Wednesday, June 22, 2011
NICK 10-K (continued yet again)
Stock option plans
1998 plan: total of 1.55 million shares available (replaced by 2006 plan)
2006 plan: total of 1.07 million shares available
Currently there are 661K options outstanding. 28K were granted during the year at ave $9.51.
2010: 92K granted
2009: 133K granted
again, small potatoes
55K RSUs granted in 2011.
Leases and other contingengies:
2012: $1.5 million
2013: $1.07 million
falls off a cliff from there. Looks reasonable.
Quarterly Results:
Earnings per share:
Q1 2010: 20 cents
Q2 2010: 21 cents
Q3 2010: 25 cents
Q4 2010: 28 cents
Q1 2011: 30 cents
Q2 2011: 34 cents
Q3 2011: 38 cents
Q4 2011: 40 cents
This matches what I've been seeing with the quarterly results, steady improvement across the board. I didn't realize it was so even through all the quarters.
In subsequent news, the Sr VP of Branch Operations is resigning to join a company outside this industry. Red flag, but it could be nothing.
If you look at the year-end press release, the delinquencies numbers are continuing to improve:
vs Q3 which was
1998 plan: total of 1.55 million shares available (replaced by 2006 plan)
2006 plan: total of 1.07 million shares available
Currently there are 661K options outstanding. 28K were granted during the year at ave $9.51.
2010: 92K granted
2009: 133K granted
again, small potatoes
55K RSUs granted in 2011.
Leases and other contingengies:
2012: $1.5 million
2013: $1.07 million
falls off a cliff from there. Looks reasonable.
Quarterly Results:
Earnings per share:
Q1 2010: 20 cents
Q2 2010: 21 cents
Q3 2010: 25 cents
Q4 2010: 28 cents
Q1 2011: 30 cents
Q2 2011: 34 cents
Q3 2011: 38 cents
Q4 2011: 40 cents
This matches what I've been seeing with the quarterly results, steady improvement across the board. I didn't realize it was so even through all the quarters.
In subsequent news, the Sr VP of Branch Operations is resigning to join a company outside this industry. Red flag, but it could be nothing.
If you look at the year-end press release, the delinquencies numbers are continuing to improve:
| Delinquencies | ||||||||||||||||||||
Contracts | Gross Balance Outstanding | 30 – 59 days | 60 – 89 days | 90 + days | Total | |||||||||||||||
March 31, 2011 | $ | 368,099,418 | $ | 6,106,211 | $ | 1,468,079 | $ | 549,518 | $ | 8,123,808 | ||||||||||
| 1.66 | % | 0.40 | % | 0.15 | % | 2.21 | % | |||||||||||||
vs Q3 which was
| Delinquencies | ||||||||||||||||||||
Contracts | Gross Balance Outstanding | 30 – 59 days | 60 – 89 days | 90 + days | Total | |||||||||||||||
December 31, 2010 | $ | 353,963,564 | $ | 10,065,353 | $ | 2,807,904 | $ | 935,688 | $ | 13,808,945 | ||||||||||
| 2.84 | % | 0.79 | % | 0.26 | % | 3.89 | % | |||||||||||||
This was for purchased contracts.
A while back I had looked into the possibility of NICK using a growing portfolio in order to make the numbers appear to be improving. I was convinced that the absolute increase in portfolio size was not enough to fake it, although I'm not an expert in such things.
THE END
I also walked through the proxy statement and everything there looks good. Compensation levels are fine, incentives are good, nothing bad jumped out.
A while back I had looked into the possibility of NICK using a growing portfolio in order to make the numbers appear to be improving. I was convinced that the absolute increase in portfolio size was not enough to fake it, although I'm not an expert in such things.
THE END
I also walked through the proxy statement and everything there looks good. Compensation levels are fine, incentives are good, nothing bad jumped out.
// posted by Bruce @ 8:59 PM 
