TEMECULA, Calif., May 10, 2004 (PRIMEZONE) -- Nicholas Investment Company, Inc. (Pink Sheets:NIVM) today announced that it generated a net profit of over $1.2 million, or $0.40 per share, for the quarter ended March 31, 2004, representing significant improvement over the Company's 2003 first quarter numbers. The Company also reported that its net assets (total assets less liabilities) had risen to $1,857,014 as of March 31, 2004 from $368,198 as of December 31 2003. This increase results in a net asset value of $0.42 per share as of March 31, 2004.
Shane H. Traveller, Chief Financial Officer for Nicholas Investment Company, commented, "While the year-end 2003 financial report gave some indication of the revenue potential of our holdings, this is the first quarter in which the Company had multiple investments in operation. For the quarter, the Company generated $410,373 in revenues from investments that yielded $289,437 in net investment income (revenues less operating expenses). Nicholas also recognized an unrealized gain in the value of its investments of $1,050,000. When taken together, we believe these results clearly demonstrate that Nicholas is on a firm financial footing."
Steven Peacock, Chairman and Chief Executive Officer, added, "We are enthused by the Company's strong first quarter financial showing. While most of the net income and increase in net assets for the quarter can be attributed to growth of our investment in Javelin Holdings, a boutique professional services company, we are equally optimistic that our other investments will soon begin generating positive returns as well. Looking at Nicholas Investment Company as a composite fund, we are pleased with the diversity of our investments and with the rapid return on investment we have been able to generate. We expect this strong growth to continue with SINO UJE, Ltd., a distribution company servicing the China market, making great strides towards profitability as it continues to increase sales and surpass its monthly projections."
About the Company
Nicholas Investment Company, Inc. is a closed-end fund whose core focus is to seek out strategic investments in a number of growth industries. The company has acquired 100% of Javelin Holdings, Inc. (www.javelinholdings.com), a small business consulting and investment banking firm, and 95% of SINO UJE (www.sinouje.com), a non-stocking distributor that sells and services western-manufactured high-tech products to markets throughout China. For more information on the Company and its Fund Portfolio or to sign up for the Company's mailing list, please visit, www.nicholasinvestments.com
All statements included in this release, including statements regarding potential future plans and objectives of Nicholas Investment Company, Inc. are forward-looking statements. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond Nicholas Investment Company, Inc.'s control. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially depending on many factors. Nicholas Investment Company, Inc cautions that historical results are not necessarily indicative of the future performance.