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,
	2004	2003	2004	2003
Revenue:
Finance charge income	$ 6,839	$ 5,973	$ 25,236	$ 22,049
Other income	71	74	264	328
	6,910	6,047	25,500	22,377
Costs and expenses:
Operating expenses	2,970	2,606	11,060	9,390
Provision for losses	581	536	2,198	2,214
Interest expense	946	980	3,852	3,936
	4,497	4,122	17,110	15,540
Income before income taxes	2,413	1,925	8,390	6,837
Income tax provision	921	722	3,177	2,556
Net income	$ 1,492 =======	$ 1,203 =======	$ 5,213 =======	$ 4,281 =======
..
Earnings per share:
Basic	$ 0.29 =======	$ 0.24 =======	$ 1.03 =======	$ 0.86 =======
Diluted	$ 0.27 =======	$ 0.23 =======	$ 0.96 =======	$ 0.81 =======
..
Weighted average shares	5,078,411 =======	5,002,810 =======	5,047,094 =======	5,004,055 =======
..
Numerator for dilutive earnings per share - income available to common stockholders after assumed conversions	$ 1,492	$ 1,203	$ 5,213	$ 4,281
..
Weighted average shares and assumed dilution	5,469,045 =======	5,260,590 =======	5,418,708 =======	5,299,206 =======

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

	March 31,	March 31,
	2004	2003
Cash	$ 957	$ 481
Finance receivables, net	97,237	86,178
Other Assets	5,029	3,378
Total Assets	$ 103,223 =======	$ 90,037 =======
Line of credit	$ 67,510	$ 60,160
Other notes payable	682	809
Other liabilities	7,622	6,978
Total Liabilities	75,814	67,947
..
Shareholder's Equity	27,409	22,090
..
Total Liabilities & Shareholders' equity	$ 103,223 =======	$ 90,037 =======
..
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.