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Jun 30, 2020
World Acceptance Q1 2021 Earnings Report
Net income increased due to share repurchase program, while revenue decreased due to the impact of COVID-19.
Key Takeaways
World Acceptance Corporation reported an increase in net income and earnings per share for the first quarter of fiscal year 2021, driven by its share repurchase program. However, total revenues decreased due to the impact of COVID-19 on loan volumes. The company also noted an increase in provision expense for potential incremental losses related to the economic impact of COVID-19.
Net income increased 80.2% to $15.5 million compared to the same quarter of the prior year.
Net income per diluted share increased 130.6% to $2.24 per share.
Total revenues decreased 10.5% to $123.9 million compared to the same quarter of the prior year.
Gross loans outstanding decreased 12.7% to $1.07 billion.
World Acceptance
World Acceptance
Forward Guidance
This press release contains forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially from those indicated in the forward-looking statements.
Challenges Ahead
- The ongoing impact of the COVID-19 pandemic
- Recently enacted, proposed or future legislation and the manner in which it is implemented
- The nature and scope of regulatory authority
- The unpredictable nature of regulatory proceedings and litigation
- Developments in, and the outcome of, our ongoing investigation into certain transactions and payments in Mexico