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WORLD ACCEPTANCE CORPORATION REPORTS SECOND QUARTER RESULTS

 WORLD ACCEPTANCE CORPORATION REPORTS SECOND QUARTER RESULTS
 GREENVILLE, S.C., Oct. 15 /PRNewswire/ -- World Acceptance Corporation (NASDAQ: WRLD) reported its operating results for its second quarter ended Sept. 30, 1992.
 Net income available to shareholder amounted to $905,000 for the current quarter compared to zero for the same period of the prior year. Earnings per share for the quarter were $.13 compared to zero for the prior year period. Total revenues for the period were $10.7 million, representing a 12.6 percent increase over the corresponding quarter of the prior year.
 For the six months ended Sept. 30, 1992, net income available to shareholders amounted to $1,840,000, a substantial increase over the $220,000 reported for the same period of the prior year. Earnings per share amounted to $.27 and $.05, respectively, during the two corresponding six-month periods. Total revenues amounted to $21.0 million during the current six-month period, an 11.3 percent increase over the same period of the prior year.
 Charles D. Walters, Chairman and CEO, noted that the Company is continuing to benefit from the elimination of interest and dividends on certain debt and preferred stock retired in connection with the Company's recent initial public offering as well as an overall improvement in its operations. The Company continued the strong revenue growth begun in the first fiscal quarter, and at the same time maintained the improved level of delinquencies and charge-offs from the prior year. Gross loans receivable were $60.6 million at Sept. 30, 1992, representing an 8.6 percent increase over the level of loans outstanding at the end of September 1991. Walters further noted that one additional office was acquired during the current quarter, making a total of 18 new offices opened or acquired since January 1992.
 World Acceptance Corporation is one of the largest small-loan consumer finance companies, operating 190 offices in South Carolina, Georgia, Texas, Oklahoma, and Louisiana.
 World Acceptance Corporation
 Condensed Consolidated Statements of Operations
 (Unaudited and in thousands, except per share amounts)
 Three Months Ended Six Months Ended
 September 30, September 30,
 1992 1991 1992 1991
 Revenues $10,739 9,536 20,952 18,827
 Expenses:
 Provision for loan lossess 1,046 1,184 1,796 1,901
 General and administrative
 expenses 6,185 5,506 12,077 10,839
 Interest expense 1,103 1,549 2,266 3,143
 Amortization of Intangible
 assets 873 866 1,746 1,732
 Total 9,207 9,105 17,885 17,615
 Net income before taxes 1,532 431 3,067 1,212
 Income tax expense 627 172 1,227 492
 Net income 905 259 1,840 720
 Preferred stock dividends - 259 - 500
 Net income available to common
 shareholders $ 905 - 1,840 220
 Per share data:
 Earnings per common share $ .13 - .27 .05
 Weighted average common shares
 outstanding 6,918 4,713 6,918 4,713
 Condensed Consolidated Balance Sheets
 (In thousands)
 September 30, March 31, September 30,
 1992 1992 1991
 ASSETS (unaudited) (unaudited)
 Cash $ 484 440 538
 Loans receivable, net 45,397 42,770 41,641
 Property and equipment, net 1,690 1,134 1,115
 Intangible assets 14,471 16,173 17,766
 Other assets 1,685 2,066 2,086
 $ 63,727 62,583 63,146
 LIABILITIES AND
 SHAREHOLDERS' EQUITY
 Liabilities: 36,982 38,382 45,882
 Notes payable 6,095 5,519 5,705
 Income taxes 2,207 2,095 2,358
 Accounts payable and
 accrued expenses 45,284 45,996 53,945
 Total liabilities - - 7,006
 Redeemable preferred stock 18,443 16,587 2,195
 Shareholders' equity $ 63,727 62,583 63,146
 -0- 10/15/92
 /CONTACT: Sandy McLean, Chief Financial Officer, World Acceptance Corporation, 803-277-4570/
 (WRLD) CO: World Acceptance Corporation ST: South Carolina IN: FIN SU: ERN


SB-JM -- CH001 -- 0278 10/15/92 09:44 EDT
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Date:Oct 15, 1992
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