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Clearwater, Florida, -
August 15, 2001 - Nicholas Financial, Inc. (Nasdaq, NICK), today
announced that
it has leased office space for a new Business Development Center (BDC),
in Columbia SC. This will
mark the company’s first entry into the South Carolina Market.
Commenting
on the decision to move into South Carolina, Matt Foget, Vice
President of Sales stated, “We have done an extensive analysis of
the South Carolina marketplace with regard to specialized vehicle
financing. We believe
that we can build a very solid and profitable business, first in
Columbia, the capital of South Carolina and eventually in other
metropolitan areas within the state.
David Vernon, a long
time Columbia resident and experienced automobile finance professional
will manage the Columbia BDC for Nicholas Financial.David will report to Jerry Finch, the company's Regional
Director, based in Charlotte, North Carolina.
Nicholas Financial, founded in 1985, is one of the largest publicly traded
specialty auto finance companies based in the Southeast. For the fiscal year
ended March 31, 2001, the Company report net income of $3,410,877, an increase
of 32% over the previous year. In the first quarter of the current fiscal year,
the Company reported that their net income increased 25% compared to the same
quarter a year ago.
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.
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,
2000. 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.
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