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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000891092-03-002173.txt : 20030814
<SEC-HEADER>0000891092-03-002173.hdr.sgml : 20030814
<ACCEPTANCE-DATETIME>20030814150206
ACCESSION NUMBER:		0000891092-03-002173
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030717
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WORLD ACCEPTANCE CORP
		CENTRAL INDEX KEY:			0000108385
		STANDARD INDUSTRIAL CLASSIFICATION:	PERSONAL CREDIT INSTITUTIONS [6141]
		IRS NUMBER:				570425114
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19599
		FILM NUMBER:		03846775

	BUSINESS ADDRESS:	
		STREET 1:		108 FREDRICK STREET
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29607
		BUSINESS PHONE:		8642989800

	MAIL ADDRESS:	
		STREET 1:		P O BOX 6429
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WORLD FINANCE CORP
		DATE OF NAME CHANGE:	19700210
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e15498_8k.txt
<DESCRIPTION>FORM 8-K
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

         Date of Report (Date of earliest event reported) July 17, 2003

                          WORLD ACCEPTANCE CORPORATION
             ------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)

       South Carolina                    0-19599                  57-0425114
- -----------------------------    ------------------------    -------------------
(State or Other Jurisdiction     (Commission File Number)      (I.R.S. Employer
      of Incorporation)                                      Identification No.)

                              108 Frederick Street
                        Greenville, South Carolina 29607
              ----------------------------------------------------
                    (Address of Principal Executive Offices)
                                   (Zip Code)


                                 (864) 298-9800
     -----------------------------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)


                                 Not Applicable
   --------------------------------------------------------------------------
              (Former name or address, if changed from last report)
<PAGE>

Item 7. Financial Statements and Exhibits.

        (c)   The following exhibit is filed as part of this report.

        Exhibit 99.1 - Press Release issued July 17, 2003


Item 9. Regulation FD Disclosure; and

Item 12. Results of Operations and Financial Condition.

On July 17, 2003, World Acceptance Corporation ("WRLD") issued a press release
announcing financial information for its fourth fiscal quarter ended June 30,
2003. The press release is attached as Exhibit 99.1 to this Form 8-K and is
furnished to, but not filed with, the Commission.
<PAGE>

                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Date: August 13, 2003

                               WORLD ACCEPTANCE CORPORATION

                               By: /s/ A. Alexander McLean, III
                                  ----------------------------------------------
                                       A. Alexander McLean, III
                                       Executive Vice President and Chief
                                       Financial Officer
<PAGE>

                                  EXHIBIT INDEX

Exhibit                                                              Exhibit No.
- -------                                                              -----------
Press Release issued July 17, 2003.....................................  99.1

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>e15498ex99_1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                    Exhibit 99.1

        World Acceptance Corporation Reports Record First Quarter Results

      GREENVILLE, S.C., July 17 /PRNewswire-FirstCall/ -- World Acceptance
Corporation (Nasdaq: WRLD) today reported record revenue, net income and loans
for its first fiscal quarter ended June 30, 2003.

      Net income for the first quarter rose 20.2% to $5.6 million, or $.30 per
diluted share, compared to $4.7 million, or $.25 per diluted share, for the same
quarter of the prior year. Total revenues for the quarter increased 15.6% to
$40.3 million from $34.8 million for the prior year quarter.

      Gross loans outstanding increased to $279.8 million at June 30, 2003, a
13.2% increase over the $247.2 million in balances outstanding at June 30, 2002,
and a 4.9% increase since the beginning of the fiscal year.

      "World Acceptance's record first quarter results were attributable to the
growth in our loan portfolio, higher revenues from insurance and other products,
improved margins and reduced general and administrative expenses as a percent of
revenues," stated Charles D. Walters, Chairman and CEO. "The low interest rate
environment continues to have a positive effect on our cost of funds and our
level of loan losses have remained level with the prior year."

      Interest expense decreased by 4.0% since the first quarter of last year
while average total debt outstanding increased 7.0% in the same time period. Net
charge-offs as a percent of average net loans were 13.5% on an annualized basis
for the quarters ended June 30, 2003 and 2002. Total general and administrative
expenses as a percent of total revenues continued its year over year improvement
to 56.2% during the most recent quarter compared to 58.0% during the prior year
quarter.

      Operating income (revenues less the provision for loan losses and general
and administrative expenses) increased 17.2% to $9.7 million during the most
recent quarter from $8.3 million in the prior year quarter.

      Return on average assets (annualized) increased to 9.7% in the first
quarter compared with 9.2% in the same quarter last year. Annualized return on
average equity remained high at 18.7%, the same as the first quarter of the
prior year.

      During the first three months of the fiscal year, the Company opened or
acquired 3 offices and closed one non-performing office, leaving a total of 472
offices at June 30, 2003. World Acceptance had 4% more offices in operation at
the end of the first quarter of fiscal 2004 than in the same quarter of the
prior year.

      World Acceptance Corporation is one of the largest small-loan consumer
finance companies, operating 472 offices in eleven states. It is also the parent
company of ParaData Financial Systems, a provider of computer software solutions
for the consumer finance industry.

      This press release may contain various "forward-looking statements" within
the meaning of Section 27A of the Securities Exchange Act of 1934, as amended,
that represent the Company's expectations or beliefs concerning future events.
Such forward-looking statements are about matters that are inherently subject to
risks and uncertainties. Factors that could cause actual results or performance
to differ from the expectations expressed or implied in such forward-looking
statements include changes in the timing and amount of revenues that may be
recognized by the Company, changes in current revenue and expense trends
(including trends affecting charge-offs), changes in the Company's markets and
changes in the economy (particular in the markets served by the Company). Such
factors are discussed in greater detail in the Company's filings with the
Securities and Exchange Commission.

                          World Acceptance Corporation

                 Condensed Consolidated Statements of Operations
             (unaudited and in thousands, except per share amounts)

                                                  Three Months Ended
                                                       June 30,

                                                    2003      2002


    Interest & fees                                $34,405   $29,996
    Insurance & other                                5,858     4,823

      Total revenues                                40,263    34,819
    Expenses:
      Provision for loan losses                      7,929     6,363
      General and administrative expenses
        Personnel                                   15,350    13,643
        Occupancy & equipment                        2,302     2,100
        Data processing                                477       430
        Advertising                                  1,283       994
        Intangible amortization                        555       550
        Other                                        2,676     2,469

                                                    22,643    20,186
      Interest expense                                 991     1,032

        Total expenses                              31,563    27,581

    Income before taxes                              8,700     7,238
    Income taxes                                     3,089     2,570

    Net income                                      $5,611    $4,668

    Diluted earnings per share                       $0.30     $0.25

    Weighted average shares outstanding (diluted)   18,760    18,911



                      Condensed Consolidated Balance Sheets
                          (unaudited and in thousands)

                                                  June 30,  March 31, June 30,
                                                    2003      2003      2002

       ASSETS
    Cash                                            $4,363    $4,022   $4,723
    Gross loans receivable                         279,805   266,753  247,203
     Less: Unearned interest & fees               (68,117)  (63,578)  (59,803)
      Allowance for loan losses                    (16,248)  (15,098) (14,225)

        Loans receivable, net                      195,440   188,077  173,175
    Property and equipment, net                      8,348     8,298    7,512
    Intangible assets                               14,442    14,599   14,762
    Other assets                                    12,767    13,321   11,886

                                                  $235,360  $228,317 $212,058


      LIABILITIES AND SHAREHOLDERS' EQUITY
    Liabilities:
      Notes payable                                102,732   102,532  105,132
      Income tax payable                             2,405     2,047    2,481
      Accounts payable and accrued expenses          6,563     7,697    6,666

        Total liabilities                          111,700   112,276  114,279
    Shareholders' equity                           123,660   116,041   97,779

                                                  $235,360  $228,317 $212,058



                        Selected Consolidated Statistics
                             (dollars in thousands)

                                                     Three Months Ended
                                                          June 30,

                                                      2003      2002


    Expenses as a percent of total revenues:
      Provision for loan losses                       19.7%     18.3%
      General and administrative expenses             56.2%     58.0%
      Interest expense                                 2.5%      3.0%

    Average gross loans receivable                $272,048  $234,905

    Average loans receivable                      $204,754  $176,992

    Loan volume                                   $208,740  $182,760

    Net charge-offs as percent of average loans       13.5%     13.5%

    Return on average assets                           9.7%      9.2%

    Return on average equity                          18.7%     18.7%

    Offices opened (closed) during the period, net       2        13

    Offices open at end of period                      472       454

SOURCE  World Acceptance Corporation
    -0-                             07/17/2003
    /CONTACT:  Sandy McLean, Chief Financial Officer of World Acceptance
Corporation, +1-864-298-9800/
    /First Call Analyst: /
    /FCMN Contact: /
    (WRLD)

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

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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