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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001214659-04-000154.txt : 20040226
<SEC-HEADER>0001214659-04-000154.hdr.sgml : 20040226
<ACCEPTANCE-DATETIME>20040226170151
ACCESSION NUMBER:		0001214659-04-000154
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040226

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NICHOLAS FINANCIAL INC
		CENTRAL INDEX KEY:			0001000045
		STANDARD INDUSTRIAL CLASSIFICATION:	SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
		IRS NUMBER:				593019317
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-59007
		FILM NUMBER:		04631420

	BUSINESS ADDRESS:	
		STREET 1:		2454 MCMILLEN BOOTH RD
		STREET 2:		BLDG C 501 B
		CITY:			CLEARWATER
		STATE:			FL
		ZIP:			33759
		BUSINESS PHONE:		8137260763

	MAIL ADDRESS:	
		STREET 1:		2454 MCMULLEN BOOTH RD
		STREET 2:		BLDG C SUITE 501B
		CITY:			CLEARWATER
		STATE:			FL
		ZIP:			33759

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CUTLER MELVIN S
		CENTRAL INDEX KEY:			0000938224
		IRS NUMBER:				593720289
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		35388 US 19 NORTH
		CITY:			PALM HARBOR
		STATE:			FL
		ZIP:			34684
		BUSINESS PHONE:		8137863888

	MAIL ADDRESS:	
		STREET 1:		35388 US 19 NORTH
		CITY:			PALM HARBOR
		STATE:			FL
		ZIP:			34684
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>r2264413ga.txt
<TEXT>
<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 1)*

                            NICHOLAS FINANCIAL, INC.
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    65373J209
- --------------------------------------------------------------------------------
                                 (CUSIP Number)

                                     12/1/03
- --------------------------------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                  [ ]      Rule 13d-1(b)

                  |X|      Rule 13d-1(c)

                  [ ]      Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                        (Continued on following page(s))
                                Page 1 of 5 Pages



<PAGE>



- ---------------------------------
CUSIP No. 65373J209
- ---------------------------------

================================================================================
   1   NAME OF REPORTING PERSONS
       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Melvin S.
       Cutler, Individual Melvin S. Cutler, for each entity in Item 9
================================================================================
   2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
       (a) [ ]
       (b) [ ]
================================================================================
   3   SEC USE ONLY

================================================================================
   4   CITIZENSHIP OR PLACE OF ORGANIZATION

       United States
================================================================================
        NUMBER OF          5   SOLE VOTING POWER

         SHARES                271,333
                               =================================================
      BENEFICIALLY         6   SHARED VOTING POWER

        OWNED BY               0
                               =================================================
          EACH             7   SOLE DISPOSITIVE POWER

        REPORTING              271,333
                               =================================================
         PERSON            8   SHARED DISPOSITIVE POWER

          WITH                 0
================================================================================
   9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
        Melvin S. Cutler=121,333
        Cutler Associates Investments, Inc.=50,000
        Cutler Investment Fund, LLC=60,000
        Melvin S. Cutler Charitable=40,000
================================================================================
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)             [ ]
       EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

================================================================================
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

       5.3%
================================================================================
  12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

       IN
================================================================================

                                Page 2 of 5 Pages



<PAGE>


- ---------------------------------
CUSIP No. 65373J209
- ---------------------------------

Item 1(a).   Name of Issuer:

             Nicholas Financial, Inc.

Item 1(b).   Address of Issuer's Principal Executive Offices:

             2454 McMullen Booth Road
             Building C
             Clearwater, Florida  33759

Item 2(a).   Name of Person Filing:

             Melvin S. Cutler

Item 2(b).   Address of Principal Business Office or, if none, Residence:

             35388 U.S. 19 North
             Palm Harbor, Florida  34684

Item 2(c).   Citizenship:

             United States

Item 2(d).   Title of Class of Securities:

             Common Stock

Item 2(e).   CUSIP Number:

             65373J209

Item         3. If this statement is filed pursuant to Rules 13d-1(b), or
             13d-2(b) or (c), check whether the person filing is a:

             Not applicable

Item 4.      Ownership (as of February 26, 2004)

             (a) Amount Beneficially Owned: 271,333

             (b) Percent of Class: 5.3%

                                Page 3 of 5 Pages



<PAGE>


- ---------------------------------
CUSIP No. 65373J209
- ---------------------------------

             (c) Number of shares as to which such person has:

                  (i) sole power to vote or to direct the vote:

                        271,333

                  (ii) shared power to vote or to direct the vote:

                        0

                  (iii) sole power to dispose or to direct the disposition of:

                        271,333

                  (iv) shared power to dispose or to direct the disposition of:

                        0

Item 5.      Ownership of Five Percent or Less of a Class.

             Not applicable

Item 6.      Ownership of More than Five Percent on Behalf of Another Person.

             Not applicable

Item 7.      Identification and Classification of the Subsidiary Which Acquired
             the Security Being Reported on By the Parent Holding Company.

             Not applicable

Item 8.      Identification and Classification of Members of the Group.

             Not applicable

Item 9.      Notice of Dissolution of Group.

             Not applicable

Item 10.     Certification.

             By signing below, I certify that, to the best of my knowledge and
             belief, the securities referred to above were not acquired and are
             not held for the purpose of or with the effect of changing or
             influencing the control of the issuer of the securities and were
             not acquired and are not held in connection with or as a
             participant in any transaction having that purpose or effect.

                                Page 4 of 5 Pages



<PAGE>



- ---------------------------------
CUSIP No. 65373J209
- ---------------------------------

                                    SIGNATURE

          After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

February 26, 2004
- ----------------------
Date

                                                  /s/ Melvin S. Cutler
                                                  ------------------------
                                                  (Signature)

                                                  Melvin S. Cutler
                                                  ------------------------
                                                  (Name and Title)




                                Page 5 of 5 Pages




</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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