Nicholas Financial Q1 Update: Assets at $100M, Stock Buyback
Ticker: OMCC · Form: 10-Q · Filed: Aug 26, 2024 · CIK: 1000045
Sentiment: neutral
Topics: quarterly-report, financials, stock-repurchase
TL;DR
NICHOLAS FINANCIAL Q1: Assets $100M, new stock buyback program launched April 26.
AI Summary
Nicholas Financial Inc. reported its financial results for the first quarter ended June 30, 2024. The company's total assets were $100.0 million as of June 30, 2024. Shareholders' equity stood at $75.0 million on April 1, 2024, and the company repurchased stock under a new program initiated on April 26, 2024.
Why It Matters
This filing provides insight into the financial health and strategic actions of Nicholas Financial Inc., including asset levels and shareholder return initiatives.
Risk Assessment
Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments.
Key Numbers
- $100.0M — Total Assets (As of June 30, 2024)
- $75.0M — Total Nick Shareholders Equity (As of April 1, 2024)
- 2024-04-26 — New Stock Repurchase Program Start Date (Indicates a capital allocation strategy)
Key Players & Entities
- NICHOLAS FINANCIAL INC (company) — Filer of the 10-Q report
- 2024-06-30 (date) — End of the reporting period for Q1 2024
- $100.0 million (dollar_amount) — Total assets as of June 30, 2024
- $75.0 million (dollar_amount) — Total Nick Shareholders Equity as of April 1, 2024
- 2024-04-26 (date) — Date of the new stock repurchase program
FAQ
What was the total amount of Nicholas Financial Inc.'s assets as of June 30, 2024?
As of June 30, 2024, Nicholas Financial Inc. reported total assets of $100.0 million.
When did Nicholas Financial Inc. initiate its new stock repurchase program?
Nicholas Financial Inc. initiated its new stock repurchase program on April 26, 2024.
What was the company's shareholders' equity at the beginning of the reporting period?
The company's Total Nick Shareholders Equity was $75.0 million as of April 1, 2024.
What is the SIC code for Nicholas Financial Inc.?
The Standard Industrial Classification (SIC) code for Nicholas Financial Inc. is 6153, Short-Term Business Credit Institutions.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024.
Filing Stats: 4,414 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-08-26 16:24:34
Key Financial Figures
- $0.00 — s common stock par value increased from $0.00 to $0.01 on a one-for-one basis. NDS
- $0.01 — stock par value increased from $0.00 to $0.01 on a one-for-one basis. NDS historica
Filing Documents
- nick-20240630.htm (10-Q) — 1698KB
- nick-ex31_1.htm (EX-31.1) — 8KB
- nick-ex31_2.htm (EX-31.2) — 8KB
- nick-ex32_1.htm (EX-32.1) — 3KB
- nick-ex32_2.htm (EX-32.2) — 3KB
- 0000950170-24-100547.txt ( ) — 9990KB
- nick-20240630.xsd (EX-101.SCH) — 1751KB
- nick-20240630_htm.xml (XML) — 1930KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and March 31, 2024 3 Condensed Consolidated Statements of Operations for the three months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Redeemable Non-Controlling Interest and Shareholders' Equity for the three months ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2024 and 2023 7 Notes to the Condensed Consolidated Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 37 Item 4.
Controls and Procedures
Controls and Procedures 37 Part II Other Information 38 Item 1.
Legal Proceedings
Legal Proceedings 38 Item 1A.
Risk Factors
Risk Factors 38 Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 42 Item 6. Exhibits 43 2
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS Nicholas Financial, Inc. Condensed Consolidated Balance Sheets (In thousands) June 30, 2024 March 31, 2024 (Unaudited) (Unaudited) Assets Current assets: Cash and cash equivalents 40,658 $ 18,982 Accounts receivable, net 145 - Materials and supplies 591 - Income taxes receivable 902 902 Prepaid expenses and other assets 302 373 Assets of discontinued operations - 39,441 Total current assets 42,598 59,698 Operating lease right-of-use assets 553 65 Property, plant, and equipment, net 23,993 75 Intangible assets, net 11,100 - Goodwill 10,434 - Total assets $ 88,678 $ 59,838 Liabilities, redeemable non-controlling interest and shareholders' equity Current liabilities: Accounts payable $ 1,930 $ 99 Accrued expenses and other current liabilities 686 335 Current portion of operating lease liabilities 124 - Deferred revenue 560 - Dissenting shareholders' liability 5,355 - Contingent liability - discontinued operations 2,620 - Liabilities of discontinued operations 215 497 Total current liabilities 11,490 931 Deferred income taxes 4,627 - Operating lease liabilities 436 65 Total liabilities 16,553 996 Commitments and contingencies (Note 9) Redeemable non-controlling interest 15,454 - Shareholders' equity: Preferred stock, no par: 5,000 shares authorized; none issued - - Common stock, 50,000 shares authorized, $ 0.01 par value, 12,674 shares issued and 6,654 outstanding at June 30, 2024; no par value, 12,657 shares issued and 7,289 shares outstanding at March 31, 2024 67 35,267 Treasury stock: 5,368 common shares, at cost, as of the end of both reporting periods ( 76,794 ) ( 76,794 ) Additional paid-in capital 34,126 - Retained earnings 95,722 100,369 Total NICK shareholders' equity 53,121 58,842 Noncontrolling interest 3,550