Clearwater, Florida, - April 29, 2002 - Nicholas Financial, Inc. (Nasdaq, NICK), announced that Net Income for the fourth quarter ended March 31, 2002 increased 10% to $1,172,085 compared to $1,061,588 in the fourth quarter last year. Fully diluted earnings per share rose 5% from $.21 to $.22. Revenue for the quarter rose 13% to $5,630,000 compared to $5,000,000 for the fourth quarter a year ago. 

For the fiscal year ended March 31, 2002, Net Income increased 15% to $3,932,139 compared to $3,410,877 last year. Fully diluted earnings per share rose 10% from $.68 to $.75. Revenue for the year rose 14% to $20,218,000 compared to $17,797,000 a year ago. 

Peter L.Vosotas, Chairman, President and CEO stated, “We are very proud of the fact that our Company has reported record revenues and profits every year since entering the non-prime Consumer Finance business in 1990. The economic downturn of the past year proved to be both challenging and rewarding for Nicholas Financial. We have long believed that our business model provides the flexibility to withstand difficult economic conditions. The past year has demonstrated this to be true." According to Mr. Vosotas, "The expansion of Nicholas Financial into the Midwest is proceeding quite smoothly and we are extremely pleased that our stock price increased over 50% during the past year."

The Company will hold its annual meeting at the Countryside Country Club in Clearwater, Florida, on August 7, 2002 at 9 AM.

Founded in 1985, with current assets of $77,690,000 as of March 31, 2002, 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 12 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.