Nicholas Financial profit grows

CLEARWATER -- Nicholas Financial Inc. (symbol: NICK), a consumer finance company that provides auto loans, earned $5.5 million in profits in the second quarter of its current fiscal year.

Profits grew 39% as revenues increased 9%, from $15.7 million to $17.2 million.

Increased receivables and a reduction in the net charge-off rate led to the gains in profits, says Peter Vosotas, chairman and CEO at Nicholas.

Nicholas Financial operates a network of 58 lending offices throughout the U.S. Shares of its common stock were up more than 8% in value at one point on Thursday morning, to a high of $11.40 per share.