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WORLD ACCEPTANCE CORPORATION REPORTS FIRST QUARTER RESULTS

 GREENVILLE, S.C., July 15 /PRNewswire/ -- World Acceptance Corporation (NASDAQ: WRLD) reported its operating results for its first quarter ended June 30, 1993.
 For the quarter, net income amounted to $1,145,000 which represented a 22.4 percent increase over the $935,000 earned during the corresponding period of the prior year. Earnings per share were $.17 during the current quarter compared with $.14 for the quarter ended June 30, 1992. Total revenues for the current three-month period were $11.5 million, representing a 12.5 percent increase over the same quarter of the prior year.
 Charles D. Walters, chairman and chief executive officer, indicated that the performance of the company during the quarter was in line with expectations. While overall delinquencies increased slightly during the quarter, they remained within the company's targeted levels. Additionally, net charge-offs during the current three-month period decreased on both an actual and percentage basis when compared to the prior year quarter. He further indicated that branch openings remained on schedule with a total of 13 new offices, net, opened or acquired during the quarter. Gross loans outstanding at June 30, 1993, amounted to $65.6 million, an 11.9 percent increase over the $58.6 million outstanding at June 30, 1992. Walters also announced that the company has entered into a definitive agreement to purchase seven new offices in Texas. This acquisition, which is expected to close in mid-August, will cost approximately $2.6 million and will increase gross loans receivable by approximately $2.2 million.
 World Acceptance Corporation is one of the largest small-loan consumer finance companies, operating 205 offices in South Carolina, Georgia, Texas, Oklahoma, Louisiana, and Tennessee.
 WORLD ACCEPTANCE CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited and in thousands, except per share amounts)
 Three Months Ended
 June 30,
 1993 1992
 Revenues $11,492 10,213
 Expenses:
 Provision for loan losses 823 750
 General and administrative expenses 6,930 5,892
 Interest expense 964 1,163
 Amortization of intangible assets 898 873
 Total expenses 9,615 8,678
 Income before taxes 1,877 1,535
 Income taxes 732 600
 Net income $ 1,145 935
 Per share data:
 Earnings per common share $ .17 .14
 Weighted average common shares
 outstanding 6,918 6,918
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (in thousands)
 June 30, March 31, June 30,
 1993 1993 1992
 ASSETS (unaudited) (unaudited)
 Cash $ 647 483 462
 Loans receivable, net 49,207 46,677 44,003
 Property and equipment, net 2,562 1,538 1,229
 Intangible assets 12,597 12,770 15,299
 Other assets 2,236 1,980 1,697
 $ 67,249 63,448 62,690
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Liabilities:
 Notes payable 35,757 32,832 36,482
 Income taxes 6,890 6,606 6,084
 Accounts payable and accrued
 expenses 2,424 3,008 2,572
 Total liabilities 45,071 42,446 45,138
 Shareholders' equity 22,178 21,002 17,552
 $ 67,249 63,448 62,690
 -0- 7/15/93
 /CONTACT: Sandy McLean, Chief Financial Officer, World Acceptance Corporation, 803-277-4570/
 (WRLD)


CO: World Acceptance Corporation ST: South Carolina IN: FIN SU: ERN

MM-CM -- CH003 -- 1799 07/15/93 09:27 EDT
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Date:Jul 15, 1993
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