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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:

  Gross Balance
  30 – 59 days60 – 89 days90 + daysTotal
March 31, 2011
  $368,099,418    $6,106,211  $1,468,079  $549,518  $8,123,808  

vs Q3 which was

  Gross Balance
  30 – 59 days60 – 89 days90 + daysTotal
December 31, 2010
  $353,963,564    $10,065,353  $2,807,904  $935,688  $13,808,945  

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.


I also walked through the proxy statement and everything there looks good.  Compensation levels are fine, incentives are good, nothing bad jumped out.

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