Nicholas Financial 4th Quarter & End of Year Earnings Report

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

	Three Months Ended March 31,		Year Ended March 31,
	2003	2002	2003	2002
Revenue:
Finance charge income	$ 5,973	$ 5,540	$ 22,049	$ 19,853
Other income	74	90	328	365
	6,047	5,630	22,377	20,218
Costs and expenses:
Operating expenses	2,606	2,199	9,390	8,137
Provision for losses	536	632	2,214	1,913
Interest expense	980	943	3,936	3,898
	4,122	3,774	15,540	13,948
Income before income taxes	1,925	1,856	6,837	6,270
Income tax provision	722	684	2,556	2,338
Net income	$ 1,203 =======	$ 1,172 =======	$ 4,281 =======	$ 3,932 =======
..
Earnings per share:
Basic	$ .24 =======	$ .24 =======	$ .86 =======	$ .81 =======
Diluted	$ .23 =======	$ .22 =======	$ .81 =======	$ .75 =======
..
Weighted average shares	5,002,810 =======	4,982,141 =======	5,004,055 =======	4,869,328 =======
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Numerator for dilutive earnings per share - income available to common stockholders after assumed conversions	$ 1,203	$ 1,172	$ 4,281	$ 3,950
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Weighted average shares and assumed dilution	5,260,590 =======	5,281,582 =======	5,299,205 =======	5,264,216 =======

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

	March 31,	March 31,
	2003	2002
Cash	$ 481	$ 51
Finance receivables, net	86,178	76,067
Other Assets	2,528	1,391
Total Assets	$ 89,187 =======	$ 77,509 =======
Line of credit	$ 60,160	$ 53,273
Other notes payable	809	542
Other liabilities	6,978	5,698
Total Liabilities	67,947	59,513
..
Shareholder's Equity	21,240	17,996
..
Total Liabilities & Shareholders' equity	$ 89,187 =======	$ 77,509 =======
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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, 2003. 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.