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Nicholas Financial Reports 3rd Quarter Results

CLEARWATER, Fla., Feb. 4, 2014 (GLOBE NEWSWIRE) -- Nicholas Financial, Inc. (Nasdaq:NICK) announced that for the three months ended December 31, 2013 net earnings decreased 17% to $3,827,000 as compared to $4,596,000 for the three months ended December 31, 2012. Per share diluted net earnings decreased 18% to $0.31 as compared to $0.38 for the three months ended December 31, 2012. Revenue increased 1% to $20,761,000 for the three months ended December 31, 2013 as compared to $20,605,000 for the three months ended December 31, 2012.

For the nine months ended December 31, 2013 net earnings decreased 9% to $13,844,000 as compared to $15,154,000 for the nine months ended December 31, 2012. Per share diluted net earnings decreased 9% to $1.13 as compared to $1.24 for the nine months ended December 31, 2012. Revenue increased 1% to $62,186,000 for the nine months ended December 31, 2013 as compared to $61,738,000 for the nine months ended December 31, 2012.

"Our results for the three months ended December 31, 2013 were adversely affected by a reduction in the gross portfolio yield and professional fees of $821,000 associated with the previously announced sale of the Company. Also, after-tax earnings were increasingly impacted as a significant portion of the professional fees were not deductible for income tax purposes resulting in a higher effective tax rate and after-tax impact of $0.07 per share. Our results for the three months ended December 31, 2012 were affected by an after-tax charge of $747,000 or $0.06 per share related to a 5% withholding tax associated with the one-time special cash dividend of $2.00 per share paid in December 2012," stated Peter L. Vosotas, Chairman and CEO. "We continue to develop additional markets and expect to open one additional location during the fourth quarter, which ends March 31, 2014."

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