Nicholas Financial returns to profitability; Q1 net income $1.6M, EPS $0.21

OLD MARKET CAPITAL Corp

2024-Q1 EPS reported $0.21 revenue$7,083,000

Net income of $1.6M ($0.21 diluted EPS) vs net loss of $1.8M ($0.24 loss per share) in prior year.
Interest and fee income fell 41.3% to $7.1M from $12.1M; operating expenses decreased 55.3%.
Provision for credit losses fell 82.3% to $0.6M, aided by adoption of ASU 2016-13 (CECL); net charge-offs increased to 9.6%.
Completed restructuring; originated $2.7M in finance receivables, reduced debt by $13.9M during the quarter.
CEO cites focus on reducing expenses and freeing up capital to increase shareholder returns.

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 1st quarter fiscal year 2024 ended June 30, 2023 results: net income $1.6 million, EPS $0.21.

Period: 1st quarter fiscal year 2024 ended June 30, 2023
Net income: $1.6 million
EPS: $0.21
Result: reported results

Exact text from the filing

On August 16, 2023 Nicholas Financial, Inc. (the " Company ") issued a press release announcing the Company's financial results for its quarter ended June 30, 2023.

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Source: SEC EDGAR

accession 0000950170-23-042930

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