-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A6tvFUBjTkg2kD1oHdxhW9jzHlH4oq3WZjHZHAbyX1koHCG/05kfeJ8QdPtTehKp +SKg0Bso8k+DI2JnU3h5wQ== 0000891092-03-002173.txt : 20030814 0000891092-03-002173.hdr.sgml : 20030814 20030814150206 ACCESSION NUMBER: 0000891092-03-002173 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030717 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WORLD ACCEPTANCE CORP CENTRAL INDEX KEY: 0000108385 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 570425114 STATE OF INCORPORATION: SC FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19599 FILM NUMBER: 03846775 BUSINESS ADDRESS: STREET 1: 108 FREDRICK STREET CITY: GREENVILLE STATE: SC ZIP: 29607 BUSINESS PHONE: 8642989800 MAIL ADDRESS: STREET 1: P O BOX 6429 CITY: GREENVILLE STATE: SC ZIP: 29606 FORMER COMPANY: FORMER CONFORMED NAME: WORLD FINANCE CORP DATE OF NAME CHANGE: 19700210 8-K 1 e15498_8k.txt FORM 8-K 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) July 17, 2003 WORLD ACCEPTANCE CORPORATION ------------------------------------------------------ (Exact Name of Registrant as Specified in its Charter) South Carolina 0-19599 57-0425114 - ----------------------------- ------------------------ ------------------- (State or Other Jurisdiction (Commission File Number) (I.R.S. Employer of Incorporation) Identification No.) 108 Frederick Street Greenville, South Carolina 29607 ---------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (864) 298-9800 ----------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) Not Applicable -------------------------------------------------------------------------- (Former name or address, if changed from last report) Item 7. Financial Statements and Exhibits. (c) The following exhibit is filed as part of this report. Exhibit 99.1 - Press Release issued July 17, 2003 Item 9. Regulation FD Disclosure; and Item 12. Results of Operations and Financial Condition. On July 17, 2003, World Acceptance Corporation ("WRLD") issued a press release announcing financial information for its fourth fiscal quarter ended June 30, 2003. The press release is attached as Exhibit 99.1 to this Form 8-K and is furnished to, but not filed with, the Commission. 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. Date: August 13, 2003 WORLD ACCEPTANCE CORPORATION By: /s/ A. Alexander McLean, III ---------------------------------------------- A. Alexander McLean, III Executive Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit Exhibit No. - ------- ----------- Press Release issued July 17, 2003..................................... 99.1 EX-99.1 3 e15498ex99_1.txt PRESS RELEASE Exhibit 99.1 World Acceptance Corporation Reports Record First Quarter Results GREENVILLE, S.C., July 17 /PRNewswire-FirstCall/ -- World Acceptance Corporation (Nasdaq: WRLD) today reported record revenue, net income and loans for its first fiscal quarter ended June 30, 2003. Net income for the first quarter rose 20.2% to $5.6 million, or $.30 per diluted share, compared to $4.7 million, or $.25 per diluted share, for the same quarter of the prior year. Total revenues for the quarter increased 15.6% to $40.3 million from $34.8 million for the prior year quarter. Gross loans outstanding increased to $279.8 million at June 30, 2003, a 13.2% increase over the $247.2 million in balances outstanding at June 30, 2002, and a 4.9% increase since the beginning of the fiscal year. "World Acceptance's record first quarter results were attributable to the growth in our loan portfolio, higher revenues from insurance and other products, improved margins and reduced general and administrative expenses as a percent of revenues," stated Charles D. Walters, Chairman and CEO. "The low interest rate environment continues to have a positive effect on our cost of funds and our level of loan losses have remained level with the prior year." Interest expense decreased by 4.0% since the first quarter of last year while average total debt outstanding increased 7.0% in the same time period. Net charge-offs as a percent of average net loans were 13.5% on an annualized basis for the quarters ended June 30, 2003 and 2002. Total general and administrative expenses as a percent of total revenues continued its year over year improvement to 56.2% during the most recent quarter compared to 58.0% during the prior year quarter. Operating income (revenues less the provision for loan losses and general and administrative expenses) increased 17.2% to $9.7 million during the most recent quarter from $8.3 million in the prior year quarter. Return on average assets (annualized) increased to 9.7% in the first quarter compared with 9.2% in the same quarter last year. Annualized return on average equity remained high at 18.7%, the same as the first quarter of the prior year. During the first three months of the fiscal year, the Company opened or acquired 3 offices and closed one non-performing office, leaving a total of 472 offices at June 30, 2003. World Acceptance had 4% more offices in operation at the end of the first quarter of fiscal 2004 than in the same quarter of the prior year. World Acceptance Corporation is one of the largest small-loan consumer finance companies, operating 472 offices in eleven states. It is also the parent company of ParaData Financial Systems, a provider of computer software solutions for the consumer finance industry. This press release may contain various "forward-looking statements" within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended, that represent the Company's expectations or beliefs concerning future events. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties. Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include changes in the timing and amount of revenues that may be recognized by the Company, changes in current revenue and expense trends (including trends affecting charge-offs), changes in the Company's markets and changes in the economy (particular in the markets served by the Company). Such factors are discussed in greater detail in the Company's filings with the Securities and Exchange Commission. World Acceptance Corporation Condensed Consolidated Statements of Operations (unaudited and in thousands, except per share amounts) Three Months Ended June 30, 2003 2002 Interest & fees $34,405 $29,996 Insurance & other 5,858 4,823 Total revenues 40,263 34,819 Expenses: Provision for loan losses 7,929 6,363 General and administrative expenses Personnel 15,350 13,643 Occupancy & equipment 2,302 2,100 Data processing 477 430 Advertising 1,283 994 Intangible amortization 555 550 Other 2,676 2,469 22,643 20,186 Interest expense 991 1,032 Total expenses 31,563 27,581 Income before taxes 8,700 7,238 Income taxes 3,089 2,570 Net income $5,611 $4,668 Diluted earnings per share $0.30 $0.25 Weighted average shares outstanding (diluted) 18,760 18,911 Condensed Consolidated Balance Sheets (unaudited and in thousands) June 30, March 31, June 30, 2003 2003 2002 ASSETS Cash $4,363 $4,022 $4,723 Gross loans receivable 279,805 266,753 247,203 Less: Unearned interest & fees (68,117) (63,578) (59,803) Allowance for loan losses (16,248) (15,098) (14,225) Loans receivable, net 195,440 188,077 173,175 Property and equipment, net 8,348 8,298 7,512 Intangible assets 14,442 14,599 14,762 Other assets 12,767 13,321 11,886 $235,360 $228,317 $212,058 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Notes payable 102,732 102,532 105,132 Income tax payable 2,405 2,047 2,481 Accounts payable and accrued expenses 6,563 7,697 6,666 Total liabilities 111,700 112,276 114,279 Shareholders' equity 123,660 116,041 97,779 $235,360 $228,317 $212,058 Selected Consolidated Statistics (dollars in thousands) Three Months Ended June 30, 2003 2002 Expenses as a percent of total revenues: Provision for loan losses 19.7% 18.3% General and administrative expenses 56.2% 58.0% Interest expense 2.5% 3.0% Average gross loans receivable $272,048 $234,905 Average loans receivable $204,754 $176,992 Loan volume $208,740 $182,760 Net charge-offs as percent of average loans 13.5% 13.5% Return on average assets 9.7% 9.2% Return on average equity 18.7% 18.7% Offices opened (closed) during the period, net 2 13 Offices open at end of period 472 454 SOURCE World Acceptance Corporation -0- 07/17/2003 /CONTACT: Sandy McLean, Chief Financial Officer of World Acceptance Corporation, +1-864-298-9800/ /First Call Analyst: / /FCMN Contact: / (WRLD) CO: World Acceptance Corporation ST: South Carolina IN: FIN SU: ERN -----END PRIVACY-ENHANCED MESSAGE-----