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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 17, 1997
NICHOLAS FINANCIAL, INC.
(Exact name of registrant as specified in its Charter)
British Columbia, Canada 333-08407 8736-3354
(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification No.)
2454 McMullen Booth Road, Building C
Clearwater, Florida 34619
(Address of Principal Executive Offices) (Zip Code)
(813) 726-0763
(Registrant's telephone number, Including area code)
Not applicable
(Former name, former address and former fiscal year, if changed
since last report)
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Item 5. Other Events
On July 11, 1997, the registrant renegotiated it's current
credit line with Bank America Business Credit. The new agreement
expands the total credit facility to 30,000,000 million, reduces
the rate of interest by 50 basis points, increases the type of
contracts that qualify for funding and increases the advance rate
on contracts that do qualify.
On July 17, 1997, the registrant issued a press release
announcing the transaction, a copy of which is attached as
exhibit 99.1 to this Form 8-K and incorporated herein by
reference.
Item 7. Financial Statements and Exhibits
(c)Exhibits
Exhibit No. Description of Document
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99.1 Press release dated July 17, 1997 issued by
the registrant
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SIGNATURES
In accordance with the requirements of the Securities Act of
1934, the Registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form
8-K and authorized this Report to be signed on its behalf by the
undersigned, in the City of Clearwater, State of Florida, on July
17, 1997.
NICHOLAS FINANCIAL, INC.
(Registrant)
Date: July 17, 1997 /s/ Peter L. Vosotas
Peter L. Vosotas
Chairman, President, Chief
Executive Officer
(Principal Executive Officer)
Date: July 17, 1997 /s/ Ralph T. Finkenbrink
Ralph T. Finkenbrink
(Principal Financial Officer and
Accounting Officer)
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Exhibit No. 99.1 Press Release dated July 17, 1997 issued by the registrant
FOR IMMEDIATE RELEASE
Nicholas
Nicholas Financial, Inc.
Corporate Headquarters
2454 McMullen-Booth Rd.
Building C, Suite 501
Clearwater, FL 33759
Date: July 17, 1997 Symbol: (VSE): NFC.U
Contact: Peter L. Vosotas (OTC): NCFNF
Chairman & President
Nicholas Financial, Inc.
Ph # - 813-726-0763
fax # - 813-726-2140
web site: www.nicfn.com
RECORD FINANCIAL RESULTS FOR THE FIRST QUARTER
BANKAMERICA INCREASES CREDIT LINE
ANNUAL MEETING WILL BE AUGUST 6, 1997 IN CLEARWATER, FL
Clearwater, Florida, - Nicholas Financial, Inc., is pleased to
report increased earnings for the first quarter ended June 30,
1997.
First Quarter Results:
The Company has posted record earnings for the first quarter. Net
income rose from $206,456 to $216,546. Earnings per share was
$.03 cents for both the three months ended June 30, 1996 and
1997, respectively. Revenue rose 23% from $1,461,775 to
$1,801,289.
BankAmerica Increases Line of Credit:
On July 11th, the Company successfully renegotiated its revolving
credit line with BankAmerica Business Credit, and in doing so,
extended the contract term by three years, increased the total
credit facility to $30,000,000 and reduced the rate of interest
by 50 basis points.
Mr. Vosotas noted that, "Recently, several public companies in
our industry, non-prime auto finance, have been unable to obtain
bank credit lines, unable to renew their existing credit line or
are currently in default on their existing line. This new
contract with BankAmerica is a terrific endorsement and a
compliment to the excellent performance of the Nicholas
organization."
Annual Meeting August 6th at 11am in Clearwater, Florida:
The Company will hold its annual meeting this year on August 6,
1997 at 11:00 AM at the Countryside Country Club in Clearwater,
Florida. Lunch will be served at the conclusion of the meeting.
Globe and Mail Magazine ranks Nicholas eighth fastest growing
Canadian Company, by Profits in the last five (5) years:
In the July 1997 issue of the Globe and Mail Canadian business
magazine, Nicholas Financial was listed as the eighth fastest
growing company in the last five (5) years, from a list of the
top 1000 public companies that they analyzed. While we were
surprised to read this, we are very pleased.
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UNAUDITED*
CONSOLIDATED SELECT FINANCIALS
FOR THE 1ST QUARTER ENDING JUNE 30, 1997
<TABLE>
<CAPTION>
1997 1996 %
<S> <C> <C> <C>
OPERATIONS:
REVENUES $1,801,289 $1,461,775 23%
OPERATING EXPENSES $1,445,238 $1,129,454 28%
OPERATING INCOME BEFORE TAXES $356,051 $332,321 7%
NET INCOME $216,546 $206,456 5%
NET INCOME PER SHARE $.03 $.03 -
BALANCE SHEET:
TOTAL ASSETS $28,104,345 $21,024,244 34%
TOTAL LIABILITIES $21,852,521 $17,532,209 25%
STOCKHOLDER'S EQUITY: $6,251,824 $3,492,035 79%
</TABLE>
Nicholas Financial, Inc. is a specialized finance company that
provides funding for pre-owned automobiles and light trucks. The
company acquires and services retail installment sales contracts
through a network of branch office locations in Florida and
Georgia. The company also provides small consumer loans. Its
software subsidiary, Nicholas Data Services, Inc., designs,
develops, supports and sells computer software to small
businesses.
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