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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 8, 2001
NICHOLAS FINANCIAL, INC.
(Exact name of registrant as specified in its Charter)
British Columbia, Canada 333-08407 8736-3354
(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification No.)
2454 McMullen Booth Road, Building C
Clearwater, Florida 33759
(Address of Principal Executive Offices) (Zip Code)
(813) 726-0763
(Registrant's telephone number, Including area code)
Not applicable
(Former name, former address and former fiscal year, if changed
since last report)
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Item 5. Other Events
On August 7, 2001 The Board of Directors of Nicholas
Financial, Inc. (the "Company") declared a two-for-one stock
split on the Company's outstanding shares of common stock,
payable in the form of a 100% stock dividend on September 10,
2001 to shareholders of record as of the close of business on
August 28, 2001.
In addition, on August 7, 2001, the Board of Directors
of the Company approved the Company's second stock repurchase
plan. This plan authorizes the repurchase of up to 5% of the
Company's outstanding common stock, or approximately 250,000
shares, as adjusted to reflect the aforementioned two-for-one
stock split. This authorization is in addition to the
original September 23, 1998 repurchase authorization of
120,000 shares (5% of the Company's outstanding common stock
at that time), which, as of August 7, 2001, had been
completely utilized. The repurchases will be made from time
to time as market and business conditions warrant, in open
market, negotiated or block transactions. All purchases are
subject to the availability of shares at prices which are
acceptable to management of the Company and, accordingly,
there is no guarantee as to the timing or the number of
shares to be repurchased.
A copy of the Company's press release announcing the
foregoing actions is attached as Exhibit 99.1 to this Report
on Form 8-K and incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description of Document
99.1 Press release dated August 8, 2001 issued
by the registrant
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned, hereunto duly authorized.
NICHOLAS FINANCIAL, INC.
(Registrant)
Date: August 8, 2001 /s/ Peter L. Vosotas
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Peter L. Vosotas
Chairman, President, Chief
Executive Officer(Principal
Executive Officer)
Date: August 8, 2001 /s/ Ralph T. Finkenbrink
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Ralph T. Finkenbrink
(Principal Financial Officer and
Accounting Officer)
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Exhibit Index
Exhibit No.
99.1 Press Release, dated August 8, 2001
FOR IMMEDIATE RELEASE
Nicholas Contact:Ralph Finkenbrink NASDAQ: NICK
Sr. Vice President, CFO
Nicholas Financial, Inc. Ph # - 727-726-0763
Corporate Headquarters
2454 McMullen-Booth Rd. Epoch Financial Group, Inc.
Building C, Suite 501 Todd Atenhan or Valerie Kimball
Clearwater, FL 33759 Ph # - 888-917-5109
Web site:www.nicholasfinancial.com
NICHOLAS FINANCIAL ANNOUNCES 2-for-1 STOCK SPLIT
& SECOND STOCK REPURCHASE PROGRAM
August 8, 2001 - Clearwater, Florida - Nicholas Financial, Inc.
(Nasdaq, NICK), today announced that its Board of Directors has
declared a two-for-one stock split on the Company's outstanding
shares of common stock, payable in the form of a 100% stock
dividend, on September 10, 2001 to shareholders of record as of the
close of business on August 28, 2001.
Nicholas also announced today that its Board of Directors has
approved the Company's second stock repurchase plan. The plan
authorizes the repurchase of up to 5% of the Company's outstanding
common stock, or approximately 250,000 shares, as adjusted to
reflect the aforementioned two-for-one stock split. This
authorization is in addition to the original September 23, 1998
repurchase authorization of 120,000 shares (5% of the Company's
outstanding common stock at that time), which, as of August 7,
2001, had been completely utilized.
The repurchases will be made from time to time as market and
business conditions warrant, in open market, negotiated or block
transactions. All purchases are subject to the availability of
shares at prices which are acceptable to management of the Company
and, accordingly, there is no guarantee as to the timing or the
number of shares to be repurchased.
Commenting on the Company's stock split, Peter L. Vosotas,
Chairman, CEO and President noted, "Our strong capital position and
continued confidence in our earnings capability played a large part
in our decision to implement a stock split, which we believe will
enhance our market liquidity."
The Company has approximately 2,500,000 shares of common stock
outstanding. As a result of the stock dividend, the Company will
have approximately 5,000,000 shares of common stock outstanding.
Founded in 1985, with assets of $69 million at June 30, 2001,
Nicholas Financial is one of the largest publicly traded specialty
auto finance companies based in the Southeast. The Company operates
21 full service Business Development Centers throughout Florida,
Georgia and North Carolina. For an index of Nicholas Financial
Inc.'s news releases or to obtain a specific release, visit our
website at www.nicholasfinancial.com.
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Except for the historical information contained herein, the matters
discussed in this news release include forward-looking statements
that involve risks and uncertainties including risks detailed from
time to time in the Company's filings and reports with the
Securities and Exchange Commission including the Company's Annual
Report on Form 10-K for the year ended March 31, 2001. Such
statements are based on the beliefs of the Company's management as
well as assumptions made by and information currently available to
Company management. Actual events or results may differ materially.
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