Free 7-day Trial
All Articles and Columns »

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

February 02, 2012 | About:

10qk

18 followers
World Acceptance Corp. (WRLD) filed Quarterly Report for the period ended 2011-12-31.

World Acceptance Corp. has a market cap of $967.2 million; its shares were traded at around $66.05 with a P/E ratio of 10.7 and P/S ratio of 2. 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 $19.6 million for the three months ended December 31, 2011, or 8.4%, from the three month period ended December 31, 2010. Operating income (revenues less provision for loan losses and general and administrative expenses) increased, approximately $0.9 million, or 2.8%, interest expense decreased by approximately $465,000, or 12.2%, and income tax expense decreased by $134,000, or 1.2%.

General and administrative expenses for the quarter ended December 31, 2011 increased by $4.8 million, or 7.9% over the same quarter of fiscal 2011. Overall, general and administrative expenses, when divided by average open offices, increased by approximately 1.0% when comparing the two periods. The total general and administrative expense as a percent of total revenues was 48.7% for the three months ended December 31, 2011 and December 31, 2010.

Total revenues rose to $391.2 million during the nine months ended December 31, 2011, a 10.4% increase over the $354.5 million for the corresponding nine months of the previous year. This increase was attributable to new offices and an increase in revenues from offices open throughout both nine month periods. Revenues from the 988 offices open throughout both nine month periods increased by approximately 7.5%.

General and administrative expenses for the nine months ended December 31, 2011 increased by $17.4 million, or 10.0% over the same period of fiscal 2011. Overall, general and administrative expenses, when divided by average open offices, increased by approximately 2.4% when comparing the two periods. During the first nine months of fiscal 2012, the Company s net increase in branches was 53 branches compared to 64 branches opened or acquired in the first nine months of fiscal 2011. The total general and administrative expense as a percent of total revenues decreased from 49.3% for the nine months ended December 31, 2010 to 49.1% for the nine months ended December 31, 2011.

Read the The complete Report

About the author:

10qk
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 3.0/5 (3 votes)

Comments

Please leave your comment:


Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK
Hide