Nicholas Financial reports Q3 net loss of $13.4M; restructures and halts direct loans

OLD MARKET CAPITAL Corp

2022-Q3 EPS reported -$2.49 revenue$35,646,000

Net loss of $13.4M (diluted EPS -$1.85) vs $0.7M loss prior year.
Discontinued direct consumer loans; new contract originations fell 76.8% YoY.
Provision for credit losses rose 541.6% to $10.7M from $1.7M.
Restructuring expenses of $3.2M in Q3 ($4.0M YTD) from branch closures and severance.
Outsourced loan servicing to Westlake Portfolio Management; new credit facility in Jan 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

OLD MARKET CAPITAL Corp reported three months ended December 31, 2022 results: net income net loss of $13.4 million, EPS Basic and diluted net loss per share was $1.85.

Period: three months ended December 31, 2022
Net income: net loss of $13.4 million
EPS: Basic and diluted net loss per share was $1.85
Result: reported results

Exact text from the filing

announced a net loss for the three months ended December 31, 2022 of $13.4 million compared to net loss of $0.7 million for the three months ended December 31, 2021. Basic and diluted net loss per share was $1.85 for the three months ended December 31, 2022 as compared to basic and diluted net loss per share of $0.09 for the three months ended December 31, 2021.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

OLD MARKET CAPITAL Corp reported nine months ended December 31, 2022 results: net income net loss for the nine months ended December 31, 2022 of $18.3 million, EPS Basic and diluted net loss per share was $2.49.

Period: nine months ended December 31, 2022
Net income: net loss for the nine months ended December 31, 2022 of $18.3 million
EPS: Basic and diluted net loss per share was $2.49
Result: reported results

Exact text from the filing

announced net loss for the nine months ended December 31, 2022 of $18.3 million compared to net income of $2.6 million for the nine months ended December 31, 2021. Basic and diluted net loss per share was $2.49 for the nine months ended December 31, 2022 as compared to basic and diluted net income per share of $0.34 for the nine months ended December 31, 2021.

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Source: SEC EDGAR

accession 0000950170-23-002356

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