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Dec 31, 2019
World Acceptance Q3 2020 Earnings Report
Reported a net loss due to an accrual for potential losses related to the investigation into its former Mexican business and an increase in provision for losses.
Key Takeaways
World Acceptance Corporation reported a net loss of $5.8 million for the third quarter of fiscal year 2020, compared to a net income of $6.3 million for the same quarter of the prior year. The results were significantly impacted by an accrual of $8 million for potential losses related to the investigation into the company's former Mexican business. Total revenues for the quarter increased to $147.1 million, a 6.9% increase from the $137.6 million reported for the same quarter of the prior year.
Net income decreased to a $5.8 million loss, impacted by an $8 million accrual for potential losses related to the investigation into the former Mexican business.
Total revenues increased by 6.9% to $147.1 million compared to the same quarter of the prior year.
Gross loans outstanding in the US increased by 9.0% to $1.37 billion as of December 31, 2019.
The company had 1,240 branches open as of December 31, 2019.