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World Acceptance Corp. Reports Operating Results (10-Q)

November 01, 2011 | About:
10qk

10qk

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World Acceptance Corp. (WRLD) filed Quarterly Report for the period ended 2011-09-30.

World Acceptance Corp. has a market cap of $1.02 billion; its shares were traded at around $67.65 with a P/E ratio of 11.2 and P/S ratio of 2.1. World Acceptance Corp. had an annual average earning growth of 16.7% over the past 10 years. GuruFocus rated World Acceptance Corp. the business predictability rank of 5-star.

Highlight of Business Operations:

Net income increased to $23.3 million for the three months ended September 30, 2011, or 15.2%, from the three month period ended September 30, 2010. Operating income (revenues less provision for loan losses and general and administrative expenses) increased, approximately $5.9 million, or 17.1%; interest expense decreased by approximately $149,000, or 3.6%, and income tax expense increased by $3.0 million, or 28.9%.

General and administrative expenses for the quarter ended September 30, 2011 increased by $5.4 million, or 9.6% over the same quarter of fiscal 2011. Overall, general and administrative expenses, when divided by average open offices, increased by approximately 1.9% when comparing the two periods. The total general and administrative expense as a percent of total revenues was 46.5% for the three months ended September 30, 2011 and was 47.5% for the three months ended September 30, 2010.

Total revenues rose to $255.3 million during the six months ended September 30, 2011, an 11.7% increase over the $228.5 million for the corresponding six months of the previous year. This increase was attributable to new offices and an increase in revenues from offices open throughout both quarterly periods. Revenues from the 987 offices open throughout both six month periods increased by approximately 9.0%.

General and administrative expenses for the six months ended September 30, 2011 increased by $12.6 million, or 11.1% over the same period of fiscal 2010. Overall, general and administrative expenses, when divided by average open offices, increased by approximately 3.2% when comparing the two periods. During the first six months of fiscal 2011, the Company opened or acquired 41 branches compared to 44 branches opened or acquired in the first six months of fiscal 2010. The total general and administrative expense as a percent of total revenues decreased from 49.6% for the six months ended September 30, 2010 to 49.3% for the six months ended September 30, 2011.

Read the The complete Report

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