Nicholas Financial Reports Record Results for the Year & Fourth Quarter Ended March 31, 2001

Apr 25, 2001, 01:00 ET from Nicholas Financial, Inc.

    CLEARWATER, Fla., April 25 /PRNewswire/ --
 Nicholas Financial, Inc. (Nasdaq: NICK), announced today that Net Income for
 the fiscal year ended March 31, 2001, increased 32% to $3,410,877 compared to
 $2,577,568 for the year ended March 31, 2000.  Diluted earnings per share
 increased to $1.35 for the year ended March 31, 2001, as compared to $1.01 per
 share a year ago. Revenue for the year ended March 31, 2001, increased 26% to
 $17,797,000, compared to $14,075,000 for the year ended March 31, 2000.
     For the fourth quarter ended March 31, 2001, Net Income increased 38% to
 $1,061,588 compared to $769,177 in the fourth quarter last year.  Diluted
 earnings per share were $0.42 for the three months ended March 31, 2001, as
 compared to $0.30 a year ago.  Revenue for the fourth quarter ended March 31,
 2001, rose 18% to $5,000,000 compared to $4,222,000 for the fourth quarter
 ended March 31, 2000.
     According to Peter L. Vosotas, Chairman, President and CEO, "Our Company
 will continue to grow and expand in the Southeastern part of the U.S.A. during
 the coming year.  We intend to add an additional 3 to 6 branches in the next
 12 months."
     The company will have its annual meeting on August 7th in Clearwater,
 Florida.
     Nicholas Financial, Inc., is a specialized Finance Company that provides
 funding for pre-owned automobiles and light trucks.  The Company acquires and
 services installment sales contracts through a network of automobile
 dealerships through its branch network in Florida, Georgia and North Carolina.
 In addition, the company provides consumer loans primarily to its customer
 base.  Its software subsidiary, Nicholas Data Services, Inc., designs,
 develops and supports all the systems related to the Finance Company and sells
 proprietary accounting software to small businesses.
     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, 2000.  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.
 
     Nicholas Financial, Inc.
     Consolidated Income Statements
     (Unaudited, Dollars in Thousands, Except Per Share Amounts)
 
                                Three Months Ended           Year Ended
                                     March 31,               March 31,
                               2001          2000         2001          2000
 
     Revenue:
 
       Finance charge income $4,896        $4,104     $ 17,386       $13,557
       Other income             104           118          411           518
                              5,000         4,222       17,797        14,075
 
     Costs and expenses:
 
       Operating expenses     1,916         1,698        7,032         5,803
       Provision for losses     404           282        1,471         1,070
       Interest expense         969           744        3,762         2,771
                              3,289         2,724       12,265         9,644
 
     Income before
      income taxes            1,711         1,498        5,532         4,431
     Income tax provision       649           729        2,121         1,853
       Net income            $1,062          $769       $3,411        $2,578
 
     Earnings per share:
       Basic                   $.46          $.33        $1.46         $1.10
       Diluted                 $.42          $.30        $1.35         $1.01
 
     Weighted average
      shares              2,317,208     2,353,025    2,336,599     2,352,286
 
     Numerator for dilutive
      earnings per share -
      income available to
      common stockholders
      after assumed
      conversions            $1,075          $788       $3,470        $2,672
 
     Weighted average shares
      and assumed
      dilution            2,529,224     2,630,888    2,568,866     2,656,315
 
 
     Condensed Consolidated Balance Sheets
     (Unaudited, Dollars in Thousands)
 
                                                     March 31,     March 31,
                                                       2001          2000
 
     Cash                                               $ 233           $259
     Finance receivables, net                          65,041         52,015
     Other Assets                                       1,968          1,861
        Total Assets                                  $67,242        $54,135
 
     Line of credit                                   $48,123        $38,415
     Other notes payable                                  968          1,318
     Other liabilities                                  3,723          3,275
 
        Total liabilities                              52,814         43,008
 
     Shareholders' equity                              14,428         11,127
 
     Total liabilities and
      Shareholders' equity                           $ 67,242        $54,135
 
 
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SOURCE Nicholas Financial, Inc.
    CLEARWATER, Fla., April 25 /PRNewswire/ --
 Nicholas Financial, Inc. (Nasdaq: NICK), announced today that Net Income for
 the fiscal year ended March 31, 2001, increased 32% to $3,410,877 compared to
 $2,577,568 for the year ended March 31, 2000.  Diluted earnings per share
 increased to $1.35 for the year ended March 31, 2001, as compared to $1.01 per
 share a year ago. Revenue for the year ended March 31, 2001, increased 26% to
 $17,797,000, compared to $14,075,000 for the year ended March 31, 2000.
     For the fourth quarter ended March 31, 2001, Net Income increased 38% to
 $1,061,588 compared to $769,177 in the fourth quarter last year.  Diluted
 earnings per share were $0.42 for the three months ended March 31, 2001, as
 compared to $0.30 a year ago.  Revenue for the fourth quarter ended March 31,
 2001, rose 18% to $5,000,000 compared to $4,222,000 for the fourth quarter
 ended March 31, 2000.
     According to Peter L. Vosotas, Chairman, President and CEO, "Our Company
 will continue to grow and expand in the Southeastern part of the U.S.A. during
 the coming year.  We intend to add an additional 3 to 6 branches in the next
 12 months."
     The company will have its annual meeting on August 7th in Clearwater,
 Florida.
     Nicholas Financial, Inc., is a specialized Finance Company that provides
 funding for pre-owned automobiles and light trucks.  The Company acquires and
 services installment sales contracts through a network of automobile
 dealerships through its branch network in Florida, Georgia and North Carolina.
 In addition, the company provides consumer loans primarily to its customer
 base.  Its software subsidiary, Nicholas Data Services, Inc., designs,
 develops and supports all the systems related to the Finance Company and sells
 proprietary accounting software to small businesses.
     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, 2000.  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.
 
     Nicholas Financial, Inc.
     Consolidated Income Statements
     (Unaudited, Dollars in Thousands, Except Per Share Amounts)
 
                                Three Months Ended           Year Ended
                                     March 31,               March 31,
                               2001          2000         2001          2000
 
     Revenue:
 
       Finance charge income $4,896        $4,104     $ 17,386       $13,557
       Other income             104           118          411           518
                              5,000         4,222       17,797        14,075
 
     Costs and expenses:
 
       Operating expenses     1,916         1,698        7,032         5,803
       Provision for losses     404           282        1,471         1,070
       Interest expense         969           744        3,762         2,771
                              3,289         2,724       12,265         9,644
 
     Income before
      income taxes            1,711         1,498        5,532         4,431
     Income tax provision       649           729        2,121         1,853
       Net income            $1,062          $769       $3,411        $2,578
 
     Earnings per share:
       Basic                   $.46          $.33        $1.46         $1.10
       Diluted                 $.42          $.30        $1.35         $1.01
 
     Weighted average
      shares              2,317,208     2,353,025    2,336,599     2,352,286
 
     Numerator for dilutive
      earnings per share -
      income available to
      common stockholders
      after assumed
      conversions            $1,075          $788       $3,470        $2,672
 
     Weighted average shares
      and assumed
      dilution            2,529,224     2,630,888    2,568,866     2,656,315
 
 
     Condensed Consolidated Balance Sheets
     (Unaudited, Dollars in Thousands)
 
                                                     March 31,     March 31,
                                                       2001          2000
 
     Cash                                               $ 233           $259
     Finance receivables, net                          65,041         52,015
     Other Assets                                       1,968          1,861
        Total Assets                                  $67,242        $54,135
 
     Line of credit                                   $48,123        $38,415
     Other notes payable                                  968          1,318
     Other liabilities                                  3,723          3,275
 
        Total liabilities                              52,814         43,008
 
     Shareholders' equity                              14,428         11,127
 
     Total liabilities and
      Shareholders' equity                           $ 67,242        $54,135
 
 
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 SOURCE  Nicholas Financial, Inc.