CLEARWATER, Fla. — Nicholas Financial posted significant increases in year-over-year growth for both net earnings and revenue during the third quarter and shared plans to expand its footprint in both the Southeast and Midwest.

For the fiscal quarterly results, company executives revealed net earnings, excluding change in fair value of interest rate swaps, increased 117 percent to $2.75 million. They compared that total to $1.27 million in net earnings for the same quarter in 2008.

Meanwhile, Nicholas Financial also shared that its revenue increased 8 percent to $14.4 million in the third quarter. It marked a rise from the company's revenue figure in the third quarter of 2008 that came in at $13.3 million.

Besides earnings and revenue figures, Nicholas Financial highlighted other growth aspects from the third quarter. Executives mentioned that they opened their 50th branch location in Gastonia, N.C.

"We are pleased with our third quarter results," stated Peter Vosotas, chairman and chief executive officer of Nicholas Financial.

"These results were favorably impacted by an increase in revenues of 8 percent, a reduction in the net charge-off rate of 25 percent and a 20-percent reduction in the cost of borrowed funds," Vosotas added.

Nicholas Financial also mentioned sharp rises for net earnings and revenue through the first three quarters of its fiscal year as well.

In the nine-month span that concluded Dec. 31, Nicholas Financial's net earnings increased 97 percent year-over-year from $3.62 million to $7.12 million. Furthermore, revenue edged up 6 percent from $39.88 million to $42.22 million.

Looking forward to its final quarter of the fiscal year, Nicholas Financial anticipates the opening of two more locations before March 31. The additional branches coming online in 2010 include a second operation in Nashville, Tenn., and a new site in Grand Rapids, Mich.

"The company continues to evaluate additional markets for future branch locations, and subject to market conditions, could open additional branch locations during the year," Vosotas noted.

"The company remains open to acquisitions should an opportunity present itself," Vosotas concluded.