Nicholas Financial reports Q4 net loss of $15.8M; charge-off rate spikes to 30.93%

OLD MARKET CAPITAL Corp

Net loss of $15.8M ($2.18 loss per share) vs net income of $0.4M ($0.05 EPS) YoY.
Interest and fee income fell 29.4% to $8.7M from $12.3M.
Provision for credit losses surged 727.5% to $17.4M; net charge-off rate 30.93%.
Closed all brick-and-mortar branches; incurred $0.8M restructuring expenses in quarter.
FY2023 net loss of $34.1M ($4.65 per share) vs net income of $3.0M ($0.39) prior year.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.4

OLD MARKET CAPITAL Corp reported the three months ended March 31, 2023 results: revenue $8.7 million, net income $15.8 million, EPS $2.18.

Period: the three months ended March 31, 2023
Revenue: $8.7 million
Net income: $15.8 million
EPS: $2.18
Result: reported results

Exact text from the filing

as compared to basic and diluted net earnings per share of $0.05 for the three months ended March 31, 2022. Interest and fee income on finance receivables decreased 29.4% to $8.7 million for the three months ended March 31, 2023 as compared to $12.3 million for the three months ended March 31, 2022. Operating expenses decreased 35.8% to $6.0 million for the three

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Earnings Releases SEC 8-K Item 2.02 confidence 0.4

OLD MARKET CAPITAL Corp reported the twelve months ended March 31, 2023 results: revenue $44.3 million, net income $34.1 million, EPS $4.65.

Period: the twelve months ended March 31, 2023
Revenue: $44.3 million
Net income: $34.1 million
EPS: $4.65
Result: reported results

Exact text from the filing

2023 as compared to basic and diluted net income per share of $0.39 for the twelve months ended March 31, 2022. Interest and fee income on finance receivables decreased 11.1% to $44.3 million for the twelve months ended March 31, 2023 as compared to $49.8 million for the twelve months ended March 31, 2022. Provision for credit losses increased 581.6% to $40.7 million

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Source: SEC EDGAR

accession 0000950170-23-029127

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