This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

World Acceptance Corporation Reports Second Quarter

Stocks in this article: WRLD

World Acceptance Corporation (NASDAQ: WRLD) today reported financial results for its second fiscal quarter and six months ended September 30, 2012.

Net income for the second quarter decreased 1.7% to $22.9 million compared to $23.3 million for the same quarter of the prior year. Net income per diluted share increased 13.2% to $1.72 in the second quarter of fiscal 2013 compared to $1.52 in the prior year quarter. Total revenues increased to $139.4 million in the second quarter of fiscal 2013, a 5.5% increase over the $132.1 million reported in the second quarter last year.

Sandy McLean, CEO, stated, “The Company’s growth in earnings per share has benefitted from our ongoing share repurchase program during the current fiscal year. Over the past six months, the Company has repurchased approximately 1.1 million shares of World Acceptance’s stock. We continue to use our excellent cash flow and strong financial position to fund our growth while repurchasing shares.”

As previously announced, the Company increased its debt facility by $113 million dollars with the intention of utilizing $100 million to repurchase shares. In the first six months, the Company has spent $75.1 million to repurchase approximately 1.1 million shares. Combined with the 2.2 million shares repurchased during fiscal 2012, the Company has reduced its weighted average diluted shares outstanding by 12.9% when comparing the two six month periods.

Loan demand improved during the second quarter, with gross loan balances increasing to $1.1 billion at the end of the period, up $123.0 million and 12.7% from a year ago.

Interest and fee income increased 4.8%, from $116.2 million to $121.8 million in the second quarter of fiscal 2013 due to continued growth in loan volume and expansion of offices. Interest and fee yields decreased during the quarter as a result of both a shift in collections to October, as well as the ongoing decline in overall yields resulting from the slight change in mix to larger balance loans. Insurance and other income rose by 10.5% to $17.6 million in the second quarter of fiscal 2013 compared with $15.9 million in the second quarter of fiscal 2012.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs