<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES ACT OF 1934 FOR THE PERIOD ENDED JUNE 30, 2000
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from ________ to _________.
Commission file number: 0-26680
NICHOLAS FINANCIAL, INC.
(Exact name of registrant as specified in its Charter)
British Columbia, Canada 8736-3354
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
2454 McMullen Booth Road, Building C
Clearwater, Florida 33759
(Address of Principal Executive Offices) (Zip Code)
(727) 726-0763
(Registrant's telephone number, Including area code)
Not applicable
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 and 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter periods that the Registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No ____.
As of July 31st, 2000 there were 2,342,008 shares of common stock
outstanding
<PAGE> 2
Nicholas Financial, Inc.
Form 10-QSB
Index
Part I. Financial Information Page
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheet
as of June 30, 2000.................................3
Condensed Consolidated Statements of
Income for the three months ended
June 30, 2000 and 1999..............................4
Condensed Consolidated Statements of
Cash Flows for the three months
ended June 30, 2000 and 1999........................5
Notes to the Condensed Consolidated
Financial Statements................................6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations................10
Part II. Other Information
Item 1. Legal Proceedings...................................15
Item 2. Changes in Securities...............................15
Item 3. Defaults upon Senior Securities.....................15
Item 4. Submission of Matters to a Vote of
Security Holders...................................15
Item 5. Other Information...................................15
Item 6. Exhibits and Reports on Form 8-K....................15
Signatures..........................................16
Exhibit Index.......................................17
<PAGE> 3
<TABLE>
<CAPTION>
Nicholas Financial, Inc.
Condensed Consolidated Balance Sheet
(Unaudited)
June 30,
2000
---------
<S> <C>
Assets
Cash $ 104,894
Finance receivables, net 57,425,609
Accounts receivable 27,603
Prepaid expenses and other assets 502,938
Property and equipment, net 340,212
Deferred income taxes 1,190,888
-----------
Total assets $59,592,144
===========
Liabilities
Line of credit $43,214,549
Notes payable - related party 1,118,008
Accounts payable 2,890,944
Deferred revenues 570,717
Other liabilities 16,232
-----------
47,810,450
Shareholders' equity
Preferred stock, no par: 5,000,000 shares
authorized;none issued and outstanding
Common stock, no par: 50,000,000 shares
authorized; 2,342,008 shares issued and
outstanding 3,662,697
Retained earnings 8,118,997
-----------
11,781,694
-----------
Total liabilities and shareholders' equity $59,592,144
===========
See accompanying notes.
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
Nicholas Financial, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
Three months ended
June 30
2000 1999
-----------------------
<S> <C> <C>
Revenue:
Interest income on
finance receivables $3,909,514 $2,835,182
Sales 116,810 135,448
-----------------------
4,026,324 2,970,630
Expenses:
Cost of sales 25,857 15,531
Marketing 98,279 91,794
Administrative 1,524,134 1,150,561
Provision for credit losses 371,710 250,678
Depreciation and amortization 27,000 24,140
Interest expense 835,023 623,509
-----------------------
2,882,003 2,156,213
-----------------------
Operating income before income taxes 1,144,321 814,417
Income tax expense (benefit):
Current 516,007 437,270
Deferred (75,000) (125,000)
-----------------------
441,007 312,270
-----------------------
Net Income $703,314 $502,147
=======================
Earnings per share - basic $0.30 $0.21
=======================
Earnings per share - diluted $0.28 $0.20
=======================
See accompanying notes.
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
Nicholas Financial, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three months ended June 30
2000 1999
--------------------------
<S> <C> <C>
Operating activities
Net income $ 703,314 $ 502,147
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation of property and equipment 27,000 24,140
Provision for credit losses 371,710 250,678
Deferred income taxes (75,000) (125,000)
Changes in operating assets
and liabilities:
Accounts receivable (6,681) 190
Prepaid expenses and other assets (110,254) (35,704)
Deferred revenues 51,999 25,683
Accounts payable (359,648) 199,887
Other liabilities - (1,625)
Income taxes payable 510,006 376,858
--------------------------
Net cash provided by
operating activities 1,112,446 1,217,254
Investing activities
Increase in finance receivables,
net of principal collected (5,782,212) (2,233,361)
Purchase of property and equipment (35,618) (15,497)
--------------------------
Net cash used in investing activities (5,817,830) (2,248,858)
Financing activities
Repayment of notes payable
- related party (200,000) -
Net proceeds from line of credit 4,800,000 791,259
Repurchase of common stock (48,905) -
--------------------------
Net cash provided by financing
activities 4,551,095 791,259
--------------------------
Net decrease in cash (154,289) (240,345)
Cash, beginning of period 259,183 509,418
--------------------------
Cash, end of period $104,894 $269,073
==========================
See accompanying notes.
</TABLE>
<PAGE> 6
Nicholas Financial, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
June 30, 2000
1. Basis of Presentation
The accompanying unaudited condensed consolidated financial
statements of Nicholas Financial Inc (the "Company") have been
prepared in accordance with generally accepted accounting
principles for interim financial information and with the
instructions to Form 10-QSB pursuant to the Securities and
Exchange Act of 1934, as amended in Article 10 of Regulation SB,
as amended. Accordingly, they do not include all of the
information and footnotes required by generally accepted
accounting principles for complete financial statements. In the
opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation
have been included. Operating results for the three months ended
June 30, 2000 are not necessarily indicative of the results that
may be expected for the year ending March 31, 2001. For further
information, refer to the consolidated financial statements and
footnotes thereto included in the Company's Annual Report on Form
10-K for the year ended March 31, 2000.
2. Earnings Per Share
Basic earnings per share excludes any dilutive effects of common
stock equivalents such as options, warrants, and convertible
securities. Diluted earnings per share includes the effects of
dilutive options, warrants, and convertible securities. Basic and
diluted earnings per share have been computed as follows:
<PAGE> 7
<TABLE>
<CAPTION>
Nicholas Financial, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
June 30, 2000
Three months ended
June 30,
2000 1999
--------------------
<S> <C> <C>
Numerator:
Numerator for basic earnings per
share - Net income available to
common stockholders $703,314 $502,147
Effect of dilutive securities:
Convertible debt 15,554 24,909
--------------------
Numerator for dilutive earnings
per share - income available to
common stockholders after
assumed conversions $718,868 $527,056
====================
Denominator:
Denominator for basic earnings per
share - weighted average shares 2,351,709 2,351,608
Effect of dilutive securities: (A)
Employee stock options 70,433 31,876
Convertible debt 180,556 264,798
--------------------
Dilutive potential common shares 250,989 296,674
--------------------
Denominator for diluted earnings
per share - adjusted weighted-
average sharesand assumed
conversions 2,602,698 2,648,282
====================
Earnings per share - basic $0.30 $0.21
====================
Earnings per share - diluted $0.28 $0.20
====================
Footnote A:
The following options and
warrants were outstanding but not
included in the computation of
diluted earnings per share because
the exercise price was greater than
the average market price of the
common shares and, therefore, the
effect would be antidilutive.
Options 35,500
Warrants 333,333 333,333
</TABLE>
<PAGE> 8
Nicholas Financial, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
June 30, 2000
3. Finance Receivables
Finance receivables consist of automobile finance installment
contracts and direct consumer loans and are detailed as follows:
<TABLE>
<S> <C>
Finance receivables, gross contract $92,040,369
Less:
Unearned interest (22,166,164)
-----------
69,874,205
Nonrefundable dealer reserves (10,422,395)
Allowance for credit losses (2,026,201)
-----------
Finance receivables, net $57,425,609
===========
</TABLE>
The terms of the receivables range from 12 to 60 months and bear
a weighted average effective interest rate of 24%.
4. Line of Credit
The Company has a $45 million line of credit facility (the Line)
which expires on November 30, 2002. Borrowings under the Line
bear interest at the prime rate. The Company also has several
LIBOR pricing options available. If the outstanding balance
falls below $10 million the Line bears interest at the prime rate
plus 1.75%. Pledged as collateral for this credit facility are
all of the assets of Nicholas Financial, Inc. and its
subsidiaries.
On May 11, 1999 the Company entered into an interest rate swap
with a notional amount of $10 million at a fixed rate of 5.81%,
maturing on May 24, 2002. On May 21, 1999 the Company entered
into two interest rate swaps with notional amounts of $5 million
each, at fixed rates of 5.81% and 6.08%, maturing on May 24, 2001
and May 24, 2004, respectively.
On August 18, 1999 the Company terminated a $5 million swap
maturing on May 24, 2004 in exchange for $52,000. In addition the
Company entered into an interest rate swap with a notional amount
of $10 million at a fixed rate of 5.80%, provided that 30 day
libor does not exceed 8%, maturing on May 24, 2003. In the event
30 day libor exceeds 8.00%, the fixed rate of 5.80% would swap
back to the variable rate for all periods where 30 day libor
exceeds 8.00%.
On May 17, 2000 the Company entered into an interest rate swap
with a notional amount of $10 million at a fixed rate of 6.87%,
provided that 30 day libor does not exceed 7.7%, maturing on May
17, 2004. In the event 30 day libor exceeds 7.70%, the fixed rate
of 6.87% would swap back to the variable rate for all periods
where 30 day libor exceeds 7.70%.
On July 6th, 2000 the Company successfully increased its credit
facility. The new agreement increases the total facility to $60
million.
<PAGE> 9
Nicholas Financial, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
June 30, 2000
<TABLE>
<CAPTION>
5. Notes Payable - Related Party
Notes payable consisted of the following:
<S> <C>
Notes payable, due through January 2002, unsecured,
subordinated to the Line, with interest at varying
rates up to 12% with quarterly and semiannual
interest payments. The notes are convertible at the
option of the holder, into common shares at prices
from $4.50 to $6.00 per share. $850,000
Note payable, unsecured, interest at 12%, principal
and interest due through August 2001, at which time
the entire principal balance is due. 268,008
----------
$1,118,008
==========
</TABLE>
<PAGE> 10
Part I. Item 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Introduction
Consolidated net income increased for the three month period
ended June 30, 2000 to $703,314 from $502,147 for the three month
period ended June 30, 1999. Earnings were favorably impacted by
an increase in the outstanding loan portfolio and net portfolio
yield. The Company's NDS subsidiary did not contribute
significantly to consolidated operations in the three month
periods ended June 30, 2000 or 1999.
<TABLE>
<CAPTION>
Three Months Ended June 30
2000 1999
----------------------------
<S> <C> <C>
Average Net Finance Receivables(1) $67,343,312 $50,413,662
Average Indebtedness(2) 42,149,224 31,663,056
Total Interest Revenues 3,909,514 2,835,182
Interest Expense 835,023 623,509
----------------------------
Net Interest Income 3,074,491 2,211,673
Gross Portfolio Yield(3) 23.22% 22.50%
Average Cost of Borrowed Funds (2) 7.92% 7.88%
----------------------------
Net Interest Spread (4) 15.30% 14.62%
Net Portfolio Yield (3) 18.26% 17.55%
Write-off to Liquidation(5) 5.68% 5.31%
Net Charge-Off Percentage(6) 4.81% 4.49%
</TABLE>
(1) Average net finance receivables represents the average of
net finance receivables throughout the period. Net
finance receivables represents gross finance receivables
less any unearned finance charges related to those
receivables.
(2) Average indebtedness represents the average outstanding
borrowings under the Line of Credit and notes payable-
related party. Average cost of borrowed funds represents
interest expense as a percentage of average indebtedness.
(3) Gross portfolio yield represents total revenues as a
percentage of average net finance receivables. Net
portfolio yield represents net interest income as a
percentage of average net finance receivables.
(4) Net interest spread represents the gross portfolio yield
less the average cost of borrowed funds.
(5) Liquidation is defined as beginning receivable balance plus
current period purchases minus voids and refinances minus
ending receivable balance.
(6) Net charge-off percentage represents net charge-offs divided
by average net finance receivables outstanding during the
period.
<PAGE> 11
Three months ended June 30, 2000 compared to three months ended
June 30, 1999
Interest Income and Loan Portfolio
Interest revenue increased 38% to $3.9 million for the
period ended June 30, 2000, from $2.8 million for the period
ended June 30, 1999. The net finance receivable balance totaled
$57.4 million at June 30, 2000, an increase of 37% from the $41.9
million at June 30, 1999. The gross finance receivable balance
increased 37% to $92.0 million at June 30, 2000 from $67.2
million at June 30, 1999. The primary reason interest revenue
increased was the increase in the outstanding loan portfolio. The
gross portfolio yield increased from 22.50% for the period ended
June 30, 1999 to 23.22% for the period ended June 30, 2000. The
primary reason that net finance receivables increased was the
opening of three additional offices.
Computer Software Business
Sales for the period ended June 30, 2000 were $116,810
compared to $135,448 for the period ended June 30, 1999, a
decrease of 14%. This decrease was primarily due to lower revenue
from the existing customer base.
Operating Expenses
Operating expenses, excluding provision for credit losses
and interest expense, increased to $1.7 million for the period
ended June 30, 2000 from $1.3 million for the period ended June
30, 1999. This increase of 31% was primarily attributable to the
opening of three additional branches, increased home office
personnel and increased general operating expenses.
Interest Expense
Interest expense increased to $835,023 for the period ended
June 30, 2000 as compared to $623,509 for the period ended June
30, 1999. This increase was due to an increase in average
outstanding borrowings from $31.7 million to $42.1 million during
the comparable periods. The average cost of funds borrowed
increased from 7.88% for the period ended June 30, 1999 to 7.92%
for the period ended June 30, 2000 .
<PAGE> 12
Analysis of Credit Losses
Because of the nature of the borrowers under the Contracts and
its direct consumer loan program, the Company considers the
establishment of adequate reserves for credit losses to be
imperative. The Company segregates its Contracts into pools for
purposes of establishing reserves for losses. Each such pool
consists of the loans purchased by a Company branch office during
a three month period. The average pool consists of 80 Contracts
with an aggregate initial principal amount of approximately
$630,771. As of June 30, 2000, the Company had 253 active pools.
The Company pools Contracts according to branch location
because the branches purchase contracts in different markets
located in Florida, Georgia and North Carolina. All Contracts
purchased by a branch during a fiscal quarter comprise a pool.
This method of pooling by branch and quarter allows the Company
to evaluate the different markets where the branches operate. The
pools also allow the Company to evaluate the different levels of
customer income, stability, credit history, and the types of
vehicles purchased in each market.
A pool retains an amount equal to 100% of the discount into a
reserve for credit losses. In situations where, at the date of
purchase, the discount is determined to be insufficient to absorb
all potential losses associated with the pool, a portion of
future unearned income associated with that specific pool will be
added to the reserves for credit losses until total reserves have
reached the appropriate level. Subsequent to the purchase, if the
reserve for credit losses is determined to be inadequate for a
pool which is not fully liquidated, then a charge to income is
used to reestablish adequate reserves. If a pool is fully
liquidated and has any remaining reserves, the excess reserves
are accreted into income.
In analyzing a pool, the Company considers the performance of
prior pools originated by the branch office, the performance of
prior Contracts purchased from the dealers whose Contracts are
included in the current pool, the credit rating of the borrowers
under the Contracts in the pool, and current market and economic
conditions. Each pool is analyzed monthly to determine if the
loss reserves are adequate, and adjustments are made if they are
determined to be necessary. As of June 30, 2000, the Company had
established reserves for losses on Contracts of $12,448,596 or
17.82% of net outstanding receivables.
<PAGE> 13
The following tables present certain information regarding the
delinquency rates experienced by the Company with respect to
Contracts and under its direct consumer loan program:
<TABLE>
<CAPTION>
Three Months EndedThree Months Ended
June 30, 2000 June 30, 1999
------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Contracts
Gross Balance Outstanding $88,141,806 $64,799,801
Dollar Dollar
Delinquencies Amount Percent* Amount Percent*
---------- -------- ---------- --------
30 to 59 days $1,973,156 2.24% $1,633,902 2.52%
60 to 89 days 515,065 0.58% 431,504 0.67%
90 + days 110,227 0.13% 118,106 0.18%
--------- ----- --------- -----
Total Delinquencies $2,598,448 $2,183,512
*Total Delinquencies as
percent of outstanding balance 2.95% 3.37%
Direct Loans
Gross Balance Outstanding $ 3,898,563 $ 2,425,782
Delinquencies
30 to 59 days $28,812 0.74% $8,273 0.34%
60 to 89 days 5,405 0.14% 8,812 0.36%
90 + days 10,671 0.27% 647 0.03%
--------- ----- --------- -----
Total Delinquencies $44,888 $17,732
*Total Delinquencies as a
percent of outstanding balance 1.15% 0.73%
</TABLE>
The provision for credit losses was $371,710 for the three
month period ended June 30, 2000 as compared to $250,678 for the
three month period ended June 30, 1999. The Company decreased its
total reserve percentage from 14.08% for the period ended June
30, 1999 to 13.53% for the period ended June 30, 2000. Management
believes that the reserve adjustments made during the three month
period ended June 30, 2000 are consistent with its reserve
methodology.
Income Taxes
The Company's effective tax rate remained relatively consistent
at 38.54% for the three months ended June 30, 2000, as compared
to 38.34% for the three months ended June 30, 1999.
<PAGE> 14
Liquidity and Capital Resources
The Company's cash flows for the three months ended June 30, 2000
and June 30, 1999 are summarized as follows:
<TABLE>
<CAPTION>
Three months ended Three months ended
June 30,2000 June 30,1999
---------------------------------------------
<S> <C> <C>
Cash provided by (used in):
Operating Activities - $ 1,112,446 $ 1,217,254
Investing Activities -
(primarily purchase of Contracts) (5,817,830) (2,248,858)
Financing Activities 4,551,095 791,259
Net decrease in cash (154,289) (240,345)
</TABLE>
The Company's primary use of working capital during the
three months ended June 30, 2000 was the funding of the purchase
of Contracts. The Contracts were financed substantially through
borrowings on the Company's Line of credit. The line of credit is
secured primarily by Contracts, and available borrowings are
based on a percentage of qualifying Contracts. As of June 30,
2000 the Company had approximately $1.8 million available under
the line of credit. Since inception, the Company has also funded
a portion of its working capital needs through cash flows from
operating activities.
On July 6th the Company successfully increased its credit
facility. The new agreement increases the total facility to $60
million. The increased credit facility expires on November 30,
2002.
The self-liquidating nature of installment Contracts and
other loans enables the Company to assume a higher debt-to-equity
ratio than in most businesses. The amount of debt the Company
incurs from time to time under these financing mechanisms depends
on the Company's need for cash and it's ability to borrow under
the terms of its line of credit. The Company believes that
borrowings available under the line of credit as well as cash
flow from operations and, if necessary, the issuance of
additional subordinated debt and, or the sale of additional
securities in the capital markets, will be sufficient to meet its
short term funding needs.
Future Expansion
The Company currently operates nineteen branch locations,
fourteen in the State of Florida, three in the State of Georgia
and two in the State of North Carolina. Each office is budgeted
(size of branch, number of employees and location) to handle up
to 1,000 accounts and up to $7,500,000 in outstanding
receivables. To date two of our branches have reached this
capacity.
The Company intends to continue its expansion through the
purchase of additional Contracts and the expansion of its direct
consumer loan program. As the branches continue to add customers,
the size of the loan portfolio will continue to grow. With the
added volume in each branch and as the company adds new branches,
it will be necessary for the Company to increase the size of its
Line of Credit.
The Company believes that opportunity for growth continues to
exist in the States of Florida, Georgia and North Carolina and
for the foreseeable future intends generally to concentrate its
expansion activities in these States. The Company has identified
Buford, Georgia and Greensboro, North Carolina as areas where it
may open additional branch offices during fiscal 2001.
<PAGE> 15
Forward-Looking Information
This 10-QSB contains various forward-looking statements and
information that are based on management's beliefs and
assumptions, as well as information currently available to
management. When used in this document, the words "anticipate",
"estimate", "expect", and similar expressions are intended to
identify forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Such statements are
subject to certain risks, uncertainties and assumptions. Should
one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those anticipated, estimated or expected.
Among the key factors that may have a direct bearing on the
Company's operating results are fluctuations in the economy, the
degree and nature of competition, demand for consumer financing
in the markets served by the Company, the Company's products and
services, increases in the default rates experienced on
Contracts, adverse regulatory changes in the Company's existing
and future markets, the Company's ability to expand its business,
including its ability to complete acquisitions and integrate the
operations of acquired businesses, to recruit and retain
qualified employees, to expand into new markets and to maintain
profit margins in the face of increased pricing competition.
Part II - Other Information
Item 1. Legal Proceedings - None
Item 2. Changes in Securities - None
Item 3. Defaults upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders -
None
Item 5. Other Information - None
Item 6. (a) Exhibits - See exhibit index following the
signature page.
(b) Reports on Form 8-K - None
<PAGE> 16
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
10-QSB and authorized this Report to be signed on its behalf by
the undersigned, in the City of Clearwater, State of Florida, on
August 14, 2000.
NICHOLAS FINANCIAL, INC.
(Registrant)
Date: August 14, 2000 /s/ Peter L. Vosotas
---------------------------
Peter L. Vosotas
Chairman, President, Chief
Executive Officer
(Principal Executive Officer)
Date: August 14, 2000 /s/ Ralph T. Finkenbrink
---------------------------
Ralph T. Finkenbrink
(Principal Financial Officer
and Accounting Officer)
<PAGE> 17
EXHIBIT INDEX
Item 13. Exhibits and Reports on Form 8-K
(a) Exhibits
3.1 Articles of Incorporation of Nicholas Financial, Inc. and By-
Laws
Incorporated by reference to the Company's Form 10-SB (File
No. 0-26680) filed on March 13, 1996
4.1 Stock Certificate
Incorporated by reference to Exhibit 4.1 to the Company's
Form 10-SB (File No. 0-26680) filed on March 13, 1996
10.1.1 Loan and Security Agreement dated March 31, 1993 between BA
Business Credit, Inc. and Nicholas Financial, Inc.
Incorporated by reference to Exhibit 10.1.1 to the Company's
Form 10-SB (File No. 0-26680) filed on March 13, 1996
10.1.2 Amendment No. 1 to Loan Agreement dated January 14, 1994
Incorporated by reference to Exhibit 10.1.2 to the Company's
Form 10-SB (File No. 0-26680) filed on March 13, 1996
10.1.3 Temporary Line Increase Agreement dated Mach 28, 1994
Incorporated by reference to Exhibit 10.1.3 to the Company's
Form 10-SB (File No. 0-26680) filed on March 13, 1996
10.1.4 Amendment No. 2 to Loan Agreement dated June 3, 1994
Incorporated by reference to Exhibit 10.1.4 to the Company's
Form 10-SB (File No. 0-26680) filed on March 13, 1996
10.1.5 Amendment No. 3 to Loan Agreement dated July 5, 1994
Incorporated by reference to Exhibit 10.1.5 to the Company's
Form 10-SB (File No. 0-26680) filed on March 13, 1996
10.1.6 Amendment No. 4 to Loan Agreement dated March 31, 1995
Incorporated by reference to Exhibit 10.1.6 to the Company's
Form 10-SB (File No. 0-26680) filed on March 13, 1996
10.1.7 Amendment No. 5 to Loan Agreement dated July 13, 1995
Incorporated by reference to Exhibit 10.1.7 to the Company's
Form 10-KSB for the fiscal year ended March 31, 1996
<PAGE> 18
10.1.8 Amendment No. 6 to Loan Agreement dated May 13, 1996
Incorporated by reference to Exhibit 10.1.8 to the Company's
Form 10-QSB for the three months ended June 30, 1996
10.1.9 Amendment No. 7 to Loan Agreement dated July 5, 1997
Incorporated by reference to Exhibit 10.1.9 to the Company's
Form 10-QSB for the three months ended September 30, 1997
10.2.0 Amendment No. 8 to Loan Agreement dated September 18, 1998
Incorporated by reference to Exhibit 10.2.0 to the Company's
Form 10-QSB for the three months ended September 30, 1998
10.2.1 Amendment No. 9 to Loan Agreement dated November 25, 1998
Incorporated by reference to Exhibit 10.2.1 to the Company's
Form 10-QSB for the three months ended December 31, 1998
10.2.2 Amendment No. 10 to Loan Agreement dated November 24, 1999
Incorporated by reference to Exhibit 10.2.2 to the Company's
Form 10-QSB for the three months ended December 31, 1999
10.3.1 Employee Stock Option Plan
Incorporated by reference to the Company's 1999 Annual proxy
statement dated June 29, 1999
10.3.2 Non-Employee Stock Option Plan
Incorporated by reference to the Company's 1999 Annual proxy
statement dated June 29, 1999
10.4.1 Employment Contract, dated November 22, 1999, between
Nicholas Financial, Inc. and Ralph Finkenbrink, Senior Vice
President of Finance.
Incorporated by reference to Exhibit 10.2.1 to the Company's
Form 10-QSB for the three months ended December 31, 1999
21 Subsidiaries of Nicholas Financial, Inc.
Incorporated by reference to the Company's Form 10-SB (File
No. 0-26680) filed on March 13, 1996
23 Powers of Attorney (included on signature page hereto)
27 Financial Data Schedule (for SEC use only)
(b) Reports on Form 8-K
None
