- July 31, 2008
- Nicholas Financial, Inc. (NASDAQ: NICK),
announced that net income decreased 44% to $1,558,000 for the three months ended June 30, 2008
as compared to $2,784,000 for the three months ended June 30, 2007. Diluted earnings
per share decreased 44% to $0.15 for the three months ended June 30, 2008 as compared
to $0.27 for the three months ended June 30, 2007. Revenue increased 8% to $13,119,000
for the three months ended June 30, 2008 as compared to $12,170,000 for the three months
ended June 30, 2007.
According to Peter L. Vosotas, Founder and CEO, the Company’s
performance during the first quarter reflects a continuation of economic weakness first
recognized by the Company approximately one year ago. Higher gasoline prices, food
prices and other inflationary pressures associated with the rising price of oil have significantly
contributed to additional economic weakness, which was first felt by the downturn in the housing
market. The Company’s strategy is to continue evaluating potential new markets, increase
its market share in existing markets, and determine if the profitability metrics of certain branch
locations are meeting Company standards.
Founded in 1985, with assets of $195,512,000 as
of June 30, 2008, Nicholas Financial, Inc. is one of the largest publicly traded specialty consumer
finance companies based in the Southeast. The Company presently operates out of 47 branch
locations in both the Southeast and the Mid-West States. The Company has approximately
10,200,000 shares of common stock outstanding. 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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