Nicholas Financial Reports Record 3rd Quarter Results

Nicholas Financial, Inc.



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FOR IMMEDIATE RELEASE

Date: January 25, 2002
Contact: Ralph Finkenbrink
Nicholas Financial, Inc.
Ph # - (727) 726-0763
Fax # - (727) 726-2140
E-Mail - rfinkenbrink@nicfn

Stock Symbol:
(NASDAQ): NICK.

Web Site -
www.nicholasfinancial.com

Nicholas Financial Reports Record
3rd Quarter Results

Clearwater, Florida, - Jannuary 25, 2002 - Clearwater, Florida: Nicholas Financial, Inc. (Nasdaq, NICK), announced record revenues, net income and earnings per share for the 3rd quarter ended December 31, 2001. Revenues increased 13% to $5,009,062 compared to $4,420,609 for the period ended December 31, 2000. Net income for the quarter increased 17% to $948,533 from $807,556. Earnings per share for the quarter increased 13% to $.18 compared to $.16 in the same quarter a year ago.

For the nine months ended December 31, 2001, revenues increased 14% to $14,587,762, compared to $12,796,546 for the nine months ended December 31, 2000. Net income for the nine-month period increased 17% to $2,760,054 from $2,349,289. Earnings per share increased 15% to $.53 per share, compared to $.46 for the nine-month period ended December 31, 2000.

According to Peter L. Vosotas, CEO and Chairman, "We have felt the adverse effects on the economy brought about by the September 11th attacks. While we never expected an event so horrific, we had anticipated higher delinquencies caused by rising unemployment in the deteriorating U.S. economy. What we could never prepare for was the trauma inflicted on our customers, employees and fellow citizens by the terrorist attacks."

During the 3rd quarter, the company opened a Business Development Center (BDC) in Columbia, SC and established a Centralized Buying Center (CBO) in Clearwater, Florida. The Buying Center was formed and fully staffed with the mission of generating new business in geographic areas that we have targeted for expansion. Currently the CBO is servicing an influx of new business being generated in Virginia and Ohio, as well as supporting business opportunities in the Florida Panhandle. The company expects the Centralized Buying Center to establish a foothold in a new market, prior to building a permanent BDC with its attendant financial risks.

Founded in 1985, with current assets of $72,800,000 as of December 31, 2001, Nicholas Financial is one of the largest publicly traded specialty consumer finance companies based in the Southeast. The Company has approximately 5,000,000 shares of common stock outstanding and has reported increased revenues and earnings for the past 11 years. For an index of Nicholas Financial Inc.'s news releases or to obtain a specific release, visit our web site at www.nicholasfinancial.com.

NICHOLAS FINANCIAL, INC.
CONSOLIDATED INCOME STATEMENTS
(Unaudited, Dollars in Thousands, Except Per Share Amounts)

	Three Months Ended December 31,		Year Ended December 31,
	2001	2000	2001	2000
Revenue:
Finance charge income	$ 4,923	$ 4,330	$ 14,313	$ 12,490
Other income	86	91	275	306
	5,009	4,421	14,588	12,796
Costs and expenses:
Operating expenses	2,057	1,717	5,938	5,115
Provision for losses	501	390	1,281	1,067
Interest expense	949	1,002	2,955	2,793
	3,507	3,109	10,174	8,975
Income before income taxes	1,502	1,312	4,414	3,821
Income tax provision	553	504	1,654	1,472
Net income	$ 949 =======	$ 808 =======	$ 2,760 =======	$ 2,349 =======
..
Earnings per share:
Basic	$ .19 =======	$ .17 =======	$ .57 =======	$ .50 =======
Diluted	$ .18 =======	$ .16 =======	$ .53 =======	$ .46 =======
..
Weighted average shares	4,980,860 =======	4,668,940 =======	4,831,586 =======	4,686,124 =======
..
Numerator for dilutive earnings per share - income available to common stockholders after assumed conversions	$ 949	$ 822	$ 2,778	$ 2,396
..
Weighted average shares and assumed dilution	5,261,161 =======	5,127,536 =======	5,237,380 =======	5,164,158 =======

NICHOLAS FINANCIAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, Dollars in Thousands)

	March 31,	March 31,
	2001	2000
Cash	$ 300	$ 344
Finance receivables, net	70,780	61,856
Other Assets	1,773	2,204
Total Assets	$ 72,853 =======	$ 64,404 =======
..
Line of credit	$ 50,973	$ 46,973
Other notes payable	491	1,118
Other liabilities	5,114	2,963
Total Liabilities	56,578	51,054
..
Shareholder's Equity	16,275	13,350
..
Total Liabilities & Shareholders' equity	$ 72,853 =======	$ 64,404 =======
..
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, 2001. 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.

Contact Information

Telephone: 727-726-0763
FAX: 727-726-2140
Postal address: 2454 McMullen-Booth Rd., Bldg. C, Clearwater, FL 33759
Electronic mail

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Last modified: 01/25/02 9:00am