May 2, 2012
Nicholas Financial Reports Record 4th Quarter Results & Quarterly Dividend
Clearwater, Florida, - May 2, 2012 - Nicholas Financial, Inc. (NASDAQ: NICK), announced that for the three months ended March 31, 2012, net earnings increased 27% to $6,045,000 as compared to $4,772,000 for the three months ended March 31, 2011. Per share diluted net earnings increased 25% to $0.50 as compared to $0.40 for the three months ended March 31, 2011. Revenue increased 7% to $17,182,000 for the three months ended March 31, 2012 as compared to $16,095,000 for the three months ended March 31, 2011.
For the year ended March 31, 2012, net earnings increased 32% to $22,230,000 as compared to $16,805,000 for the year ended March 31, 2011. Per share diluted net earnings increased 31% to $1.85 as compared to $1.41 for the year ended March 31, 2011. Revenue increased 9% to $68,167,000 for the year ended March 31, 2012 as compared to $62,774,000 for the year ended March 31, 2011.
"Our strong growth in earnings per share for the fourth quarter and year ended March 31, 2012 were largely impacted by a reduction in the provision for credit losses. Net charge offs during the current periods were less than the expected charge-offs previously contemplated in the allowance for loan losses. Accordingly, the amount of additional provision necessary to maintain an adequate allowance to absorb losses in the existing portfolio was less than the provision for prior periods”, stated Peter L. Vosotas, Chairman and CEO. Subject to market conditions, we plan on continuing our branch expansion and currently anticipate opening three additional locations during the first quarter of fiscal 2013.
As a result of our
continued earnings growth and stable capital position, on May 2, 2012 the Board of
Directors declared another quarterly dividend equal to $0.10 per common share, to
be paid on June 6th to shareholders of record as of May 30th. Nicholas Financial,
Inc. is one of the largest publicly traded specialty consumer finance companies
based in the Southeastern states. The Company presently operates 60 branch locations
in both the Southeastern and the Midwestern states. The Company has approximately
12,000,000 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