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WORLD ACCEPTANCE CORPORATION ANNOUNCES THIRD QUARTER RESULTS

 WORLD ACCEPTANCE CORPORATION ANNOUNCES THIRD QUARTER RESULTS
 GREENVILLE, S.C., Jan. 23 /PRNewswire/ -- World Acceptance Corporation (NASDAQ: WRLD) reported its first quarterly operating results since the completion of the Company's initial public offering in November 1991. The Company recorded a net loss before extraordinary items of $468,000 or $.22 per common share, for the third quarter ended Dec. 31, 1991, versus a net loss of $382,000, $.38 per common share, for the 1990 third quarter. Including an extraordinary charge of $328,000 net of taxes related to the prepayment of debt with proceeds from the Company's initial public offering, the net loss for the December 1991 quarter was $.38 per share. The Company also recorded a one-time pretax expense of $321,000 in the 1991 quarter resulting from the termination of a deferred compensation plan in conjunction with the public offering. Revenues for the third quarter were $10.1 million, a 6.6 percent increase over the $9.5 million recorded in the prior year's quarter. Third quarter pretax operating income before nonrecurring charges was $170,000 versus a $219,000 pretax operating loss for the prior year's quarter. Principally as a result of the Company's public offering, weighted average shares outstanding increased from 1.0 million in the 1990 quarter to 2.1 million in the 1991 quarter.
 For the nine-month period ended Dec. 31, 1991, the Company recorded a net loss to common shareholders before extraordinary items of $248,000, or $.18 per share, versus $420,000, or $.41 per share, for the 1990 period. The 1991 nine-month period was also impacted by the one-time expense and extraordinary item mentioned above, resulting in a net loss to common shareholders of $.42 per share. Revenue for the nine-month period increased to $28.9 million from $27.1 million for the same period of the prior year. Nine months pretax operating income before nonrecurring charges was $1,382,000 versus $462,000 for the same period of the previous year. Principally as a result of the Company's initial public offering in November 1991, weighted average shares outstanding for the 1991 period were 1.4 million shares as compared to 1.0 million shares for the 1990 period.
 Charles D. Walters, Chairman and CEO, stated that he was pleased with the Company's first quarterly results as a public company. Gross loans receivable at Dec. 31, 1991, were $63.4 million, a 5.6 percent increase over the prior year level. He noted that "the December quarter is traditionally the Company's least profitable as seasonal growth in loans receivable result in higher allowance for loan losses and require additional advertising expenses." Walters indicated that the public offering has enabled the Company to retire over $12 million of subordinated debt and preferred stock and substantially strengthened the Company's balance sheet.
 World Acceptance Corporation is one of the largest small-loan consumer finance companies, operating 172 offices in South Carolina, Georgia, Texas, Oklahoma, and Louisiana.
 World Acceptance Corporation
 Condensed Consolidated Statements of Operations
 (in thousands, except per share amounts)
 (unaudited)
 3 Months Ended 9 Months Ended
 December 31, December 31,
 1991 1990 1991 1990
 Revenues $10,113 9,490 28,940 27,104
 Expenses:
 Provision for loan losses 1,470 1,347 3,371 2,932
 General and administrative expenses 6,127 5,696 16,966 15,750
 Interest expense 1,479 1,803 4,622 5,367
 Amortization of intangible assets 867 863 2,599 2,593
 Loss from termination of deferred
 compensation plan 321 - 321 -
 Total expenses 10,264 9,709 27,879 26,642
 Income (loss) before taxes &
 extraordinary item (151) (219) 1,061 462
 Income taxes (benefit) (58) (68) 434 220
 Income (loss) before
 extraordinary item (93) (151) 627 242
 Extraordinary item, net of
 income taxes (328) - (328) -
 Net income (loss) (421) (151) 299 242
 Preferred stock dividends 375 231 875 662
 Net income (loss) available to
 common shareholders $ (796) (382) (576) (420)
 Earnings (loss) per common share:
 Before extraordinary item $ (.22) (.38) (.18) (.41)
 Extraordinary item, net
 of income taxes (.16) - (.24) -
 Net earnings (loss) $ (.38) (.38) (.42) (.41)
 Weighted average common shares
 outstanding (A) 2,067 1,015 1,380 1,015
 (A) Excludes warrant shares because of antidilutive effect on loss
 per share.
 Condensed Consolidated Balance Sheets
 (In Thousands)
 Dec. 31, March 31,
 1991 1991
 (Unaudited)
 ASSETS
 Cash $ 387 298
 Gross loans receivable 63,429 53,206
 Less: Unearned interest & fees (13,180) (10,381)
 Allowance for loan losses (3,121) (2,636)
 Loans receivable, net 47,128 40,189
 Property and equipment, net 1,089 1,114
 Other assets 2,689 2,267
 Intangible assets 16,914 19,498
 $68,207 63,366
 LIABILITIES & SHAREHOLDERS' EQUITY
 Liabilities:
 Notes payable 45,507 47,522
 Income taxes payable 1,302 2,145
 Deferred income taxes 3,086 3,086
 Accounts payable & accrued expenses 4,264 2,191
 Total liabilities 54,159 54,944
 Redeemable preferred stock - 6,506
 Shareholders' equity 14,048 1,916
 $68,207 63,366
 -0- 1/23/92
 /CONTACT: Sandy McLean, Chief Financial Officer, World Acceptance Corporation, 803-277-4570/
 (WRLD) CO: World Acceptance Corporation ST: South Carolina IN: FIN SU: ERN


DF-JM -- CH004 -- 2708 01/23/92 10:32 EST
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Date:Jan 23, 1992
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