Nicholas Financial Adds 3 New Branches
July 18, 2012
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CLEARWATER, Fla. — As it pledged to do when it reported a strong
fiscal-year performance, specialty consumer finance company Nicholas Financial
opened three new branch offices this week, expanding its footprint in markets where
it already had a presence.
Nicholas Financial added a second branch location in both Chicago and St. Louis along with a new facility in Kansas City, Kan., to augment the market that includes the metropolitan area in Missouri.
The three new branches expanded Nicholas Financial's branch network to 63 locations in 15 states.
According to Kevin Bates, the company's vice president of marketing, "The opening of additional branch locations in the Chicago, St. Louis and Kansas City markets emphasizes the company's commitment to controlled growth.
"Having multiple branch operations in our larger markets affords us opportunities of scale and increased market share. We are also very pleased to establish our first branch in the state of Kansas," Bates continued.
"It is the intent of the company to continue to grow our branch network as business opportunities allow," he added.
The branch expansion comes after Nicholas Financial posted a 32-percent jump in net earnings when its last fiscal year ended on March 31.
The company calculated its fiscal year net earnings increased to $22,230,000 as compared to $16,805,000 for the previous fiscal year. Nicholas Financial's per-share diluted net earnings increased 31 percent to $1.85 as compared to $1.41 for a year earlier.
Executives also determined their fiscal year revenue moved 9 percent higher to $68,167,000, up from $62,774,000 a year earlier.
For just the fourth quarter, Nicholas Financial revealed net earnings climbed 27 percent and per-share diluted net earnings moved 25 percent higher as revenue ticked 7 percent higher.
"Our strong growth in earnings per share for the fourth quarter and year ended March 31, 2012 were largely impacted by a reduction in the provision for credit losses," Nicholas Financial chairman and chief executive officer Peter Vosotas explained.
"Net charge-offs during the current periods were less than the expected charge-offs previously contemplated in the allowance for loan losses," Vosotas continued.
"Accordingly, the amount of additional provision necessary to maintain an adequate allowance to absorb losses in the existing portfolio was less than the provision for prior periods," he went on to say while wrapping up his annual performance assessment by noting this branch expansion was planned for the company's fiscal first quarter.
As a result of its continued earnings growth and stable capital position, Nicholas Financial's board of directors also declared another quarterly dividend equal to 10 cents per common share.
Executives added they will hold their annual shareholders' meeting at the company's corporate headquarters in Clearwater, Fla., on Aug. 7 at 11 a.m.
More details about the company can be found at www.nicholasfinancial.com.
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