Date of Report (Date of earliest event reported)
|
July 25, 2013
|
South Carolina
|
0-19599
|
57-0425114
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
108 Frederick Street, Greenville, South Carolina
|
29607
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code
|
(864) 298-9800
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d) | Exhibits. |
Exhibit Number
|
Description of Exhibit
|
99.1
|
Press release issued July 25, 2013
|
99.2
|
Prepared script of Chairman and Chief Executive Officer’s and remarks for July 25, 2013 conference call
|
WORLD ACCEPTANCE CORPORATION
|
||
(Registrant)
|
||
|
|
|
Date: July 25, 2013
|
|
|
|
By:
|
/s/ Kelly M. Malson
|
|
|
Kelly M. Malson
|
|
|
Senior Vice President and Chief Financial Officer
|
Exhibit
|
Description
|
|
|
Press Release dated July 25, 2013
|
|
Prepared script of Chief Executive Officer and Chairman’s remarks for July 25, 2013 conference call
|
Contact:
|
Kelly Malson
|
WORLD ACCEPTANCE CORPORATION REPORTS
|
RECORD FIRST QUARTER
|
|
Three Months Ended
|
|||||||
|
June 30,
|
|||||||
|
2013
|
2012
|
||||||
|
||||||||
Interest & fees
|
$
|
127,978
|
$
|
115,299
|
||||
Insurance & other
|
17,287
|
17,537
|
||||||
Total revenues
|
145,265
|
132,836
|
||||||
Expenses:
|
||||||||
Provision for loan losses
|
28,703
|
23,615
|
||||||
General and administrative expenses
|
||||||||
Personnel
|
53,310
|
48,413
|
||||||
Occupancy & equipment
|
9,379
|
8,643
|
||||||
Advertising
|
2,723
|
2,645
|
||||||
Intangible amortization
|
312
|
369
|
||||||
Other
|
9,513
|
9,089
|
||||||
|
75,237
|
69,159
|
||||||
Interest expense
|
4,676
|
3,926
|
||||||
Total expenses
|
108,616
|
96,700
|
||||||
Income before taxes
|
36,649
|
36,136
|
||||||
Income taxes
|
13,537
|
13,521
|
||||||
Net income
|
$
|
23,112
|
$
|
22,615
|
||||
Diluted earnings per share
|
$
|
1.87
|
$
|
1.63
|
||||
Weighted average shares outstanding (diluted)
|
12,343
|
13,902
|
|
June 30,
|
March 31,
|
June 30,
|
|||||||||
|
2013
|
2013
|
2012
|
|||||||||
ASSETS
|
||||||||||||
Cash
|
$
|
11,399
|
$
|
11,625
|
$
|
12,875
|
||||||
Gross loans receivable
|
1,125,261
|
1,067,052
|
1,027,165
|
|||||||||
Less: Unearned interest & fees
|
(306,769
|
)
|
(284,956
|
)
|
(277,418
|
)
|
||||||
Allowance for loan losses
|
(61,631
|
)
|
(59,981
|
)
|
(55,670
|
)
|
||||||
Loans receivable, net
|
756,861
|
722,115
|
694,077
|
|||||||||
Property and equipment, net
|
23,665
|
23,935
|
23,816
|
|||||||||
Deferred tax benefit
|
30,340
|
29,416
|
18,632
|
|||||||||
Goodwill
|
5,967
|
5,896
|
5,691
|
|||||||||
Intangibles
|
4,496
|
4,625
|
5,133
|
|||||||||
Other assets
|
10,805
|
11,713
|
10,656
|
|||||||||
|
$
|
843,533
|
$
|
809,325
|
$
|
770,880
|
||||||
|
||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||
Liabilities:
|
||||||||||||
Notes payable
|
448,950
|
400,250
|
353,600
|
|||||||||
Income tax payable
|
14,959
|
13,942
|
12,832
|
|||||||||
Accounts payable and accrued expenses
|
25,453
|
28,737
|
22,588
|
|||||||||
Total liabilities
|
489,362
|
442,929
|
389,020
|
|||||||||
Shareholders' equity
|
354,171
|
366,396
|
381,860
|
|||||||||
|
$
|
843,533
|
$
|
809,325
|
$
|
770,880
|
|
Three Months Ended
|
|||||||
|
June 30,
|
|||||||
|
2013
|
2012
|
||||||
|
||||||||
Expenses as a percent of total revenues:
|
||||||||
Provision for loan losses
|
19.8
|
%
|
17.8
|
%
|
||||
General and administrative expenses
|
51.8
|
%
|
52.1
|
%
|
||||
Interest expense
|
3.2
|
%
|
3.0
|
%
|
||||
|
||||||||
Average gross loans receivable
|
$
|
1,093,242
|
$
|
1,000,056
|
||||
|
||||||||
Average loans receivable
|
$
|
797,374
|
$
|
732,181
|
||||
|
||||||||
Loan volume
|
$
|
782,099
|
$
|
752,993
|
||||
|
||||||||
Net charge-offs as percent of average loans
|
13.5
|
%
|
12.2
|
%
|
||||
|
||||||||
Return on average assets (trailing 12 months)
|
12.7
|
%
|
13.8
|
%
|
||||
|
||||||||
Return on average equity (trailing 12 months)
|
28.1
|
%
|
24.9
|
%
|
||||
|
||||||||
Offices opened (closed) during the period, net
|
7
|
8
|
||||||
|
||||||||
Offices open at end of period
|
1210
|
1145
|
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