Nicholas Financial reports Q1 net loss of $1.8M; originations up but expenses rising

OLD MARKET CAPITAL Corp

2022-Q1 EPS reported -$0.24 revenue$11,277,000

Net loss $1.8M vs net income $1.7M YoY; diluted EPS -$0.24 vs $0.22.
Interest and fee income $12.1M, down 4.2% YoY, plus $0.8M unrealized loss on equity investments.
Originations up 10.1% on contracts and 43.2% on direct loans; total $30.6M originated.
Branch consolidation plan announced July 2022 to reduce operating expenses amid rising delinquencies.
Finance receivables grew $1.3M to $30.6M; total loan portfolio $173.7M.

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