrink, President and CEO. Nicholas
Financial, Inc. is one of the largest publicly traded specialty
consumer finance companies based in the Southeastern states. The Company
presently operates 66 branch locations in both the Southeastern and the
Midwestern states. The Company has approximately 12,274,000 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. |