Nicholas Financial Q3 FY2024 net loss $11.7M; loan portfolio sale to Westlake pending

OLD MARKET CAPITAL Corp

2024-Q3 EPS reported -$2.83

Net loss of $11.7M ($1.60/share) vs $13.4M loss ($1.85) prior year; interest income down 55.8% to $5.0M.
Net charge-off rate surged to 34.8% from 16.6%; $19.5M valuation allowance recorded on portfolios reclassified to held for sale.
Operating expenses cut 59.2% to $4.0M; payroll down 76.9% as branch closures and outsourcing continue under restructuring.
Company seeks shareholder approval to sell substantially all auto finance contracts to Westlake Services (Nov 13, 2023 agreement).
Nine-month net loss $20.6M ($2.83/share); originations fell to $5.5M, credit facility fully repaid.

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 nine months ended December 31, 2023 results: net income net loss for the nine months ended December 31, 2023 of $20.6 million, EPS Basic and diluted net loss per share was $2.83.

Period: nine months ended December 31, 2023
Net income: net loss for the nine months ended December 31, 2023 of $20.6 million
EPS: Basic and diluted net loss per share was $2.83
Result: reported results

Exact text from the filing

The Company reported a net loss for the nine months ended December 31, 2023 of $20.6 million compared to net loss of $18.3 million for the nine months ended December 31, 2022. Basic and diluted net loss per share was $2.83 for the nine months ended December 31, 2023 as compared to basic and diluted net loss per share of $2.49 for the nine months ended December 31, 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

OLD MARKET CAPITAL Corp reported three months ended December 31, 2023 results: net income net loss of $11.7 million, EPS Basic and diluted net loss per share was $1.60.

Period: three months ended December 31, 2023
Net income: net loss of $11.7 million
EPS: Basic and diluted net loss per share was $1.60
Result: reported results

Exact text from the filing

Nicholas Financial Announces 3rd Quarter Fiscal Year 2024 Results February 13, 2024 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) (the "Company") announced a net loss for the three months ended December 31, 2023 of $11.7 million compared to net loss of $13.4 million for the three months ended December 31, 2022. Basic and diluted net loss per share was $1.60 for the three months ended December 31, 2023 as compared to basic and diluted net loss per share of $1.85 for the three months ended December 31, 2022.

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Source: SEC EDGAR

accession 0000950170-24-014524

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