Nicholas Financial Posts Record 2Q
CLEARWATER, Fla. — With more location growth on the horizon, Nicholas Financial enjoyed a record second quarter, generating a 39-percent increase in net earnings.
The company recently reported its second-quarter net earnings figure rose to $5.520 million from $3.982 million. As a result, Nicholas Financial's per share diluted net earnings spiked 35 percent to 46 cents, compared to 34 cents during the second quarter of its previous fiscal year.
For the three-month span that ended Sept. 30, the company watched revenue climb 9 percent to $17.211 million. That's up from $15.732 during the same quarter a year ago.
Looking at data from halfway through its current fiscal year, Nicholas Financial said its net earnings are 43 percent higher. The total stood at $10.823 million through two quarters, up from $7.558 million.
Meanwhile, the company's per share diluted net earnings soared by nearly the same level during the first and second quarter. The 41-percent rise pushed the per share figure up from 64 cents to 90 cents.
The company's revenue is also up 10 percent through the first half of its fiscal year, settling at $33.845 million. A year earlier, revenue came in at $30.684 through the first and second quarters.
"Our strong growth in earnings per share for the three and six months ended Sept. 30 were primarily the results of an increase in the average finance receivables and a reduction in the net charge-off rate," explained Peter Vosotas, Nicholas Financial's chairman and chief executive officer.
"We also recently opened our 58th branch location in Huntsville, Ala., and continue to develop additional markets," Vosotas continued. "We expect to open between two and four new branch locations during the remainder of our current fiscal year, which ends March 31."
As a result of its continued earnings growth and stable capital position, Nicholas Financial's board of directors voted to continue issuing a quarterly dividend equal to 10 cents per common share. The dividend is to be paid on Dec. 20 to shareholders of record as of Dec. 13.