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) October 3, 2003
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)
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Item 4. Changes In Registrant's Certifying Accountant.
On September 30, 2003, Ernst & Young LLP advised the Company's audit
committee that, following completion of its review of the Company's
financial statements as of, and for the quarter ended September 30,
2003, it would resign as the Company's independent auditors.
Ernst & Young's reports on Nicholas' financial statements for the
years ended March 31, 2003 and 2002 did not contain an adverse opinion
or a disclaimer of opinion, and were not qualified or modified as to
uncertainty, audit scope, or accounting principles.
During the fiscal years ended March 31, 2003 and 2002, and the
subsequent interim period ended September 30, 2003, there have not
been any disagreements between Nicholas and Ernst & Young on any
matter of accounting principles or practices, financial statement
disclosures, or auditing scope or procedure, which disagreements, if
not resolved to the satisfaction of Ernst & Young, would have caused
it to make reference to the subject matter of the disagreements in
connection with its reports.
Nicholas has commenced the process of retaining new independent
auditors. That process is not yet complete.
Nicholas provided Ernst & Young with a copy of the disclosures
contained in Item 4(a)(1) above. Ernst & Young's response is attached
hereto as Exhibit 16.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description of Document
16 Letter of Ernst & Young dated October 2, 2003
99 Press release dated October 3, 2003 issued
by the registrant
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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: October 3, 2003 /s/ Peter L. Vosotas
------------------------
Peter L. Vosotas
Chairman, President,
Chief Executive Officer
(Principal Executive Officer)
Date: October 3, 2003 /s/ Ralph T. Finkenbrink
------------------------------
Ralph T. Finkenbrink
(Principal Financial Officer and
Accounting Officer)
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Exhibit Index
Exhibit No.
16 Ernst & Young consent form dated October 2, 2003
99 Press release dated October 3, 2003 issued
by the registrant
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Exhibit 16
---------------
ERNST & YOUNG Ernst & Young LLP Phone: (404) 874-8300 Suite 2800
www.ey.com 600 Peachtree Street Atlanta, Georgia 30308-2215
October 2, 2003
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read Item 4 of Form 8-K dated October 2, 2003, of Nicholas
Financial, Inc. and are in agreement with the statements contained in
paragraphs (a)(1)(i) through (v) and (a)(3) therein. We have no basis
to agree or disagree with other statements of the registrant contained
therein.
/s/ Ernst & Young LLP
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
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Exhibit 99
-------------
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, Finance
NASDAQ: NICK
Web site: www.nicholasfinancial.com
Ph # - 727-726-0763
Fax # - 727-726-2140
Nicholas To Change Independent Auditors
Clearwater, Florida, - October 3, 2003: Nicholas Financial, Inc.
(Nasdaq, NICK) audit committee chairman, Alton R. "Charlie" Neal,
today announced that the Company has been advised by Ernst & Young
LLP, that the auditing firm would resign as the Company's independent
auditor following the completion of its review of the Company's
financial statements for the quarter ended September 30, 2003.
During the fiscal years ended March 31, 2003 and 2002, and the
subsequent interim period ended September 30, 2003, there have not
been any disagreements between Nicholas and Ernst & Young on any
matter of accounting principles or practices, financial statement
disclosures, or auditing scope or procedure, which disagreements, if
not resolved to the satisfaction of Ernst & Young, would have caused
it to make reference to the subject matter of the disagreements in
connection with its reports.
Nicholas Financial is now in the process of retaining a new
independent auditor. The Company has been assured by Ernst & Young
that they will assist Nicholas in making an orderly transition to the
firm ultimately selected by the Company's audit committee.
Founded in 1985, with current assets of $94,853,000 as of June 30,
2003, Nicholas Financial is one of the largest publicly traded
specialty consumer finance companies based in the Southeast. The
company has approximately 5,045,000 shares of common stock outstanding
and has reported record revenues and earnings for the past 13 years.
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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