UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 6, 2004
NICHOLAS FINANCIAL, INC.
(Exact name of registrant as specified in its Charter)
British Columbia, Canada 0-26680 8736-3354
(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification No.)
2454 McMullen Booth Road, Building C
Clearwater, Florida 33759
(Address of Principal Executive Offices) (Zip Code)
(727) 726-0763
(Registrant's telephone number, Including area code)
Not applicable
(Former name, former address and former fiscal year, if
changed since last report)
PAGE <1>
Item 7. Financial Statements and Exhibits
Exhibit # Description
1 Press release dated May 6, 2004, announcing earnings
for the quarter and year ended March 31, 2004.
Item 12. Results of operations and financial conditions
The company announced net income for the fourth quarter
ended March 31, 2004 increased 24% to $1,491,772 as compared
to $1,202,908 in the fourth quarter last year. Earnings per
share increased 17% to $0.27 from $0.23. Revenue for the
quarter increased 14% to $6,910,000 from $6,047,000.
The company also announced for the year ended March 31,
2004, net income increased 22% to $5,212,678 as compared to
$4,281,394 last year. Earnings per share increased 19% to
$0.96 from $0.81. Revenue for the year increased 14% to
$25,500,000 from $22,377,000.
PAGE <2>
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this Report to
be signed on its behalf by the undersigned, hereunto duly
authorized.
NICHOLAS FINANCIAL, INC.
(Registrant)
Date: May 6, 2004 /s/ Peter L. Vosotas
Peter L. Vosotas
Chairman, President,
Chief Executive Officer
(Principal Executive Officer)
Date: May 6, 2004 /s/ Ralph T. Finkenbrink
Ralph T. Finkenbrink
(Principal Financial Officer
and Accounting Officer)
3
Exhibit Index
Exhibit Description
1 Press release dated May 6, 2004, announcing earnings
for the quarter and year ended March 31, 2004.
4
Exhibit 1
FOR IMMEDIATE RELEASE
Nicholas Financial, Inc.
Corporate Headquarters
2454 McMullen-Booth Rd.
Building C, Suite 501
Clearwater, FL 33759
Contact: Ralph Finkenbrink
Sr. Vice President, CFO
NASDAQ: NICK
Web site: www.nicholasfinancial.com
Ph #: 727-726-0763
Nicholas Financial Reports Record Results for the
4th Quarter & the Year Ended March 31, 2004
MAY 6, 2004 - Clearwater, Florida - Nicholas Financial, Inc.
(Nasdaq, NICK), announced that net income for the fourth
quarter ended March 31, 2004 increased 24% to $1,491,772 as
compared to $1,202,908 in the fourth quarter last year.
Earnings per share increased 17% to $0.27 from $0.23.
Revenue for the quarter increased 14% to $6,910,000 from
$6,047,000. The Company has reported same quarter record
increases in revenues and earnings in 54 out of the past 55
quarters.
For the year ended March 31, 2004, net income increased 22%
to $5,212,678 as compared to $4,281,394 last year. Earnings
per share increased 19% to $0.96 from $0.81. Revenue for the
year increased 14% to $25,500,000 from $22,377,000. The
Company has reported record increases in revenues and
earnings every year for the past 13 years.
Founded in 1985, with assets of $103,223,000 as of March 31,
2004, Nicholas Financial is one of the largest publicly
traded specialty consumer finance companies based in the
Southeast. The Company presently operates out of 32 branch
locations in both the Southeast and the Mid-West States. The
Company has approximately 5,100,000 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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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.
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5
Nicholas Financial, Inc.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Amounts)
Three Months Ended Year Ended
March 31, 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
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
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Line of credit $ 67,510 $ 60,160
Other notes payable 682 809
Other liabilities 7,622 6,978
-------- -------
Total liabilities 75,814 67,947
Shareholders' equity 27,409 22,090
-------- -------
Total liabilities and
Shareholders' equity $ 103,223 $ 90,037
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