World Acceptance Corp. stetig steigende Gewinne - 500 Beiträge pro Seite

[betterthantherest]

Ein kleineres Unternehmen aus der Finanzbranche, welches in den vergangenen Jahren recht erfreulich wachsen konnte und aus meiner Sicht günstig bewertet wird.



World Acceptance Corp. and its subsidiaries operate a small-loan consumer finance business in ten states. The Company offers short-term small loans, medium-term larger loans, related credit insurance and ancillary products and services to individuals. The Company generally offers standardized installment loans of between $130 to $3,000 through 441 offices in South Carolina, Georgia, Texas, Oklahoma, Louisiana, Tennessee, Illinois, Missouri, New Mexico and Kentucky as of March 31, 2002. The Company generally serves individuals with limited access to other sources of consumer credit from banks, savings and loans, other consumer finance businesses and credit cards. The Company also offers income tax return preparation services and refund anticipation loans to its customers and others.

[betterthantherest]

EPS History
EARNINGS PER SHARE
Quarters =2000 === 2001 == 2002 == 2003
JUN ====0.160 == 0.170 == 0.190 == 0.250
SEP ====0.160 == 0.170 == 0.190 == 0.260
DEC ====0.140 == 0.110 == 0.160 == 0.190
MAR ====0.280 == 0.380 == 0.470 == 0.570*
---------------------------------------------------------------
Totals ===0.740 == 0.830 == 1.010 == 1.270*

Note: Units in U.S. Dollars

[Mannerl]

[betterthantherest]

WRLD ist der Traum von sittin bull inv.

Die Firma vergibt Kleinkredite an Leute die bei den normalen Banken als nicht kreditwürdig gelten.

Verwerflicher Weise lässt sich gerade damit am meisten verdienen und um so schlechter es der Wirtschaft geht, um so mehr Kunden hat WRLD.

Ich bin bei 7,05$ eingestiegen.

[Mannerl]

respekt (7,05 $)

...

hast Du die über den Multiinvestor gefunden?

[betterthantherest]

@Mannerl

Genau so war es.

Bei den Suchkriterien die ich mir zusammengestellt habe, kommen meistens Finanzwerte heraus und nur selten so etwas wie Fresh Del Monte.

Kleinere Banken scheinen in Amerika zur Zeit noch recht gut zu verdienen.

Interessant finde ich zum Beispiel auch Polymedica.
Die sind aus dem Gesundheitsbereich.
Ich habe dazu auf dem Thread "PolyMedica schlägt Erwartungen" gepostet.

[betterthantherest]

Ich mag die Firma.

11:48AM World Acceptance -- Volume Breakout (WRLD) 12.50 +0.71: World Acceptance Corp broke out to a new 52-week high today on 2x avg daily volume; the co offers small loans to individuals with limited access to other sources of consumer credit, and also offers income tax return preparation services and refund anticipation loans. In its most recent qtr the co reported EPS of $0.57 on $45.7 mln in sales (both EPS and revs up 14%), and Ferris Baker Watts (the only firm to cover the stock) expects it to grow FY04 EPS by 18% to $1.47 (P/E 8.5x) and to grow FY05 EPS by 14% to $1.68. Mkt cap: $219 mln, float: 16.1 mln shares, avg daily volume: 55k shares.

[betterthantherest]

Heute 14,11$

In Dollar habe ich meinen Einsatz verdoppelt.

[Mannerl]

so was ähnliches passierte mir bei BEV...auch in Sachen Gesundheitswesen unterwegs(interessiert aber niemanden)

MFG
Mannerl

[betterthantherest]

So wie ich das sehe hat WRLD in Dollar ein neues Allzeithoch erreicht.

Meines Wissens gehen Charttechniker in diesem Fall davon aus, dass es ab jetzt keine historischen Wiederstände mehr gibt und somit der Weg nach oben frei ist.

Ich bin gespannt wie es jetzt weitergeht.

[betterthantherest]

Die Überwindung eines neuen Allzeithochs war wohl nicht signifikant genug. Trotzdem ist es für mich keine Frage, dass es mit WRLD weiter aufwärts gehen wird.

Erneut konnte ein hervorragendes Quartal abgeschloßen werden.

Der neuerliche Anstieg des Nettoeinkommens um über 20% unterstreicht die Stärke des Unternehmens, gerade in wirtschaftlich schlechteren Zeiten.



Press Release Source: World Acceptance Corporation


World Acceptance Corporation Reports Record First Quarter Results
Thursday July 17, 8:30 am ET


GREENVILLE, S.C., July 17 /PRNewswire-FirstCall/ -- World Acceptance Corporation (Nasdaq: WRLD - News) 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.

[Mannerl]

First-Alert: 2 p.m. Investrend / Bestcalls


Jul 17, 2003 (financialwire.net via COMTEX) -- (FinancialWire) Conference calls
scheduled during the 2 p.m. market period on Investrend Broadcast via partner
BestCalls includes Lear Corporation (NYSE: LEA), SEI Corp. (NASDAQ: SEIC),
National Commerce Financi (NYSE: NCF), World Acceptance Corp. (NASDAQ: WRLD),
CenterPoint Properties (NYSE: CNT), Superior Industries Inter (NYSE: SUP).

[Mannerl]

Latest News

--------------------------------------------------------------------------------
World Acceptance Corporation Reports Record First Quarter Results


GREENVILLE, S.C., Jul 17, 2003 /PRNewswire-FirstCall via COMTEX/ -- 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.

[Mannerl]

Company Description
The group`s principal activities are to provide short-term loans, medium-term larger loans, related credit insurance and ancillary products and services to individuals. the group provides standardized installment loans of between $130 to $3,000. as at 31-mar-2002, the group operated through 441 offices located in south carolina, georgia, texas, oklahoma, louisiana, tennessee, illinois, missouri, new mexico, and kentucky. as an agent for an unaffiliated insurance company, the group markets and sells credit life, credit accident and health, credit property and unemployment insurance in connection with its loans. the group also offers income tax return preparation services and refund anticipation loans. the automobile club membership, provided by the group to its borrowers, entitle members to automobile breakdown and towing insurance and related services.

[benefactor [KommA]]

EELN dürfte euch auch gefallen.

[Mannerl]

plus 4 %

[Mannerl]

World Acceptance Corporation Announces Second Quarter Conference Call on the Internet

GREENVILLE, S.C., Oct 15, 2003 /PRNewswire-FirstCall via Comtex/ -- World Acceptance Corporation (Nasdaq: WRLD) will provide an on-line, real-time Web-cast and rebroadcast of its second quarter conference call to be held on Wednesday, October 22, 2003. The earnings release will be issued prior to the call.

The live broadcast of World Acceptance Corporation`s conference call will be available on-line at:

http://www.firstcallevents.com/service/ajwz391201311gf12.htm…

on October 22, 2003, beginning at 2:00 p.m. (Eastern time). The on-line replay will follow immediately and continue for 30 days.

World Acceptance Corporation is one of the largest small-loan consumer finance companies, operating 486 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.

[Mannerl]

World Acceptance Corporation Reports Record Second Quarter Results

GREENVILLE, S.C., Oct 22, 2003 /PRNewswire-FirstCall via COMTEX/ -- World Acceptance Corporation (Nasdaq: WRLD) today reported record revenue, net income and loans for its second fiscal quarter ended September 30, 2003.

Net income for the second quarter rose 32.0% to $6.1 million, or $0.32 per diluted share, compared with $4.6 million, or $0.26 per diluted share, for the same quarter of the prior year. Total revenues for the quarter increased 15.3% to $41.7 million from $36.1 million for the prior year quarter.

Gross loans outstanding increased to $283.5 million at September 30, 2003, an 11.1% increase over the $255.2 million in balances outstanding at September 30, 2002, and a 6.3% increase since the beginning of the fiscal year.

"World Acceptance`s earnings remained strong in the second quarter driven by higher loan volume, higher revenue from insurance and other products, improved margins and increased leverage of our general and administrative expenses," stated Doug Jones, President and CEO. "Our excellent earnings progress was offset somewhat by a higher provision for loan losses this quarter that rose 22.7% to $9.3 million compared with the second quarter of last year. We believe the higher provision reflects the continued softness in the economy but believe our provision for loan losses provides adequate reserves based on continuing review of our loan portfolio."

Several key return ratios remained very high during the quarter, as the return on average assets (annualized) amounted to 10.4% and the annualized return on average equity was 19.0%. This compares with an 8.6% return on assets and a 18.4% return on equity for the quarter ended September 30, 2002.

Net earnings continued to benefit from reduced interest rates as interest expense decreased by 20.6% over the two quarterly periods, with an approximate decrease of 7.1% in average total debt outstanding during the most recent quarter. Net charge-offs as a percentage of average loans outstanding amounted to 16.0% during the most recent quarter compared to 14.7% during the three- month period ending September 30, 2002.

Six-Month Results

For the first six months of the fiscal year, net income was $11.7 million, or $0.62 per diluted share, representing a 26.6% increase over the $9.3 million, or $0.50 per diluted share, for the prior year six-month period. Total revenues for the first six months of fiscal 2004 were $81.9 million, a 15.5% increase over the $71.0 million during the corresponding period of the previous year.

During the first six months of the fiscal year, the Company opened or acquired 18 offices and closed two non-performing offices, leaving a total of 486 offices at September 30, 2003.

About World Acceptance

World Acceptance Corporation is one of the largest small-loan consumer finance companies, operating 486 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.

Second Quarter Conference Call

The senior management of World Acceptance Corporation will be discussing these results in its quarterly conference call to be held at 2:00 P.M. Eastern time today. Interested parties may participate in this call by dialing 1-888- 792-8459. A simulcast of the conference call is also available on the Internet at http://www.firstcallevents.com/service/ajwz391201311gf12.htm… The call will be available for replay on the Internet for approximately 30 days.

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 is not responsible for updating the information contained in this press release beyond the publication date, or for changes made to this document by wire services or Internet services.

[betterthantherest]

Was mich bei WRLD ärgert ist der Umstand, dass ich viel zu wenige Aktien gekauft habe.

[betterthantherest]

Hätte ich doch nur mehr davon gekauft.

[betterthantherest]

Heute über 11% plus beim achtfachen des in der letzten Zeit üblichen Volumens.

Vielleicht ist ja ein Konkurrent an einer Übernahme interessiert.

Wundern würde es mich nicht.

[betterthantherest]

Ich werde noch wahnsinnig.

10% plus bei 10-fachem Umsatz.

Man könnte meinen, jemand ist scharf auf WRLD.

Der Grund warum ich nicht mehr Aktien gekauft habe, war der Name World Acceptance Corp. Er erschien mir etwas dick aufgetragen.
Das klingt fast so schlimm wie betterthantherest.

[Mannerl]

also ich find betterthantherest nicht schlecht!

Mannerl, dessen Großvater ihm als Kind immer Mannerl nannte!

[betterthantherest]

10:44AM World Acceptance target raised to $22.50 at FBW (WRLD) 17.95 -1.53: Ferris Baker Watts raises their target to $22.50 from $21 to reflect the co`s continued profitability and unique cash flow characteristics; firm also notes that their new target values the co at 16x their CY03 EPS est, which is in-line with the multiples of similar small-cap specialty finance co`s, and still represents a discount vs peers PWN and FCFS.

[betterthantherest]

Vor nicht allzulanger Zeit wollte sie noch keiner.

Und jetzt....

[Mannerl]

manche User hier sind echt besser als der Rest!


MFG
Mannerl

[betterthantherest]

Ich sage nur screening.

Heute über eine Mio. Volumen.

Durchschnitt der letzten drei Monate 143.000.

Es scheint irgend etwas im Busch zu sein.

[betterthantherest]

Und hier ist der Grund für den starken Anstieg.

There are more buyers than sellers.

[betterthantherest]

% Held by Insiders: 7.97%
% Held by Institutions: 72.84%

Float: 17.00M

Und davon sind heute 1,5 Mio umgegangen.

Nicht schlecht.

[betterthantherest]

World Acceptance Third Quarter Earnings Results Conference Call
Scheduled to start Tue, Jan 20, 2004, 2:00 pm Eastern

[betterthantherest]

Ich suche nach Aktien, welche sich betterthantherest entwickeln.

Hier eine kleine Bilanz der Aktien, zu welchen ich mich auf dem WO-Board positiv geäußert habe.

Zuerst Aktien mit eigenen Threads.

Der schwache Dollar hat leider meine Performance in Euro gedrückt, jedoch gehe ich davon aus, dass es sich hierbei nur um ein temporäres Phänomen handelt.


American Home Mortgage Investment Corp (AHH)
Thread vom 29.04.03 eröffnet bei 11,73$, Kurs zuletzt 21,78$.

Polymedica Corp (PLMD)
Thread vom 09.09.03 eröffnet bei 14,80$, Kurs zuletzt 23,15$.

World Acceptance Corp (WRLD)
Thread vom 12.05.03 eröffnet bei 11,17$, Kurs zuletzt 23, 15$.
Mein Einstiegskurs lag sogar bei nur 7,00$.

Fresh Del Monte Produce Inc (FDP)
Thread vom 03.06.03 eröffnet bei 23,58$ Kurs zuletzt 24,16$.

Böwe Systec
Thread vom 17.12.03 eröffnet bei 40,30€, Kurs zuletzt 39,50€
Hier bin ich bereits unter 20,00€ eingestiegen und haben nachgekauft.

Aktien mit positiven Postings:

Bijou Brigitte
Einstiegskurs ca. 10,00€, Kurs am 16.01.2004/ 45,20€.

Ceotronics
Einstiegskurs ca. 1,96€, Kurs am 16.01.2004/ 2,80€.

Eichborn
Einstiegskurs ca. 0,90€, Kurs am 16.01.2004/ 1,00€.
Hier bin ich auf einen grottenschlechten Vorstand hereingefallen.

Kleindienst Datentechnik
Einstiegskurs ca. 2,38€, Kurs am 16.01.2004/ 4,85€.

Neschen
Einstiegskurs ca. 5,19€, Kurs am 16.01.2004/ 4,30€
Hier warte ich noch auf Gewinne.

Wedeco
Hier war ich zwischenzeitlich skeptisch, habe aber durch die Übernahme 37% Gewinn eingefahren.

Ich glaube doch sagen zu können, dass ich mit meinen bisherigen Einschätzungen nicht schlecht gelegen habe.

[betterthantherest]

Den Conference Call für das 3.Quartal gibt es unter

http://biz.yahoo.com/cc/4/37764.html

Gute Zahlen,

gutes Management

und ich habe eindeutig zu wenig Geld in diese Aktie gesteckt.

[betterthantherest]

Ich sehe noch reichlich Wachstumspotenzial für dieses Unternehmen.


World Acceptance "buy," target price raised

Thursday, January 22, 2004 11:33:48 AM ET
Ferris Baker Watts

NEW YORK, January 22 (New Ratings) - In a research note published yesterday, analysts at Ferris Baker Watts reiterate their “buy” rating on World Acceptance Corporation (WRLD), while raising their estimates for the company. The target price has been raised from $22.50 to $25.00.

© 2004 New Ratings

[betterthantherest]

How long is your long-term?
By Mark Hulbert, CBS.MarketWatch.com
Last Update: 12:01 AM ET Feb. 10, 2004


Which of the following two hypothetical companies produces more earnings, per dollar invested, over the next five years?

* Firm A, whose earnings are projected to grow 10 percent per year, and whose stock is trading at a price/earnings ratio of 15.
* Firm B, whose earnings are projected to grow 25 percent per year, and whose stock is trading at a P/E ratio of 35.

The answer, believe it or not, is Stock A, according to Steven Check, a value-oriented adviser who edits the Blue Chip Investor newsletter -- and to whom credit goes for this example.

As the first step in appreciating the mathematics behind Check`s example, consider a $100 investment in each of these two companies.

In the case of Firm A, this $100 " purchases" $6.67 of the current year`s earnings (which is just the $100 divided by its P/E ratio). In contrast, because Firm B has a much higher P/E ratio, $100 invested in the company corresponds to just $2.86 of current earnings.

Of course, this $6.67 in earnings at Firm A will be growing at a lower rate than the $2.86 in earnings at Firm B. But even so, five years is not long enough for accumulated earnings of an investment in Firm B to outpace those for Firm A.

In fact, it is not even close.

Accumulated earnings over the next five years of a $100 investment in Firm A will amount to $51.44, in contrast to $32.17 for Firm B.

Which leads to another brainteaser: How long will it take before accumulated earnings of an investment in Firm B outpace an investment in Firm A?

Check`s answer: " It`s not until year 12 that case No. 2`s superior growth allows its accumulated cash earnings to overtake case No. 1`s."

Of course, this example does not automatically imply that Firm B is an inferior investment to Firm A. But several other things must fall into place in order for Firm B to be a better investment.

One big prerequisite for Firm B is that its earnings actually grow this fast, and not just for a year or two but for a dozen years. The odds of that occurring are next to zero, according to Josef Lakonishok, a finance professor at the University of Illinois at Urbana-Champaign.

Lakonishok and two co-researchers reached this conclusion by measuring how many publicly traded companies between 1951 and 1997 had their earnings grow at above the median rate for several years in a row.

Since, over time, the median growth rate in earnings is less than 10 percent per year, the researchers were imposing a relatively modest requirement, especially compared to Firm B in Check`s example, whose earnings are projected to grow at an average annual rate of 25 percent.

Nonetheless, Lakonishok and his fellow researchers found that it was extremely rare for companies to grow this fast for five or more years in a row. (Their study appeared last April in the Journal of Finance.)

The other obstacle in the way of performing well with an investment in Check`s hypothetical Firm B has to do with the typical investor`s holding period. If that is just a couple of years or less, which is average, then most investors will not be investing in the company for long enough that its superior growth rate makes up for its sky-high P/E ratio.

To put this argument another way: For a short-term investment in Firm B to work out, investors must rely on its P/E ratio staying high. But that`s a far different kind of gamble than investing in the company`s earnings.

Check writes: " If you talked to money managers that pay 35 times earnings for stocks, they`d tell you they`re buying into the company`s long-term growth prospects. Ironically, these same money managers usually have a stock holding periods averaging less than two or three years."

Not surprisingly, the companies that Check prefers are those that are trading for P/E ratios that are much lower than those of Firm B in his example. For example, here are the 11 companies that he has added to his model portfolio over the last 12 months:

[betterthantherest]

Und es geht weiter aufwärts. Der Gewinn im letzten Quartal konnte im Vergleich zum Quartal des Vorjahres um 21% je Aktie gesteigert werden.

Das Unternehmen kauft eigene Aktien und somit sind Kurssteigerungen praktisch vorprogrammiert.


Comparison of Three Months Ended December 31, 2003, Versus

Three Months Ended December 31, 2002

Interest and fee income for the quarter ended December 31, 2003, increased by $4.6 million, or 13.9%, over the same period of the prior year. This increase resulted from a $23.2 million increase, or 11.4%, in average loans receivable over the two corresponding periods. The increase in interest and fee income was greater than the increase in average net loans receivable due to a small change in mix in the loan portfolio. During the 12 months ending on December 31, 2003, small loans (those less than $1,000 in original balance) grew by 13.6% and the larger loans grew by 1.8%. Smaller loans generally carry higher interest rates (and will have higher losses) than the larger loans.

Insurance commissions and other income increased by $618,000, or 11.0%, when comparing the two quarterly periods. Insurance commissions increased by $542,000, or 18.4%, due to the increased loan volume in those states where credit insurance may be sold. Other income increased by $76,000, or a modest 2.9%. Other sources of

Table of Contents

WORLD ACCEPTANCE CORPORATION

MANAGEMENTS` DISCUSSION AND ANALYSIS, CONTINUED

revenues, including returned check charges, sale of motor club memberships, and the gross profit from the sale of electronics and appliances under our World Class Buying Club were higher during the most recent quarter due to the overall increase in the customer base, however this was partially offset by a decline in the revenue from ParaData Financial Systems, the Company`s computer subsidiary, which provides data processing systems to finance companies, including the Company.

Total revenues rose to $44.3 million during the quarter ended December 31, 2003, a 13.5% increase over the $39.0 million for the corresponding quarter of the previous year. Revenues from the 435 offices open throughout both quarters increased by approximately 7.7%, primarily due to increased balances of loans receivable in those offices. At December 31, 2003, the Company had 516 offices in operation, an increase of 46 offices from March 31, 2003.

The provisions for loan losses during the quarter ended December 31, 2003, increased by $868,000, or 8.5% from the same quarter last year. This increase resulted from a combination of increases in both the general allowance for loan losses due to loan growth and the amount of loans charged off. Net charge-offs for the current quarter amounted to $8.9 million, a 14.5% increase over the $7.8 million charged off during the same quarter of fiscal 2003. As a percentage of average loans receivable, net charge-offs increased to 15.7% on an annualized basis for three months ended December 31, 2003, from 15.3% annualized for the prior year quarter. The increase in the charge-off percentages is also partially due to the change in the mix of the loan portfolio as previously mentioned. Higher yielding small loans generally have higher loss ratios. Management does not currently believe that loan losses will continue to rise significantly above the most recent quarterly levels; however, the Company can give no assurance that loan losses will not continue to increase, and such further increases would negatively affect the Company`s financial performance.

General and administrative expenses for the quarter ended December 31, 2003, increased by $2.6 million, or 11.7% over the same quarter of fiscal 2003. This increase is due primarily to 46 net new offices opened or acquired between December 31, 2002 and December 31, 2003. Overall, general and administrative expenses as a percent of total revenues decreased from 57.5% during the quarter ended December 31, 2002 to 56.6% during the most recent quarter. The ratio of general and administrative expenses to total revenue is generally highest during our third fiscal quarter due to the large increase in advertising expenditures relating to the direct mail sent during the busy and important holiday lending season. This ratio is lowest during our fourth fiscal quarter due to the stabilization of expense combined with a large increase in revenue during this period. The revenue increase results from the higher loan balances outstanding during this quarter, the high volume of repayments in the January through March period and the fees generated from our tax preparation program.

Interest expense decreased by $179,000, or 15.2%, as a result of the continued reduction in interest rates during the last two years as well as due to a 10.9% decrease in average debt outstanding when comparing the two quarterly periods.

The Company`s effective income tax rate remained unchanged at 35.5% when comparing the two quarters.

Net income rose to $4.6 million during the three months ended December 31, 2003, a 37.3% increase over the $3.4 million earned during the corresponding three-month period of the previous year. Diluted earnings per share rose by only 21.1% when comparing the two quarterly periods. This lower percentage increase in diluted earnings per share is due to the increased shares outstanding resulting from the exercise of stock options as well as an increase in the dilutive effect of the remaining outstanding options based on the higher trading price of the Company`s common stock during the current fiscal year.

Comparison of Nine Months Ended December 31, 2003,

Versus Nine Months Ended December 31, 2002

For the nine-month period ended December 31, 2003, net income amounted to $16.3 million. This represents a $3.7 million, or 29.0%, increase when comparing the two nine-month periods. Operating income (revenues less the provision for loan losses and general and administrative expenses) increased by $5.2 million, or 22.8%, over the two periods. This increase was in addition to a decrease in interest expense, offset by an increase in income taxes.

Total revenues amounted to $126.2 million during the current nine-month period, an increase of $16.2 million, or 14.8%, over the prior-year period. This increase resulted from increases in interest and fee income of 13.8%, insurance commissions of 20.9% and other income of 21.0%. The increase in interest and fee income resulted from the increase in average loans receivable of 13.0% when comparing the two nine-month periods. Revenues from the 435 offices open throughout both nine-month periods increased approximately 9.9%.

Table of Contents

The provision for loan losses increased by $4.2 million, or 17.2%, during the current nine-month period when compared to the same period of fiscal 2003. This increase resulted primarily from an increase in loan losses over these two periods. Net charge-offs increased to $24.4 million during the nine-months ended September 31, 2002, a $3.6 million, or 17.5%, increase over the $20.8 million charged-off during the December 31, 2002 period. As a percentage of average loans receivable, annualized net charge-offs rose to 15.0% during the current period from 14.5% during the same period of fiscal 2003.

General and administrative expenses increased by $6.8 million, or 10.9%, over the two nine-month periods. This increase resulted from the 46 net new offices added during the 12 month period ending December 31, 2003. As a percent of total revenues, general and administrative expenses decreased from 57.1% during the nine month of fiscal 2003 to 55.2% during the most recent period. Additionally, excluding the expenses associated with ParaData, overall general and administrative expenses, when divided by the average open offices, increased by 5.0% when comparing the two-nine month periods.

Interest expense decreased by $461,000 when comparing the two nine-month periods, a decrease of 13.6%. This reflects the decrease in interest rates during the past two years.

The effective income tax rate remained unchanged at 35.5% during the two nine-month periods.

Liquidity and Capital Resources

The Company`s primary ongoing cash requirements relate to the funding of new offices and acquisitions, the overall growth of loans outstanding, the repayment of long-term indebtedness and the repurchase of its common stock. The Company has financed these requirements through a combination of cash flow from operations and borrowings from its institutional lenders. The Company believes that cash flow from operations and borrowings under its revolving credit facility will be adequate to fund its currently expected cost of opening or acquiring new offices, including funding initial operating losses of new offices and funding loans receivable originated by those offices and the Company`s other offices, and the scheduled repayment of the senior subordinated notes. Management is not currently aware of any trends, demands, commitments, events or uncertainties that it believes will result in, or are reasonably likely to result in the Company`s liquidity increasing or decreasing in any material way. From time to time, the Company has needed and obtained, and expects that it will continue to need on a periodic basis, an increase in the borrowing limits under its revolving credit facility. The Company has successfully obtained such increases in the past and anticipates that it will be able to do so in the future as the need arises; however, there can be no assurance that this additional funding will be available (or available on reasonable terms) if and when needed.

As the Company`s gross loans receivable increased from $173.6 million at March 31, 2000 to $266.8 million at March 31, 2003, net cash provided by operating activities for fiscal years 2001, 2002 and 2003 was $31.9 million, $48.3 million and $55.1 million, respectively.

The Company repurchased 1,623,549 shares in fiscal 2003 for an aggregate purchase price of $12,000,000. The Company believes stock repurchases to be a viable component of the Company`s long-term financial strategy and an excellent use of excess cash when the opportunity arises.

[Mannerl]

ein Vorzeigeunternehmen!

...

[betterthantherest]

Wie man`s nimmt.

Ich denke die machen ihr Geld mit armen Schluckern, da sie nur Kredite bis 3000,00$ vergeben.

So wie ich die Amerikaner sehe, wird das Geld in den Konsum gesteckt und da sind die Leute dann selber schuld, wenn sie für ihre Kredite sauber abgezockt werden.

[Mannerl]

also so was wie ein Pfandhaus...

...

und wenn Du nicht bezahlen ich kommen , aber nicht um trinken Kaffee mit dir...

[Mannerl]

oder ...

eine andere Art der Kreditkarte

...

klingt schon besser

[betterthantherest]

Ich denke die Kunden von WRLD können von Kreditkarten nur träumen.

[Mannerl]

also doch mehr wie 38

[betterthantherest]

zu #41

Was meinst du damit?

[Mannerl]

man vergibt Geld an Leuten die woanders keins mehr bekommen!

...

[betterthantherest]

Stock Screen
Swimming With Sharks

By Jack Hough
March 1, 2004

Note: This column was originally published on SmartMoney Select, our premium, subscription-based website. To access this and other content from SmartMoney Select on a daily basis, click here to start your FREE TRIAL now!

WHO KNEW LENDING could be so exciting. Shares of one Greeneville, S.C.-based provider of small, sub-prime loans are up a whopping 151% during the past 52 weeks, compared with a 36% rise for the S&P 500 index.

Even more astounding is what Wall Street is saying now about this high-rise stock: not much. Its shares, in fact, turned up recently on our Unheard Of Screen.

Our Unheard Of screen searches for companies that are undervalued and under-recognized. For the undervalued part, we use the price/earnings growth, or PEG, ratio to compare companies` P/E ratios to their earnings-growth rates. And to figure out which companies are under-recognized, we simply look for those covered by relatively few analysts.

Most of our screens demand more analyst coverage rather than less, since each additional earnings estimate makes the consensus more reliable. But remember: when analysts initiate coverage of a company with a favorable opinion on its stock, its share price often rises. This screen, then, trades off a little consensus reliability for a lot of profit potential.

Just three analysts, for example, contribute to the earnings consensus for Stage Stores (STGS), the Houston-based clothing retailer featured in our Dec. 4 Unheard Of screen (see Staging a Comeback. But that hasn`t stopped its shares from tacking on 28% since then, compared with 3% for the S&P 500.

We recently searched again through under-charted waters using our stock-screening tool. We scanned 8,200 companies for those with coverage by at least two analysts, but no more than four. And we looked for PEG ratios of less than 1.0, a telltale sign of cheap growth. Debt for all of our survivors had to be manageable, and consensus earnings estimates had to be on the rise. See the recipe to the right for details on all of our criteria. Our search turned up 10 companies, including World Acceptance Corp. (WRLD).

World Acceptance makes more than a million loans per year, through 470 offices in the southern United States. Customers typically have limited access to mainstream credit sources like, say, banks. Either their credit is poor, they`re poor, or both.

Essentially, World Acceptance works like a pawn shop without the electric guitars for collateral. Loans, including advances on tax-returns and paychecks, range from $130 to $3,000, and average $725. They`re payable in monthly installments over anywhere from four to 15 months. Default rates are fairly high-about 15% of the loan portfolio is charged off each year CHECK-but the interest rates are high enough to make Tony Soprano blush, running from 24% up to 205%.

Now`s a good time to remind readers that we Stock Screeners steadfastly ignore ethical considerations. After all, one investor`s gouger of the poor is another`s noble lender of last resort. In our Sept. 5 Rocket Fuel screen (see Pawn Star), for example, we highlighted the strong fundamentals of First Cash Financial, and left up to readers the question of "whether the pawn-broking and payday-loan businesses provide customers with a helping hand or a kick in the pants." (Shares of First Cash are up 55% since then, compared with the S&P 500`s 12%.) The same thinking applies here, so we`d understand if you took this opportunity to exit out of your browser and go do TK.

World Acceptance`s third-quarter results, reported Jan. 20, showed earnings rising 37% year-over-year to $4.6 million, or 23 cents per share, matching analysts` expectations. Revenues increased 13% to $44.3 million. The company loaned a record $270 million in 372,000 transactions, and notes it has seen a slight shift to smaller — and more profitable — loans.

World Acceptance chief executive Doug Jones isn`t subtle when talking about the high rates. "Basically, all of our loans are priced at the maximum allowed by states," said Jones on the earnings conference call. He says that makes his customer base less price sensitive than that of traditional lenders, which tends to keep demand steady when interest rates rise.

Not that rising rates wouldn`t hurt the bottom line. World Acceptance borrows almost all of the money it lends to others at variable rates. It has about $100 million in such loans outstanding, so each 1% rise in interest rates would cost the company an extra $1 million in interest expense. "If the company believes we may be faced with that . . . we`ll use interest rate swaps or some other insurance to protect ourselves," says Jones. "At this point we do not believe that`s necessary."

Needless to say, borrowing at multi-decade-low interest rates and lending at the fattest ones permissible**BY WHO? STATE LENDING REGULATORS?** makes World Acceptance quite profitable. Its trailing 12-month operating margin is 24%, compared with 21% for the financial services industry.

And World Acceptance compares just as well with respect to valuation. Its shares trade at 13 times 2004 earnings, on par with the industry. But Acceptance is projected to increase earnings by 15% annually over the next five years, faster than peers` 12%. That gives the stock a PEG of 0.87, cheaper than the group`s 1.08 or the S&P 500`s 1.76.

You won`t find World Acceptance recommended to borrowers in a consumer finance story at SmartMoney.com anytime soon. The interest rates it charges will make you broke, fast. But its seemingly cheap shares offer an opportunity to put those rates to work for you, rather than against you.

[Mannerl]

minus 10 %


World Acceptance Corporation Reports Record Fourth Quarter


GREENVILLE, S.C., Apr 27, 2004 /PRNewswire-FirstCall via COMTEX/ -- World
Acceptance Corporation (Nasdaq: WRLD) today reported strong growth in revenue
and record net income for its fourth fiscal quarter and year ended March 31,
2004.

"Revenues for the fourth quarter rose 15.9% to $52.9 million due to increased
loan volume, higher fees generated from tax preparation services and more
offices in operations," stated Douglas R. Jones, President and CEO of World
Acceptance Corporation. "Our record net income of $12.4 million, or $0.63 per
diluted share, in the fourth quarter benefited from our revenue growth, combined
with lower interest rates and lower net charge-offs as a percentage of average
loans. Our fourth quarter is the most profitable for the Company because
customer balances are typically at their highest level following the Christmas
season, customer repayments increase due to factors such as income tax refunds,
and fees generated from our tax preparation services are at seasonal high during
the key tax filing months of January through March."

Net income for the fourth quarter rose 21.8% to $12.4 million, or $0.63 per
diluted share, compared with $10.2 million, or $0.57 per diluted share, for the
same quarter of the prior year. Total revenues for the quarter increased 15.9%
to $52.9 million from $45.7 million for the prior year quarter.

Gross loans outstanding amounted to $310.1 million at March 31, 2004, a 16.3%
increase over the $266.8 million in balances outstanding at March 31, 2003.

Several key return ratios remained very high during the quarter. The Company`s
return on average assets (annualized) was 18.7% and the annualized return on
average equity was 33.5%. Total general and administrative expenses as a percent
of total revenues increased slightly to 50.3% during the most recent quarter
compared to 50.2% during the prior year fourth quarter.

"We continue to work on improving loan quality," continued Mr. Jones. "We had
solid progress in this area as evidenced by the decrease in our ratio of net
charge-offs as a percentage of average net loans to 13.6% in the current quarter
from 14.4% during the fourth quarter ended March 31, 2003."

Twelve-Month Results

For the fiscal year, net income was $28.8 million, or $1.49 per diluted share,
representing a 25.8% increase over the $22.9 million, or $1.25 per diluted
share, for the prior fiscal year. Total revenues for fiscal 2004 were $179.2
million, a 15.1% increase over the $155.7 million during the previous year.

During the 2004 fiscal year, the Company opened or acquired 60 offices and
closed four non-performing offices, leaving a total of 526 offices at March 31,
2004.

About World Acceptance

World Acceptance Corporation is one of the largest small-loan consumer finance
companies, operating 526 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.

Fourth Quarter Conference Call

The senior management of World Acceptance Corporation will be discussing these
results in its quarterly conference call to be held at 2:00 P.M. Eastern time
today. Interested parties may participate in this call by dialing
1-877-375-2162. A simulcast of the conference call is also available on the
Internet at www.firstcallevents.com/service/ajwz403812925gf12.html The call
will be available for replay on the Internet for approximately 30 days.

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 is not
responsible for updating the information contained in this press release beyond
the publication date, or for changes made to this document by wire services or
Internet services.







World Acceptance Corporation



Consolidated Statements of Operations

(unaudited and in thousands, except per share amounts)



Three Months Ended Years Ended

March 31, March 31,

2004 2003 2004 2003



Interest & fees $42,470 37,476 151,499 133,256

Insurance & other 10,458 8,195 27,653 22,415

Total revenues 52,928 45,671 179,152 155,671

Expenses:

Provision for loan losses 5,147 5,393 33,481 29,570

General and administrative

expenses

Personnel 18,137 15,463 62,696 55,538

Occupancy & equipment 2,860 2,460 10,183 9,027

Data processing 563 450 1,956 1,766

Advertising 1,219 890 7,093 5,755

Intangible amortization 573 556 2,265 2,172

Other 3,284 3,096 12,120 11,499

26,636 22,915 96,313 85,757

Interest expense 1,026 1,116 3,943 4,493

Total expenses 32,809 29,424 133,737 119,820

Income before taxes 20,119 16,247 45,415 35,851

Income taxes 7,670 6,028 16,650 12,987

Net income $12,449 10,219 28,765 22,864

Diluted earnings per share $0.63 0.57 1.49 1.25

Diluted weighted average shares

outstanding 19,773 18,047 19,347 18,305





Consolidated Balance Sheets

(unaudited and in thousands)



March 31, March 31,

2004 2003

ASSETS

Cash $4,314 4,022

Gross loans receivable 310,131 266,753

Less: Unearned interest & fees (73,603) (63,578)

Allowance for loan losses (17,261) (15,098)

Loans receivable, net 219,267 188,077

Property and equipment, net 9,274 8,298

Intangible assets 15,514 14,599

Other assets 13,600 13,321

$261,969 228,317



LIABILITIES AND SHAREHOLDERS` EQUITY

Liabilities:

Notes payable 95,032 102,532

Accounts payable and accrued

expenses 10,357 9,744

Total liabilities 105,389 112,276

Shareholders` equity 156,580 116,041

$261,969 228,317





Selected Consolidated Statistics

(dollars in thousands)



Three Months Ended Years Ended

March 31, March 31,

2004 2003 2004 2003



Expenses as a percent of total

revenues:

Provision for loan losses 9.7% 11.8% 18.7% 19.0%

General and administrative

expenses 50.3% 50.2% 53.8% 55.1%

Interest expense 1.9% 2.4% 2.2% 2.9%



Average gross loans receivable $318,094 $280,203 $292,110 $257,595



Average loans receivable $241,116 $212,584 $221,240 $195,148



Loan volume $190,385 $163,056 $878,049 $763,810



Net charge-offs as percent of

average loans 13.6% 14.4% 14.7% 14.6%



Return on average assets 18.7% 17.2% 11.7% 10.4%



Return on average equity 33.5% 37.0% 21.5% 22.2%



Offices opened (closed) during

the period, net 10 0 56 29



Offices open at end of period 526 470 526 470

SOURCE World Acceptance Corporation



CONTACT: Sandy McLean, Chief Financial Officer of World Acceptance

Corporation, [phone]



URL: www.firstcallevents.com/service/ajwz403812925gf12.html

http://www.prnewswire.com


Copyright (C) 2004 PR Newswire. All rights reserved.





KEYWORD: South Carolina

INDUSTRY KEYWORD: FIN

SUBJECT CODE: ERN

[betterthantherest]

Der starke Kursrückgang, trotz der hervorragenden Zahlen, ist dem Umstand zu verdanken, dass ich vor kurzem meinen Bestand noch einmal aufgestockt habe.

Spaß bei Seite. Natürlich machen sich die Anleger Gedanken wegen möglicherweise steigender Zinsen. Dadurch reagieren beinahe alle, Zins reagiblen Werte derzeit negativ. Kurzzeitig kann es dabei durchaus zu Belastungen kommen, jedoch dürften steigende Zinsen auf lange Sicht zu einer Vergrößerung der erzielbaren Margen führen.

Ich bin nach wie vor zuversichtlich was WRLD anbetrifft und werden die niedrigeren Kurse zu weiteren Zukäufen nützen. Mein Anlagehorizont erstreckt sich über mehrere Jahre und ist somit nicht abhängig von kurzfristigen Kursschwankungen.

[betterthantherest]

Der Bekanntheitsgrad steigt.



Press Release Source: Standard & Poor`s

World Acceptance Corp. Added to S&P SmallCap 600 Index
Thursday May 13, 5:32 pm ET

NEW YORK, May 13 /PRNewswire/ -- World Acceptance Corp. (Nasdaq: WRLD - News) will replace Salton Inc. (NYSE: SFP - News) in the S&P SmallCap 600 after the close of trading on Monday, May 17, 2004. As of close of trading on Thursday, May 13, Salton had a market capitalization of approximately $31 million, ranking 600th in the Index. Standard & Poor`s will monitor this transaction, and post any relevant updates on its website: www.standardandpoors.com.

World Acceptance, a small loan consumer finance business, offers short-term loans and credit insurance to individuals in 11 states. Headquartered in Greenville, SC, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Consumer Finance Sub-Industry Index.

[Mannerl]

...und deswegen steigt "der Wert" einer Firma anscheinend über Nacht um über 8 % !!!!

[betterthantherest]

Zu #48

Das ist einer der Gründe, warum ich davon überzeugt bin, dass man mit kleineren Unternehmen viel mehr Geld verdienen kann, als es mit größeren je möglich wäre.

Erfolgreich müssen sie natürlich schon sein, aber dann tritt ein Automatismus ein.

Als Beispiel sei hier Bijou Brigitte genannt. Anfangs handelte es sich hierbei mit Sicherheit um ein Unternehmen für engagierte Anleger. Die öffentliche Aufmerksamkeit war gering. Zwischenzeitlich hat sich das geändert. Die Berichterstattung hat dramatisch zugenommen und immer mehr Anleger sind auf den Zug aufgesprungen. Ab einer gewissen Größe werden solche Unternehmen auch für Fonds interessant, welche zumeist Restriktionen unterliegen. Zum Beispiel keine Firmen unter einer Marktkapitalisation von 500 Mio. zu kaufen. Ist zwar Schwachsinn, aber es ist so.
Fangen diese Institutionen erst mal zu kaufen an, so sind extreme Kurssprünge zu beobachten. Bei Bijou wechseln inzwischen große Pakete mit auch schon mal 1000 Aktien den Besitzer und ich nehme an, dass es sich bei den Käufern nicht mehr um Privatanleger handelt.

Das Ganze zeigt mir, es macht Sinn nach kleinen erfolgreichen Unternehmen zu suchen. Es ist dann nur noch eine Frage der Zeit bis diese in den Blickpunkt der Öffentlichkeit geraten und dann ist richtig Kohle drin.

[betterthantherest]

Da WRLD keine Dividenden ausschüttet, ist der Kauf eigener Aktien ein gutes Mittel den Wert der verbleibenden Stücke zu steigern. Bei einem PE Ratio von knapp über zwölf erscheint mir der derzeit gezahlte Preis auch nicht zu hoch. Eigentlich wären mir niedrigere Kurse auch ganz recht gewesen, da ich gerne noch mal so richtig nachgefasst hätte.


Press Release Source: World Acceptance Corporation

World Acceptance Corporation Expands Stock Repurchase Plan
Friday May 28, 11:07 am ET

GREENVILLE, S.C.--(BUSINESS WIRE)--May 28, 2004--World Acceptance Corporation (NASDAQ/NM:WRLD - News) announced that its Board of Directors has authorized the repurchase of its outstanding common stock at an aggregate price not to exceed $10 million. This is in addition to the $5 million previously authorized which has recently been spent. Since March 31, 2004, 303,000 shares have been repurchased at an average price per share of $16.48.

World Acceptance Corporation purchases shares through open market or privately negotiated transactions, subject to market conditions. The share repurchase program does not include specific price targets or timetables. The program may be discontinued at any time.

[betterthantherest]

Ein weiteres Quartal mit einer erfreulichen Entwicklung. Der Gewinnzuwachs kann sich sehen lassen.


Press Release Source: World Acceptance Corporation

World Acceptance Corporation Reports Record First Quarter Results
Wednesday July 21, 8:30 am ET

GREENVILLE, S.C.--(BUSINESS WIRE)--July 21, 2004--World Acceptance Corporation (Nasdaq/NM:WRLD - News) today reported record revenue, net income and loans for its first fiscal quarter ended June 30, 2004.

Net income for the first quarter rose 29.5% to $7.3 million, or $.37 per diluted share, compared to $5.6 million, or $.30 per diluted share, for the same quarter of the prior year. Total revenues for the quarter increased 17.9% to $47.5 million from $40.3 million for the prior year quarter.

Gross loans outstanding increased to $334.6 million at June 30, 2004, a 19.6% increase over the $279.8 million in balances outstanding at June 30, 2003, and a 7.9% 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 D.R. Jones, President 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 decreased from both the prior quarter and from the same quarter of the prior fiscal year."

Interest expense decreased by 0.2% when compared to the first quarter of last year while average total debt outstanding increased 2.3% over the two quarterly periods. Net charge-offs as a percent of average net loans were 12.5% on an annualized basis for the quarter ended June 30, 2004, compared with 13.4% for the quarter ended June 30, 2003. Total general and administrative expenses as a percent of total revenues continued its year over year improvement to 55.6% during the most recent quarter compared to 56.2% during the prior year quarter.

Operating income (revenues less the provision for loan losses and general and administrative expenses) increased 28.3% to $12.4 million during the most recent quarter from $9.7 million in the prior year quarter.

Return on average assets (annualized) increased to 10.8% in the first quarter compared with 9.7% in the same quarter last year. Annualized return on average equity remained high at 18.6%, slightly down from the first quarter of the prior year.

During the first three months of the fiscal year, the Company opened or acquired 19 offices and closed one non-performing office, leaving a total of 544 offices at June 30, 2004. World Acceptance had 15% more offices in operation at the end of the first quarter of fiscal 2004 than at the same point of the prior year.

World Acceptance Corporation is one of the largest small-loan consumer finance companies, operating 544 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.

[MrRipley]

sehr interessant, das hier

R.R.

[betterthantherest]

zu #52

Finde ich auch.

Sofern man sich bei WRLD keine groben Fehler erlaubt, dürfte das Wachstum so munter weitergehen.

Platz gibt es in den Staaten noch genug.

[Mannerl]

MrRipley, better hat schon immer kleine aber feine Firmen entdeckt!

MFG
Mannerl, der noch nie in Kanada war!

[betterthantherest]

@Mannerl,

dann solltest du dir Kanada unbedingt mal ansehen. Ich war bisher nur im westlichen Teil unterwegs, da ich mit dem von den Franzosen dominierten Osten nicht so viel anfangen kann.

Die Mitte Kanadas ist ein wenig öde. Dort gibt es viel zu viel Landwirtschaft. Am schönsten finde ich Alberta und British Columbia. Highlights sind der Banff National Park und der Jasper National Park.

Wir waren bereits mehrere Male in Kanada und sind erstaunlich freundlich aufgenommen worden. Man bekommt sehr schnell, sehr engen Kontakt zu den Leuten.

[betterthantherest]

MrRipley hat wohl zugeschlagen.

Heute plus 6,8%.

Nicht schlecht.

[MrRipley]

leider (noch?) nicht

Gibts es eigentlich etwas an dem Unternehmen auszusetzen(im Hinblick auf die sharholder)?

Auf den ersten Blick scheint ja fast alles zu stimmen
Vom Dollarisiko mal abgesehen

[betterthantherest]

Was mich Anfangs etwas gestört hat, war der etwas dick aufgetragene Name. Ist so ähnlich, wie wenn sich ein User betterthantherest nennt. Der Name hat mich davon abgehalten, bei 7,00$ richtig viel Geld in diese Aktie zu stecken, im Nachhinein natürlich ein Fehler. Inzwischen habe ich nicht mehr ganz so günstig aufgestockt.

Neben dem Dollarrisiko, könnte man sich noch von steigenden Zinsen abschrecken lassen, jedoch gehe ich davon aus, dass mit steigenden Zinsen auch die Margen größer werden. Somit sollten sich die Gewinne eher erhöhen, anstatt zu sinken.

An Kunden dürfte es WRLD eigentlich in den nächsten Jahren nicht mangeln und das Ausfallrisiko sehe ich, wegen der Absicherung der Kredite, als begrenzt an.

Das Geschäft ist jahreszeitlichen Schwankungen unterworfen. So wird wohl das meiste Geld so um die Weihnachtszeit herum verliehen.

Der Kurs der Aktie ist teils größeren Schwankungen unterworfen, welche man jedoch zu seinen Gunsten ausnützen kann.

Sollte der Kurs noch einmal stark fallen, so findet man mich mit Sicherheit auf der Käuferseite. Im Augenblick würde ich eher mit einem Kursrückgang rechnen, denn mit steigenden Kursen. Wäre aber nicht das erste Mal, dass ich mich mit meiner Einschätzung, was den Kursverlauf betrifft, täuschen würde.

[Lemmingway]

haben die eigentlich Schulden oder leihen die sich ebenfalls das Geld von den Notenbanken?

Lw

Mich juckt es an den Fingern, was WAC angeht.

[betterthantherest]

Das Geld stammt offensichtlich von einem Bankenkonsortium.

"The Company has a $152.0 million base credit facility with a syndicate of banks."

Die Aussage stammt aus dem letzten Annual Report.


Der außergewöhnlich hohe Eigenkapitalanteil bei WRLD ist schon sehr auffallend.

In der Finanzbranche kommen derartige Konstellationen so gut wie nicht vor.


Ich halte für WRLD stets ein wenig Geld bereit, um weitere Zukäufe tätigen zu können.
Der Kurs ist oft hohen Schwankungen unterworfen und bietet immer wieder günstige Einstiegschancen.

[Mannerl]

World Acceptance
(Nasdaq: WRLD) reports Q2 earnings of $0.36 per share, 1 cent worse than
estimates. Revenues came in at $49.8 million versus the consensus of $49
million.

[Mannerl]

World Acceptance Corporation Reports Record Second Quarter Income


GREENVILLE, S.C., Oct 18, 2004 (BUSINESS WIRE) -- World Acceptance Corporation
(NASDAQ/NM:WRLD) today reported higher revenue, net income and loans for its
second fiscal quarter ended September 30, 2004.

Net income for the second quarter rose 13.2% to $6.9 million, or $0.36 per
diluted share, compared with $6.1 million, or $0.32 per diluted share, for the
same quarter of the prior year. Total revenues for the quarter increased 19.4%
to $49.8 million from $41.7 million for the prior year quarter.

"World Acceptance`s record results for the second quarter were due to increased
loan demand, improved operating leverage and the contribution of offices
acquired since last year," stated Douglas R. Jones, President and CEO of World
Acceptance Corporation. "At the end of the quarter, we acquired 17 offices with
loan portfolios totaling $9.7 million. These offices will increase our market
presence in Texas and Kentucky and we believe that these investments in the
first half of the fiscal year should pay benefits in the upcoming growth season
quarter and on into the future."

Gross loans outstanding increased to $349.4 million at September 30, 2004, a
23.3% increase over the $283.5 million in balances outstanding at September 30,
2003, and a 12.7% increase since the beginning of the fiscal year. Two
acquisitions were completed effective September 30, 2004, including 10 offices
and $2.9 million in gross loans receivable in Texas and seven offices and $6.8
million in gross loans in Kentucky. The acquisitions had no effect on operating
results for the quarter.

Net charge-offs as a percentage of average loans outstanding declined to 15.4%
during the most recent quarter compared with 16.0% during the three month period
ending September 30, 2003. "We continue to make progress in reducing
charge-offs," stated Mr. Jones. "We normally experience a seasonal increase in
our charge-offs in the second quarter compared to our first quarter due to
vacations by both our employees and our customers and this year followed a
similar pattern. For the first six months of this fiscal year, our charge-off
rate declined to 14.0% from 14.7% in the same period of last year."

Operating income (revenues less the provision for loan losses and general and
administrative expenses) increased to $11.9 million and 24.0% of revenues during
the most recent quarter compared to $10.4 million and 24.9% of revenues during
the corresponding quarter of the prior year.

Several key return ratios remained very high during the quarter, as the return
on average assets (annualized) amounted to 9.7% and the annualized return on
average equity was 17.0%. This compares with a 10.4% return on assets and a
19.0% return on equity for the quarter ended September 30, 2003.

Six-Month Results

For the first six months of the fiscal year, net income was $14.2 million, or
$0.73 per diluted share, representing a 21.0% increase over the $11.7 million,
or $0.62 per diluted share, for the prior year six-month period. Total revenues
for the first six months of fiscal 2005 were $97.2 million, an 18.7% increase
over the $81.9 million during the corresponding period of the previous year.

During the first six months of the fiscal year, the Company opened or acquired
50 offices and closed one non-performing office, leaving a total of 575 offices
at September 30, 2004.

About World Acceptance

World Acceptance Corporation is one of the largest small-loan consumer finance
companies, operating 575 offices in 12 states. It is also the parent company of
ParaData Financial Systems, a provider of computer software solutions for the
consumer finance industry.

[betterthantherest]

Hallo Mannerl,

jetzt bist du mir glatt überall zuvorgekommen.

Bei WRLD sieht es wirklich gut aus. Wenn das so weitergeht wird diese Aktie noch ein riesen Geschäft.

[Mannerl]

der Markt hat dies gestern aber nicht so toll aufgenommen!

[betterthantherest]

Sell on good news.

Da muss man drüberstehen.

Ich bin nach wie vor von WRLD überzeugt und es wäre mir eigentlich ganz recht, käme der Kurs noch viel stärker zurück.

Ich würde gerne noch mehr Aktien kaufen.

[MrRipley]

ich behalte sie stark im Auge

Wenn ich richtig gelesen habe waren die Gewinne 1Cent unter den Erwartungen?

R.R.

[farang03]

...unter den Erwartungen klingt für mich nicht so nicht kaufanreizig...

[betterthantherest]

Wenn sich die Aktie in spätestens fünf Jahren verdoppelt hat, denkt kein Mensch mehr an den einen Cent.

[betterthantherest]

Hier gehts auch weiter nach oben.

29-Nov-04 Price hit new 52-week high ($26.60)
26-Nov-04 Price hit new 52-week high ($26.25)
11-Nov-04 Price hit new 52-week high ($25.52)