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) May 6, 2004


                   NICHOLAS FINANCIAL, INC.
    (Exact name of registrant as specified in its Charter)


 British Columbia, Canada         0-26680        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)


                        (727) 726-0763
     (Registrant's telephone number, Including area code)


                        Not applicable
    (Former name, former address and former fiscal year, if
                 changed since last report)


PAGE <1>



Item 7.     Financial Statements and Exhibits

Exhibit #      Description

  1    Press release dated May 6, 2004, announcing earnings
      for the quarter and year ended March 31, 2004.

Item 12.    Results of operations and financial conditions

     The company announced net income for the fourth quarter
ended March 31, 2004 increased 24% to $1,491,772 as compared
to  $1,202,908 in the fourth quarter last year. Earnings per
share  increased  17% to $0.27 from $0.23. Revenue  for  the
quarter increased 14% to $6,910,000 from $6,047,000.

     The company also announced for the year ended March 31,
2004, net income increased 22% to $5,212,678 as compared  to
$4,281,394  last year. Earnings per share increased  19%  to
$0.96  from  $0.81. Revenue for the year  increased  14%  to
$25,500,000 from $22,377,000.

PAGE <2>


                         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: May 6, 2004             /s/ Peter L. Vosotas
                              Peter L. Vosotas
                              Chairman, President,
                              Chief Executive Officer
                              (Principal Executive Officer)


Date: May 6, 2004             /s/ Ralph T. Finkenbrink
                              Ralph T. Finkenbrink
                              (Principal Financial Officer
                               and Accounting Officer)

<PAGE> 3

Exhibit Index

Exhibit     Description

 1          Press release dated May 6, 2004, announcing earnings
            for the quarter and year ended March 31, 2004.

<PAGE> 4


                          Exhibit 1




                    FOR IMMEDIATE RELEASE


Nicholas Financial, Inc.
Corporate Headquarters
2454 McMullen-Booth Rd.
Building C, Suite 501
Clearwater, FL 33759


Contact: Ralph Finkenbrink
         Sr. Vice President, CFO

NASDAQ: NICK
Web site: www.nicholasfinancial.com
Ph #: 727-726-0763




      Nicholas Financial Reports Record Results for the
         4th Quarter & the Year Ended March 31, 2004


MAY 6, 2004 - Clearwater, Florida - Nicholas Financial, Inc.
(Nasdaq,  NICK), announced that net income  for  the  fourth
quarter ended March 31, 2004 increased 24% to $1,491,772  as
compared  to  $1,202,908 in the fourth  quarter  last  year.
Earnings  per  share  increased 17%  to  $0.27  from  $0.23.
Revenue  for  the  quarter increased 14% to $6,910,000  from
$6,047,000.  The  Company has reported same  quarter  record
increases in revenues and earnings in 54 out of the past  55
quarters.

For  the year ended March 31, 2004, net income increased 22%
to  $5,212,678 as compared to $4,281,394 last year. Earnings
per share increased 19% to $0.96 from $0.81. Revenue for the
year  increased  14%  to $25,500,000 from  $22,377,000.  The
Company  has  reported  record  increases  in  revenues  and
earnings every year for the past 13 years.


Founded in 1985, with assets of $103,223,000 as of March 31,
2004,  Nicholas  Financial is one of  the  largest  publicly
traded  specialty consumer finance companies  based  in  the
Southeast.  The Company presently operates out of 32  branch
locations in both the Southeast and the Mid-West States. The
Company  has approximately 5,100,000 shares of common  stock
outstanding. For an index of Nicholas Financial Inc.'s  news
releases or to obtain a specific release, visit our web site
at www.nicholasfinancial.com.

---------------------------------------------------------------
Except  for  the historical information contained herein,  the
matters discussed in this news release include forward-looking
statements  that  involve  risks and  uncertainties  including
competitive factors, the management of growth, and other 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,  2003. 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.
---------------------------------------------------------------
                         ## Over ##

<PAGE> 5

Nicholas Financial, Inc.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Amounts)

                       Three Months Ended      Year Ended
                            March 31,          March 31,
                          2004     2003     2004      2003
                       --------------------------------------
Revenue:
 Finance charge income  $ 6,839   $ 5,973  $ 25,236  $ 22,049
 Other income                71        74       264       328
                       --------------------------------------
                          6,910     6,047    25,500    22,377
Costs and expenses:

 Operating expenses       2,970     2,606    11,060     9,390
 Provision for losses       581       536     2,198     2,214
 Interest expense           946       980     3,852     3,936
                      ---------------------------------------
                          4,497     4,122    17,110    15,540
                      ---------------------------------------
Income before
 income taxes             2,413     1,925     8,390     6,837
Income tax provision        921       722     3,177     2,556
                      ---------------------------------------
 Net income             $ 1,492   $ 1,203   $ 5,213   $ 4,281
                      =======================================
Earnings per share:
 Basic                    $0.29     $0.24     $1.03     $0.86
                      =======================================
 Diluted                  $0.27     $0.23     $0.96     $0.81
                      =======================================

Weighted
 average shares       5,078,411 5,002,810 5,047,094 5,004,055


Numerator for
 dilutive earnings
 per share- income
 available to common
 stockholders after
 assumed conversions     $1,492    $1,203    $5,213    $4,281

Weighted average
 shares and
 assumed dilution     5,469,045 5,260,590 5,418,708 5,299,206

Condensed Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)

                          March 31,      March 31,
                             2004           2003
                         -----------    ------------
Cash                      $    957       $    481
Finance receivables, net    97,237         86,178
Other assets                 5,029          3,378
                          --------       --------
 Total assets             $103,223       $ 90,037
                          ========       ========
Line of credit            $ 67,510       $ 60,160
Other notes payable            682            809
Other liabilities            7,622          6,978
                          --------        -------
 Total liabilities          75,814         67,947

Shareholders' equity        27,409         22,090
                          --------        -------
Total liabilities and
 Shareholders' equity    $ 103,223       $ 90,037
                         =========       ========

                        # #  End  # #
[{"type": "8-K", "sequence": "1", "filename": "r8k-0504.txt", "secsgml_size_bytes": 8479}]
{"company-data": {"conformed-name": "NICHOLAS FINANCIAL INC", "cik": "0001000045", "assigned-sic": "6153", "irs-number": "593019317", "state-of-incorporation": "FL", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26680", "film-number": "04783502"}, "business-address": {"street1": "2454 MCMILLEN BOOTH RD", "street2": "BLDG C 501 B", "city": "CLEARWATER", "state": "FL", "zip": "33759", "phone": "8137260763"}, "mail-address": {"street1": "2454 MCMULLEN BOOTH RD", "street2": "BLDG C SUITE 501B", "city": "CLEARWATER", "state": "FL", "zip": "33759"}}
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) May 6, 2004

                   NICHOLAS FINANCIAL, INC.
    (Exact name of registrant as specified in its Charter)

 British Columbia, Canada         0-26680        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)

                        (727) 726-0763
     (Registrant's telephone number, Including area code)

                        Not applicable
    (Former name, former address and former fiscal year, if
                 changed since last report)

PAGE <1>

Item 7.     Financial Statements and Exhibits

Exhibit #      Description

  1    Press release dated May 6, 2004, announcing earnings
      for the quarter and year ended March 31, 2004.

Item 12.    Results of operations and financial conditions

     The company announced net income for the fourth quarter
ended March 31, 2004 increased 24% to $1,491,772 as compared
to  $1,202,908 in the fourth quarter last year. Earnings per
share  increased  17% to $0.27 from $0.23. Revenue  for  the
quarter increased 14% to $6,910,000 from $6,047,000.

     The company also announced for the year ended March 31,
2004, net income increased 22% to $5,212,678 as compared  to
$4,281,394  last year. Earnings per share increased  19%  to
$0.96  from  $0.81. Revenue for the year  increased  14%  to
$25,500,000 from $22,377,000.

PAGE <2>

                         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: May 6, 2004             /s/ Peter L. Vosotas
                              Peter L. Vosotas
                              Chairman, President,
                              Chief Executive Officer
                              (Principal Executive Officer)

Date: May 6, 2004             /s/ Ralph T. Finkenbrink
                              Ralph T. Finkenbrink
                              (Principal Financial Officer
                               and Accounting Officer)
3

Exhibit Index

Exhibit     Description

 1          Press release dated May 6, 2004, announcing earnings
            for the quarter and year ended March 31, 2004.
4

                          Exhibit 1

                    FOR IMMEDIATE RELEASE

Nicholas Financial, Inc.
Corporate Headquarters
2454 McMullen-Booth Rd.
Building C, Suite 501
Clearwater, FL 33759

Contact: Ralph Finkenbrink
         Sr. Vice President, CFO

NASDAQ: NICK
Web site: www.nicholasfinancial.com
Ph #: 727-726-0763

      Nicholas Financial Reports Record Results for the
         4th Quarter & the Year Ended March 31, 2004

MAY 6, 2004 - Clearwater, Florida - Nicholas Financial, Inc.
(Nasdaq,  NICK), announced that net income  for  the  fourth
quarter ended March 31, 2004 increased 24% to $1,491,772  as
compared  to  $1,202,908 in the fourth  quarter  last  year.
Earnings  per  share  increased 17%  to  $0.27  from  $0.23.
Revenue  for  the  quarter increased 14% to $6,910,000  from
$6,047,000.  The  Company has reported same  quarter  record
increases in revenues and earnings in 54 out of the past  55
quarters.

For  the year ended March 31, 2004, net income increased 22%
to  $5,212,678 as compared to $4,281,394 last year. Earnings
per share increased 19% to $0.96 from $0.81. Revenue for the
year  increased  14%  to $25,500,000 from  $22,377,000.  The
Company  has  reported  record  increases  in  revenues  and
earnings every year for the past 13 years.

Founded in 1985, with assets of $103,223,000 as of March 31,
2004,  Nicholas  Financial is one of  the  largest  publicly
traded  specialty consumer finance companies  based  in  the
Southeast.  The Company presently operates out of 32  branch
locations in both the Southeast and the Mid-West States. The
Company  has approximately 5,100,000 shares of common  stock
outstanding. For an index of Nicholas Financial Inc.'s  news
releases or to obtain a specific release, visit our web site
at www.nicholasfinancial.com.

---------------------------------------------------------------
Except  for  the historical information contained herein,  the
matters discussed in this news release include forward-looking
statements  that  involve  risks and  uncertainties  including
competitive factors, the management of growth, and other 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,  2003. 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.
---------------------------------------------------------------
                         ## Over ##
5

Nicholas Financial, Inc.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Amounts)

                       Three Months Ended      Year Ended
                            March 31,          March 31,
                          2004     2003     2004      2003
                       --------------------------------------
Revenue:
 Finance charge income  $ 6,839   $ 5,973  $ 25,236  $ 22,049
 Other income                71        74       264       328
                       --------------------------------------
                          6,910     6,047    25,500    22,377
Costs and expenses:

 Operating expenses       2,970     2,606    11,060     9,390
 Provision for losses       581       536     2,198     2,214
 Interest expense           946       980     3,852     3,936
                      ---------------------------------------
                          4,497     4,122    17,110    15,540
                      ---------------------------------------
Income before
 income taxes             2,413     1,925     8,390     6,837
Income tax provision        921       722     3,177     2,556
                      ---------------------------------------
 Net income             $ 1,492   $ 1,203   $ 5,213   $ 4,281
                      =======================================
Earnings per share:
 Basic                    $0.29     $0.24     $1.03     $0.86
                      =======================================
 Diluted                  $0.27     $0.23     $0.96     $0.81
                      =======================================

Weighted
 average shares       5,078,411 5,002,810 5,047,094 5,004,055

Numerator for
 dilutive earnings
 per share- income
 available to common
 stockholders after
 assumed conversions     $1,492    $1,203    $5,213    $4,281

Weighted average
 shares and
 assumed dilution     5,469,045 5,260,590 5,418,708 5,299,206

Condensed Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)

                          March 31,      March 31,
                             2004           2003
                         -----------    ------------
Cash                      $    957       $    481
Finance receivables, net    97,237         86,178
Other assets                 5,029          3,378
                          --------       --------
 Total assets             $103,223       $ 90,037
                          ========       ========
Line of credit            $ 67,510       $ 60,160
Other notes payable            682            809
Other liabilities            7,622          6,978
                          --------        -------
 Total liabilities          75,814         67,947

Shareholders' equity        27,409         22,090
                          --------        -------
Total liabilities and
 Shareholders' equity    $ 103,223       $ 90,037
                         =========       ========

                        # #  End  # #