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) October 21, 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> 2



Item 2.02    Results of Operations and Financial Condition

Clearwater, Florida, - October 21, 2004: Nicholas Financial,
Inc.  (NASDAQ,  NICK), today announced record revenues,  net
income  and  earnings per share for the three  months  ended
September  30,  2004. Revenues for the second quarter  ended
September  30, 2004 increased 27% to $7,833,000 compared  to
$6,145,000  for  the period ended September  30,  2003.  Net
income  for  the  quarter increased 49% to  $1,866,000  from
$1,249,000.  Diluted  earnings per  share  for  the  quarter
increased  17% to $0.27 per share from $0.23 per share  last
year. The Company has reported record same quarter increases
in revenues and earnings for 56 out of the past 57 quarters.




Item 9.01   Financial Statements and Exhibits

Exhibit #      Description

 9       Press release dated October 21, 2004, announcing
          record earnings for the second quarter ended
          September 30, 2004.


<PAGE> 3


                         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: October 21, 2004        /s/ Peter L. Vosotas
                                Peter L. Vosotas
                                Chairman, President,
                                Chief Executive Officer
                                (Principal Executive Officer)


  Date: October 21, 2004        /s/ Ralph T. Finkenbrink
                                Ralph T. Finkenbrink
                                (Principal Financial Officer
                                 and Accounting Officer)

<PAGE> 4

Exhibit Index

Exhibit     Description

 9       Press release dated October 21, 2004, announcing
          record earnings for the second quarter ended
          September 30, 2004.

<PAGE> 5


                          Exhibit 9

                    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 2nd Quarter Results

Clearwater, Florida, - October 21, 2004: Nicholas Financial,
Inc.  (NASDAQ,  NICK), today announced record revenues,  net
income  and  earnings per share for the three  months  ended
September  30,  2004. Revenues for the second quarter  ended
September  30, 2004 increased 27% to $7,833,000 compared  to
$6,145,000  for  the period ended September  30,  2003.  Net
income  for  the  quarter increased 49% to  $1,866,000  from
$1,249,000.  Diluted  earnings per  share  for  the  quarter
increased  17% to $0.27 per share from $0.23 per share  last
year. The Company has reported record same quarter increases
in revenues and earnings for 56 out of the past 57 quarters.

For  the  six  months  ended September  30,  2004,  revenues
increased 24% to $15,110,000 compared to $12,205,000 for the
six months ended September 30, 2003. Net income for the six-
month  period  increased 45% to $3,498,000 from  $2,415,000.
Diluted earnings per share increased 20% to $0.54 per  share
compared to $0.45 per share last year.


Founded in 1985, with assets of $112,578,000 as of September
30,  2004,  Nicholas Financial, Inc. is one of  the  largest
publicly  traded specialty consumer finance companies  based
in  the Southeast.  The Company presently operates out of 34
branch  locations  in both the Southeast  and  the  Mid-West
States.  The Company has approximately 6,500,000  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-
KSB  for the year ended March 31, 2004. 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.
                         ##  More ##


<PAGE> 6

<TABLE>
<CAPTION>

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


                     Three Months Ended   Six Months Ended
                       September 30,      September 30,

                       2004      2003      2004      2003
                  ----------------------------------------------
<S>                  <C>       <C>      <C>        <C>
Revenue:
Finance charge income $ 7,797   $ 6,074  $ 15,011   $12,063
Other income               36        71        99       142
                      -------   -------   -------   -------
                        7,833     6,145    15,110    12,205
Costs and expenses:
Operating expenses      3,269     2,777     6,426     5,390
Provision for losses      659       404     1,240       984
Interest expense          895       968     1,810     1,956
                       ------    ------    ------    ------
                        4,823     4,149     9,476     8,330

Income before
 income taxes           3,010     1,996     5,634     3,875

Income tax provision    1,144       747     2,136     1,460
                       ------     -----    ------    ------
 Net income            $1,866    $1,249    $3,498    $2,415
                       ======    ======   =======    ======
Earnings per share:
 Basic                   $.29      $.25      $.58      $.48
                       ====================================
 Diluted                 $.27      $.23      $.54      $.45
                       ====================================
Weighted average
 shares             6,491,142 5,038,318 6,082,592 5,022,622
                   ========================================
Weighted average
 shares and
 assumed dilution   6,876,739 5,405,176 6,472,724 5,352,817
                   ========================================

</TABLE>

<TABLE>
<CAPTION>
Condensed Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)


                        September 30,    March 31,
                             2004           2004
                        -------------------------------
<S>                     <C>             <C>
Cash                     $    1,685      $    958
Finance receivables, net    105,146        97,237
Other assets                  5,747         5,028
                         ----------      --------
 Total assets              $112,578      $103,223

Line of credit             $ 63,540      $ 67,510
Other notes payable           1,001         1,593
Other liabilities             7,038         6,674
                          ---------      --------
 Total liabilities           71,579        75,777

Shareholders' equity         40,999        27,446
                           --------       -------
Total liabilities and
 Shareholders' equity      $112,578      $103,223
                           ========      ========

</TABLE>

                         ##  More ##

<PAGE> 7
<TABLE>
<CAPTION>
                                Three months ended        Six months ended
                                   September 30,             September 30,
Portfolio Summary                2004         2003         2004         2003
                         --------------------------------------------------------
<S>                         <C>           <C>          <C>          <C>
Average finance receivables,
net of unearned interest (1) 128,266, 971  111,195,574  125,646,208  109,204,020
                             ===================================================
Average indebtedness (2)       63,070,954   64,162,081   63,392,887   63,200,691
                             ===================================================
Finance revenue (3)             7,796,997    6,074,326   15,011,255   12,062,800

Interest expense                  894,764      968,310    1,810,084    1,955,638
                              --------------------------------------------------
Net finance revenue             6,902,233    5,106,016   13,201,171   10,107,162
                              ==================================================
Weighted average contractual
 rate (4)                          24.06%       24.13%       24.17%       24.10%
                                   =============================================
Average cost of borrowed
funds (2)                           5.67%        6.04%        5.71%        6.19%
                                   =============================================
Gross portfolio yield (5)          24.31%       21.85%       23.89%       22.09%

Interest expense as a
percentage of average finance
receivables, net of unearned
interest                            2.79%        3.48%        2.88%        3.58%


Provision for credit losses as
a percentage of average finance
receivables, net of unearned
interest                            2.06%        1.45%        1.97%        1.80%
                                   ---------------------------------------------

Net portfolio yield (5)            19.46%       16.92%       19.04%       16.71%

Operating expenses as a
percentage of average finance
receivables, net of unearned
interest (6)                        9.96%        9.71%       10.00%        9.57%
                                   ---------------------------------------------
Pre-tax yield as a percentage
of average finance receivables,
net of unearned interest (7)        9.51%        7.21%        9.04%        7.14%
                                   =============================================
Write-off to liquidation (8)        7.99%        9.89%        6.75%        8.85%
                                   =============================================
Net charge-off percentage (9)       6.85%        8.58%        5.77%        7.63%
                                   =============================================

</TABLE>

(1) Average  finance receivables, net of unearned  interest,
    represents  the  average of gross  finance  receivables,
    less unearned interest throughout the period.

(2) Average  indebtedness represents the average outstanding
    borrowings  under  the  Line and  notes  payable-related
    party.    Average  cost  of  borrowed  funds  represents
    interest   expense   as   a   percentage   of    average
    indebtedness.

(3) Finance  revenue does not include revenue  generated  by
    Nicholas  Data Services, Inc., ("NDS") the  wholly-owned
    software subsidiary of Nicholas Financial, Inc.

(4) Weighted   average  contractual  rate   represents   the
    weighted  average annual percentage rate  (APR)  of  all
    Contracts  purchased and direct loans originated  during
    the  three and six months ended September 30,  2004  and
    2003, respectively.

(5) Gross portfolio yield represents finance revenues  as  a
    percentage  of  average  finance  receivables,  net   of
    unearned   interest.  Net  portfolio  yield   represents
    finance  revenue minus (a) interest expense and (b)  the
    provision  for credit losses as a percentage of  average
    finance receivables, net of unearned interest.

(6) Operating   expenses  represent  total  expenses,   less
    interest  expense, the provision for credit  losses  and
    operating costs associated with NDS.

(7) Pre-tax  yield  represents  net  portfolio  yield  minus
    operating  expenses as a percentage of  average  finance
    receivables, net of unearned interest.

(8)  Write-off to liquidation percentage is defined  as  net
     charge-offs divided by liquidation. Liquidation is defined
     as  beginning  receivable balance plus  current  period
     purchases minus voids and refinances minus ending receivable
     balance.

(9) Net  charge-off  percentage represents  net  charge-offs
    divided  by average finance receivables, net of unearned
    interest, outstanding during the period.

Note:  All  three  and six month key performance  indicators
    expressed as percentages have been annualized.

                   # More #

<PAGE> 8

The  following tables present certain information  regarding
delinquency rates experienced by the Company with respect to
Contracts and under its direct loan program.

<TABLE>
<CAPTION>


                               At September 30,
                             2004             2003
                       -----------------------------------
<S>                   <C> <C>     <C>    <C> <C>     <C>
Contracts
Gross Balance Outstanding  $164,289,883      $142,611,322

Delinquencies

30 to 59 days          $2,866,168   1.74%  $2,554,310  1.79%
60 to 89 days             801,212   0.49%     921,969  0.65%
90 + days                 253,180   0.15%     269,734  0.19%
                       ----------   -----  ----------  -----
Total Delinquencies    $3,920,560   2.38%  $3,746,013  2.63%


Direct Loans
Gross Balance Outstanding   $ 5,138,519        $4,378,131

Delinquencies

30 to 59 days          $   39,728   0.77%    $ 67,549  1.54%
60 to 89 days              33,915   0.66%      15,716  0.36%
90  +  days                27,475   0.54%      47,737  1.09%
                        ---------   -----    --------  -----
Total  Delinquencies   $  101,118   1.97%   $ 131,002  2.99%


</TABLE>

The amounts shown in the table below represent the amount of
finance receivables purchased, net of unearned interest.

<TABLE>
<CAPTION>
            Three months ended         Six months ended
               September  30,            September 30,
  State       2004        2003         2004         2003
------------------------------------------------------------
<S>       <C>          <C>         <C>          <C>
    FL    $9,500,663   $9,077,354  $20,521,502  $19,125,752
    GA     1,798,615    2,263,364    4,309,158    4,570,548
    NC     2,342,704    1,998,984    4,495,934    3,969,578
    SC       930,773      743,924    2,065,391    1,479,639
    OH     3,319,862    3,109,399    6,571,070    6,214,025
    MI       861,955      612,723    1,813,086    1,068,257
    VA     1,492,136      184,573    2,869,886      201,613
  ----------------------------------------------------------
  Total  $20,246,708  $17,990,321  $42,646,027  $36,629,412
  ==========================================================

</TABLE>
                         ##  More ##



<PAGE> 9

<TABLE>
<CAPTION>

The  following  table  represents information  on  Contracts
purchased by the Company, net of unearned interest:

                        Three months ended        Six months ended
                           September 30,             September 30,
    Contracts           2004          2003         2004         2003
    -------------------------------------------------------------------
   <S>             <C>           <C>          <C>          <C>
    Purchases       $20,246,708   $17,990,321  $42,646,027  $36,629,412
    Weighted APR         23.91%        24.00%       24.01%       23.96%
    Average Discount      8.67%         8.95%        8.71%        8.95%
    Average Term(months)     44            43           44           44
    Average Loan         $8,391        $8,082       $8,329       $8,138
    Number of Contracts   2,413         2,226        5,120        4,501


</TABLE>

                         ##  End ##
[{"type": "8-K", "sequence": "1", "filename": "r8-102104.txt", "secsgml_size_bytes": 17008}]
{"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": "041089256"}, "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) October 21, 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)
2

Item 2.02    Results of Operations and Financial Condition

Clearwater, Florida, - October 21, 2004: Nicholas Financial,
Inc.  (NASDAQ,  NICK), today announced record revenues,  net
income  and  earnings per share for the three  months  ended
September  30,  2004. Revenues for the second quarter  ended
September  30, 2004 increased 27% to $7,833,000 compared  to
$6,145,000  for  the period ended September  30,  2003.  Net
income  for  the  quarter increased 49% to  $1,866,000  from
$1,249,000.  Diluted  earnings per  share  for  the  quarter
increased  17% to $0.27 per share from $0.23 per share  last
year. The Company has reported record same quarter increases
in revenues and earnings for 56 out of the past 57 quarters.

Item 9.01   Financial Statements and Exhibits

Exhibit #      Description

 9       Press release dated October 21, 2004, announcing
          record earnings for the second quarter ended
          September 30, 2004.
3

                         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: October 21, 2004        /s/ Peter L. Vosotas
                                Peter L. Vosotas
                                Chairman, President,
                                Chief Executive Officer
                                (Principal Executive Officer)

  Date: October 21, 2004        /s/ Ralph T. Finkenbrink
                                Ralph T. Finkenbrink
                                (Principal Financial Officer
                                 and Accounting Officer)
4

Exhibit Index

Exhibit     Description

 9       Press release dated October 21, 2004, announcing
          record earnings for the second quarter ended
          September 30, 2004.
5

                          Exhibit 9

                    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 2nd Quarter Results

Clearwater, Florida, - October 21, 2004: Nicholas Financial,
Inc.  (NASDAQ,  NICK), today announced record revenues,  net
income  and  earnings per share for the three  months  ended
September  30,  2004. Revenues for the second quarter  ended
September  30, 2004 increased 27% to $7,833,000 compared  to
$6,145,000  for  the period ended September  30,  2003.  Net
income  for  the  quarter increased 49% to  $1,866,000  from
$1,249,000.  Diluted  earnings per  share  for  the  quarter
increased  17% to $0.27 per share from $0.23 per share  last
year. The Company has reported record same quarter increases
in revenues and earnings for 56 out of the past 57 quarters.

For  the  six  months  ended September  30,  2004,  revenues
increased 24% to $15,110,000 compared to $12,205,000 for the
six months ended September 30, 2003. Net income for the six-
month  period  increased 45% to $3,498,000 from  $2,415,000.
Diluted earnings per share increased 20% to $0.54 per  share
compared to $0.45 per share last year.

Founded in 1985, with assets of $112,578,000 as of September
30,  2004,  Nicholas Financial, Inc. is one of  the  largest
publicly  traded specialty consumer finance companies  based
in  the Southeast.  The Company presently operates out of 34
branch  locations  in both the Southeast  and  the  Mid-West
States.  The Company has approximately 6,500,000  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-
KSB  for the year ended March 31, 2004. 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.
                         ##  More ##
6
Nicholas Financial, Inc.
               Consolidated Income Statements
 (Unaudited, Dollars in Thousands, Except Per Share Amounts)

                     Three Months Ended   Six Months Ended
                       September 30,      September 30,

                       2004      2003      2004      2003
                  ----------------------------------------------
Revenue:
Finance charge income $ 7,797   $ 6,074  $ 15,011   $12,063
Other income               36        71        99       142
                      -------   -------   -------   -------
                        7,833     6,145    15,110    12,205
Costs and expenses:
Operating expenses      3,269     2,777     6,426     5,390
Provision for losses      659       404     1,240       984
Interest expense          895       968     1,810     1,956
                       ------    ------    ------    ------
                        4,823     4,149     9,476     8,330

Income before
 income taxes           3,010     1,996     5,634     3,875

Income tax provision    1,144       747     2,136     1,460
                       ------     -----    ------    ------
 Net income            $1,866    $1,249    $3,498    $2,415
                       ======    ======   =======    ======
Earnings per share:
 Basic                   $.29      $.25      $.58      $.48
                       ====================================
 Diluted                 $.27      $.23      $.54      $.45
                       ====================================
Weighted average
 shares             6,491,142 5,038,318 6,082,592 5,022,622
                   ========================================
Weighted average
 shares and
 assumed dilution   6,876,739 5,405,176 6,472,724 5,352,817
                   ========================================
Condensed Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)

                        September 30,    March 31,
                             2004           2004
                        -------------------------------
Cash                     $    1,685      $    958
Finance receivables, net    105,146        97,237
Other assets                  5,747         5,028
                         ----------      --------
 Total assets              $112,578      $103,223

Line of credit             $ 63,540      $ 67,510
Other notes payable           1,001         1,593
Other liabilities             7,038         6,674
                          ---------      --------
 Total liabilities           71,579        75,777

Shareholders' equity         40,999        27,446
                           --------       -------
Total liabilities and
 Shareholders' equity      $112,578      $103,223
                           ========      ========
##  More ##
7
Three months ended        Six months ended
                                   September 30,             September 30,
Portfolio Summary                2004         2003         2004         2003
                         --------------------------------------------------------
Average finance receivables,
net of unearned interest (1) 128,266, 971  111,195,574  125,646,208  109,204,020
                             ===================================================
Average indebtedness (2)       63,070,954   64,162,081   63,392,887   63,200,691
                             ===================================================
Finance revenue (3)             7,796,997    6,074,326   15,011,255   12,062,800

Interest expense                  894,764      968,310    1,810,084    1,955,638
                              --------------------------------------------------
Net finance revenue             6,902,233    5,106,016   13,201,171   10,107,162
                              ==================================================
Weighted average contractual
 rate (4)                          24.06%       24.13%       24.17%       24.10%
                                   =============================================
Average cost of borrowed
funds (2)                           5.67%        6.04%        5.71%        6.19%
                                   =============================================
Gross portfolio yield (5)          24.31%       21.85%       23.89%       22.09%

Interest expense as a
percentage of average finance
receivables, net of unearned
interest                            2.79%        3.48%        2.88%        3.58%

Provision for credit losses as
a percentage of average finance
receivables, net of unearned
interest                            2.06%        1.45%        1.97%        1.80%
                                   ---------------------------------------------

Net portfolio yield (5)            19.46%       16.92%       19.04%       16.71%

Operating expenses as a
percentage of average finance
receivables, net of unearned
interest (6)                        9.96%        9.71%       10.00%        9.57%
                                   ---------------------------------------------
Pre-tax yield as a percentage
of average finance receivables,
net of unearned interest (7)        9.51%        7.21%        9.04%        7.14%
                                   =============================================
Write-off to liquidation (8)        7.99%        9.89%        6.75%        8.85%
                                   =============================================
Net charge-off percentage (9)       6.85%        8.58%        5.77%        7.63%
                                   =============================================
(1) Average  finance receivables, net of unearned  interest,
    represents  the  average of gross  finance  receivables,
    less unearned interest throughout the period.

(2) Average  indebtedness represents the average outstanding
    borrowings  under  the  Line and  notes  payable-related
    party.    Average  cost  of  borrowed  funds  represents
    interest   expense   as   a   percentage   of    average
    indebtedness.

(3) Finance  revenue does not include revenue  generated  by
    Nicholas  Data Services, Inc., ("NDS") the  wholly-owned
    software subsidiary of Nicholas Financial, Inc.

(4) Weighted   average  contractual  rate   represents   the
    weighted  average annual percentage rate  (APR)  of  all
    Contracts  purchased and direct loans originated  during
    the  three and six months ended September 30,  2004  and
    2003, respectively.

(5) Gross portfolio yield represents finance revenues  as  a
    percentage  of  average  finance  receivables,  net   of
    unearned   interest.  Net  portfolio  yield   represents
    finance  revenue minus (a) interest expense and (b)  the
    provision  for credit losses as a percentage of  average
    finance receivables, net of unearned interest.

(6) Operating   expenses  represent  total  expenses,   less
    interest  expense, the provision for credit  losses  and
    operating costs associated with NDS.

(7) Pre-tax  yield  represents  net  portfolio  yield  minus
    operating  expenses as a percentage of  average  finance
    receivables, net of unearned interest.

(8)  Write-off to liquidation percentage is defined  as  net
     charge-offs divided by liquidation. Liquidation is defined
     as  beginning  receivable balance plus  current  period
     purchases minus voids and refinances minus ending receivable
     balance.

(9) Net  charge-off  percentage represents  net  charge-offs
    divided  by average finance receivables, net of unearned
    interest, outstanding during the period.

Note:  All  three  and six month key performance  indicators
    expressed as percentages have been annualized.

                   # More #
8

The  following tables present certain information  regarding
delinquency rates experienced by the Company with respect to
Contracts and under its direct loan program.
At September 30,
                             2004             2003
                       -----------------------------------
Contracts
Gross Balance Outstanding  $164,289,883      $142,611,322

Delinquencies

30 to 59 days          $2,866,168   1.74%  $2,554,310  1.79%
60 to 89 days             801,212   0.49%     921,969  0.65%
90 + days                 253,180   0.15%     269,734  0.19%
                       ----------   -----  ----------  -----
Total Delinquencies    $3,920,560   2.38%  $3,746,013  2.63%

Direct Loans
Gross Balance Outstanding   $ 5,138,519        $4,378,131

Delinquencies

30 to 59 days          $   39,728   0.77%    $ 67,549  1.54%
60 to 89 days              33,915   0.66%      15,716  0.36%
90  +  days                27,475   0.54%      47,737  1.09%
                        ---------   -----    --------  -----
Total  Delinquencies   $  101,118   1.97%   $ 131,002  2.99%
The amounts shown in the table below represent the amount of
finance receivables purchased, net of unearned interest.
Three months ended         Six months ended
               September  30,            September 30,
  State       2004        2003         2004         2003
------------------------------------------------------------
FL    $9,500,663   $9,077,354  $20,521,502  $19,125,752
    GA     1,798,615    2,263,364    4,309,158    4,570,548
    NC     2,342,704    1,998,984    4,495,934    3,969,578
    SC       930,773      743,924    2,065,391    1,479,639
    OH     3,319,862    3,109,399    6,571,070    6,214,025
    MI       861,955      612,723    1,813,086    1,068,257
    VA     1,492,136      184,573    2,869,886      201,613
  ----------------------------------------------------------
  Total  $20,246,708  $17,990,321  $42,646,027  $36,629,412
  ==========================================================
##  More ##
9
The  following  table  represents information  on  Contracts
purchased by the Company, net of unearned interest:

                        Three months ended        Six months ended
                           September 30,             September 30,
    Contracts           2004          2003         2004         2003
    -------------------------------------------------------------------
Purchases       $20,246,708   $17,990,321  $42,646,027  $36,629,412
    Weighted APR         23.91%        24.00%       24.01%       23.96%
    Average Discount      8.67%         8.95%        8.71%        8.95%
    Average Term(months)     44            43           44           44
    Average Loan         $8,391        $8,082       $8,329       $8,138
    Number of Contracts   2,413         2,226        5,120        4,501
##  End ##