World Acceptance Corp. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2011
January 25, 2012 at 06:30 am
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World Acceptance Corp. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2011. Net income for the third quarter rose 8.4% to $19.6 million compared to $18.1 million for the same quarter of the prior year. Net income per diluted share increased 16.1% to $1.30 in the third quarter of fiscal 2012 compared to $1.12 in the prior year's third quarter. Total revenues increased to $135.9 million in the third quarter of fiscal 2012, a 7.9% increase over the $126.0 million reported in the third quarter last year. The primary driver for the growth in revenue was a 10.6% increase in average net loans and the associated growth in interest and fees. For the third quarter of fiscal 2012, income before taxes was $30.26 million, return on average assets was 13.4% and return on average equity was 22.8% compared to income before taxes was $29 million, return on average assets was 13.4% and return on average equity was 22.7% for the same period of previous year.
For the first nine-months of the fiscal year, net income rose 10.6% to $63.1 million compared to $57.0 million for the nine-months ended December 31, 2010. Fully diluted net income per share rose 15.9% to $4.08 in fiscal 2012 compared to $3.52 for the first nine-months of fiscal 2011. Total revenues for the first nine-months of fiscal 2012 rose 10.4% to $391.2 million compared to $354.5 million during the corresponding period of the previous year. For the fiscal 2012, income before taxes was $99.35 million, return on average assets was 13.4% and return on average equity was 22.8% compared to income before taxes was $89.53 million, return on average assets was 13.4% and return on average equity was 22.7% for the previous year.
World Acceptance Corporation is a people-focused finance company that provides personal instalment loan solutions and personal tax preparation and filing services. The Company generally serves individuals with limited access to other sources of consumer credit such as banks, credit unions, other consumer finance businesses and credit card lenders. The Company, as an agent for an unaffiliated insurance company, markets and sells credit life, credit accident and health, credit property and auto, unemployment, and accidental death and dismemberment insurance in connection with its loans in selected states where the sale of such insurance is permitted by law. It offers automobile club memberships to its borrowers in Alabama, Georgia, Idaho, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Oklahoma, Tennessee, Texas, South Carolina, Utah and Wisconsin, as an agent for an unaffiliated automobile club. The Company operates more than 1,000 community-based branches across 16 states.