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Clearwater, Florida, -
January 29, 2004:
Nicholas Financial, Inc. (Nasdaq, NICK), today announced record revenues
and earnings for the third quarter ended December 31, 2003. Net income
for the three months ended December 31, 2003 increased 29% to $1,306,000
from $1,009,000 for the three months ended December 31, 2002. Earnings
per share increased 26% to $0.24 for the three months ended December 31,
2003 from $0.19 for the three months ended December 31, 2002. During the
three months ended December 31, 2003 revenue increased 18% to $6,385,000
compared to revenue of $5,429,000 during the three months ended December
31, 2002. The Company has reported same quarter record increases in
revenues and earnings in 53 out of the past 54 quarters.
For the
nine months ended December 31, 2003 net income increased 21% to
$3,721,000 from $3,078,000 for the nine months ended December 31, 2002.
Earnings per share increased 19% to $0.69 from $0.58 for the nine months
ended December 31, 2003 and 2002, respectively. Revenue for the nine
months ended December 31, 2003 increased 14% to $18,590,000 compared to
$16,330,000 for the nine months ended December 31, 2002.
Company
founder and CEO Peter Vosotas stated, “Our Ohio branches opened over the
past two years are performing well and beginning to have a positive
effect on earnings. In addition, the Company realized lower loan losses
than expected and also incurred a lower interest rate on borrowed funds.
The above factors have contributed to the record profits and revenues
the Company has enjoyed for the three and nine months ended December 31,
2003.”
The
Company has 28 full service branch offices in Florida, Georgia, Ohio,
North Carolina, South Carolina and Michigan. The Company is currently in
the process of adding four additional branches, one in Virginia Beach,
Va., one in Pensacola, FL., one in Greensboro, NC. and one in
Greenville, SC.
Founded
in 1985, with total assets of $99,677,000 as of December 31, 2003,
Nicholas Financial is one of the largest publicly traded specialty
consumer finance companies based in the Southeast. The Company has
approximately 5,100,000 shares of common stock outstanding and has
reported increased revenues and earnings for the past 13 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.
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