CLEARWATER, Fla. — Nicholas Financial recently revealed its third-quarter results for the end of 2011, showing a double-digit earnings increase and noting the reasons behind its significant growth.

The company announced that for the three months ended Dec. 31, its final net earnings increased by 20 percent to $5,363,000, compared to $4,475,000 for the same period last year.

But that wasn’t all that was on the rise. Per share diluted net earnings increased 18 percent to $0.45, compared to $0.38 for the same period last year.

And revenue saw an increase as well, though slightly smaller.

Revenue increased 7 percent during year-over-year to sit at $17,140,000 for the third quarter.

The company also highlighted its results for the nine months ending this past Dec. 31, which also saw significant year-over-year climbs.

For this period, net earnings increased 35 percent to $16,186,000, compared to $12,033,000 for the same period in 2012.

Moreover, per share diluted net earnings increased 34 percent to $1.35, compared to $1.01 in 2010.

Lastly, revenue increased 9 percent to $50,985,000, climbing from $46,679,000 for the same period of 2012. 

Commenting on the results, Peter Vosotas, chairman and chief executive officer of Nicholas Financial, said,  “Our strong growth in earnings per share for the three and nine months ended Dec. 31, 2011 were primarily the results of a reduction in the net charge-off rate.

“We also recently opened our 60th branch location in Kansas City, Mo., and we continue to develop additional markets,” he continued.

In more news from the company, officials explained that as a direct result of its continued earnings growth and stable capital position, on Jan. 21, the board of directors declared another quarterly dividend equal to $0.10 per common share, to be paid on March 20 to shareholders of record as of March 13.