- July 30, 2009
- Nicholas Financial, Inc. (NASDAQ: NICK),
announced that for the three months ended June 30, 2009, net earnings, excluding non-cash unrealized
mark-to-market gain on interest rate swaps increased 34% to $2,081,000 as compared to
$1,558,000 for the three months ended June 30, 2008. Per share diluted net earnings,
excluding non-cash unrealized mark-to-market gain on interest rate swaps, increased 33% to
$0.20 for the three months ended June 30, 2009 as compared to $0.15 for the three months
ended June 30, 2008. See reconciliations of the non-GAAP measures on page 2. Revenue
increased 4% to $13,694,000 for the three months ended June 30, 2009 as compared to
$13,119,000 for the three months ended June 30, 2008.
According to Peter L. Vosotas, Chairman
and CEO, “We are pleased with our solid first quarter results. We concentrated on basic careful
lending and collecting fundamentals and will continue to do so. Our results were favorably impacted
by a reduction in the net charge-off rate, lower operating expenses as a percentage of average net
receivables and a reduction in the cost of borrowed funds. While we remain cautious, we are
encouraged that the economy is showing some signs of stability and we feel comfortable proceeding
with our planned expansion. This expansion will include new branch locations in Akron, Ohio and in
Gastonia, North Carolina, which will bring our number of branch locations to 50 in 12 states. The
Company remains open to acquisitions should an opportunity present itself,” added Vosotas.
Financial, Inc. is one of the largest publicly traded specialty consumer finance companies based in
the Southeast. The Company presently operates out of 48 branch locations in both the Southeast
and the Mid-West States. The Company has approximately 10,500,000 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.
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