CLEARWATER, Fla. — Nicholas Financial recently revealed its first quarter results, highlighting a set of substantial increases for both earnings and revenue.

Net earnings for the three months came in at $5.303 million, marking a 48 percent increase from the 1Q 2010 total of $3.576 million.

Moreover, the company also reported per share diluted net earnings increased by 47 percent to $0.44, compared to $0.30 last year.

Peter Vosotas, Nicholas Financial chairman and chief executive officer, offered his take on the company's recent growth, as well as his opinion on potential future acquisitions: “Our strong growth in earnings per share for the first quarter ended June 30, 2011 were favorably impacted by an increase in the average finance receivables and a reduction in the net charge-off rate.

“We recently opened our 57th branch location in Charleston, S.C., and continue to develop additional markets. The company will also continue to evaluate new markets for future branch locations, and we remain open to acquisitions should an opportunity present itself,” he added. 

Continuing on, company officials noted revenue also increased 11 percent to $16.634 million, compared to $14.952 million in 2010.

In other news, officials noted the company will be holding its annual shareholders meeting at the Innisbrook Resort Island Course Club House in Palm Harbor, Fla.,  on Tuesday, Aug. 9 at 10 a.m.

Additionally, the company also recently announced its inclusion in the Russell 2000 Index , as well as the opening of two new branch offices in the Chicago and St. Louis areas this past spring.

Currently, the company operates 57 branch locations in both the Southeastern and Midwestern states.