secwatch.observer — SEC 8-K summary
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Issuer:     OLD MARKET CAPITAL Corp (OMCC)
CIK:        0001000045
Form:       8-K
Filed at:   2024-02-13T23:59:59+00:00
Accession:  0000950170-24-014524
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1000045/000095017024014524/0000950170-24-014524-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1000045/000095017024014524/nick-20240213.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-014524

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