Greenville-based World Acceptance Corp. reports an increase in total revenues for its first quarter of 2018, but a drop in net income during the same period.
The consumer lending company reports total revenues increased to $128.9 million for the first quarter of fiscal 2018, a 1.4% increase from the $127.1 million reported for the first quarter last year. Net income for the first quarter of 2018 was $13.1 million, a drop of 21.4% from $16.6 million the same quarter a year ago. Net income per diluted share decreased 21.9% to $1.48 in the first quarter of fiscal 2018 compared to $1.89 in the prior year quarter, according to a news release.
The company’s gross loans increased to $1.11 billion as of June 30, a 2.1% increase from the $1.09 billion of loans outstanding the same period last year. Of those, $128.5 million were in Mexico, a year-over-year increase from $101.5 million in the first quarter of fiscal 2017.