Nicholas Financial to sell substantially all assets to Westlake for ~$65.6M; Q2 net loss widens

OLD MARKET CAPITAL Corp

Nicholas Financial agreed to sell substantially all assets (Contracts and Receivables) to Westlake for ~$65.6M (~$9.00/book value); closing subject to shareholder approval.
Q2 net loss widened to $10.5M from $3.2M YoY; diluted EPS -$1.44 vs -$0.44.
Interest & fee income fell 48.3% to $6.3M; provision for credit losses rose 39.3% to $12.4M.
Company ceased new originations; net charge-off rate soared to 58.2% from 12.4% YoY.

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 the quarter ended September 30, 2023 results: net income net loss for the three months ended September 30, 2023 of $10.5 million, EPS Basic and diluted net loss per share was $1.44 for the three months ended September 30, 2023.

Period: the quarter ended September 30, 2023
Net income: net loss for the three months ended September 30, 2023 of $10.5 million
EPS: Basic and diluted net loss per share was $1.44 for the three months ended September 30, 2023
Result: reported results

Exact text from the filing

On November 14, 2023 Nicholas Financial, Inc. (the “ Company ”) issued a press release announcing, among other things, the Company’s financial results for its quarter ended September 30, 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

OLD MARKET CAPITAL Corp reported the six months ended September 30, 2023 results: net income The Company reported a net loss for the six months ended September 30, 2023 of $8.9 million, EPS Basic and diluted net loss per share was $1.23 for the six months ended September 30, 2023.

Period: the six months ended September 30, 2023
Net income: The Company reported a net loss for the six months ended September 30, 2023 of $8.9 million
EPS: Basic and diluted net loss per share was $1.23 for the six months ended September 30, 2023
Result: reported results

Exact text from the filing

The Company reported a net loss for the six months ended September 30, 2023 of $8.9 million compared to net loss of $4.9 million for the six months ended September 30, 2022.

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Source: SEC EDGAR

accession 0000950170-23-063620

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