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World Acceptance posts quarterly gains

Staff Report
Published Jan. 30, 2013

Greenville-based World Acceptance Corp. said net income for its fiscal third quarter ended Dec. 31 increased 5.6% to $20.7 million while revenues increased 10.1% to $149.6 million as demand remained strong for its small loans.

Net income per diluted share increased 21.5% to $1.58, the 48th consecutive year-over-year quarterly increase in diluted earnings per share.

The consumer finance company operates 1,186 offices in 13 states and Mexico. It is also the parent company of ParaData Financial Systems, a provider of computer software for the consumer finance industry.

The primary driver for the growth in revenue was an 11.3% increase in average net loans and the associated growth in interest and fees, the company said.

“The company’s growth in earnings per share has also benefited from our ongoing share repurchase program during the current fiscal year,” CEO Sandy McLean said in a news release. “We continue to use our excellent cash flow and strong financial position to fund our growth while repurchasing shares.”

Over the past nine months, World Acceptance has repurchased more than 2 million shares of its common stock.