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World Acceptance Corporation Reports Record First Quarter

GREENVILLE, S.C. July 27, 2011

$20.2 million $18.7 million $1 $1.14 $939.1 million $824.9 million

Mexico Sandy McLean

$123.2 million $110.4 million

$96.1 million $107.3 million $15.8 million $14.3 million $1.1 million

$939.1 million June 30, 2011 $824 June 30, 2010

June 30, 2011

Total general and administrative expenses increased slightly to 52.4% of total revenues compared with 51.9% during the first quarter of the prior fiscal year.  

June 30, 2011

About World Acceptance Corporation

Mexico

First Quarter Conference Call

10:00 a.m. Eastern time http://www.videonewswire.com/event.asp?id=80563 www.streetevents.com

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

Condensed Consolidated Statements of Operations

(unaudited and in thousands, except per share amounts)

Three Months Ended

June 30,

2011

2010

Interest & fees

$

107,348

$

96,071

Insurance & other

15,808

14,327

Total revenues

123,156

110,398

Expenses:

Provision for loan losses

22,839

19,698

General and administrative expenses

Personnel

44,635

39,734

Occupancy & equipment

8,219

7,189

Advertising

2,783

2,462

Intangible amortization

433

507

Other

8,443

7,406

64,513

57,298

Interest expense

3,384

3,354

Total expenses

90,736

80,350

Income before taxes

32,420

30,048

Income taxes

12,238

11,334

Net income

$

20,182

$

18,714

Diluted earnings per share

$

1.27

$

1.14

Weighted average shares outstanding (diluted)

15,918

16,446

Condensed Consolidated Balance Sheets

(unaudited and in thousands)

June 30,

March 31,

June 30,

2011

2011

2010

ASSETS

Cash

9,802

$

8,031

$

6,284

Gross loans receivable

939,077

875,046

824,941

Less: Unearned interest & fees

(252,819)

(228,974)

(217,573)

Allowance for loan losses

(50,420)

(48,355)

(44,106)

Loans receivable, net

635,838

597,717

563,262

Property and equipment, net

23,680

23,366

23,031

Deferred tax benefit

14,742

14,480

11,837

Goodwill

5,635

5,634

5,654

Intangibles

6,257

6,365

7,243

Other assets

8,873

10,804

7,834

704,827

$

666,397

$

625,145

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities:

Notes payable

247,244

187,430

218,447

Income tax payable

17,833

13,098

16,111

Accounts payable and accrued expenses

19,709

23,294

19,472

Total liabilities

284,786

223,822

254,030

Shareholders’ equity

420,041

442,575

371,115

704,827

$

666,397

$

625,145

Selected Consolidated Statistics

(dollars in thousands)

Three Months Ended

June 30,

2011

2010

Expenses as a percent of total revenues:

Provision for loan losses

18.5%

17.8%

General and administrative expenses

52.4%

51.9%

Interest expense

2.7%

3.0%

Average gross loans receivable

$ 906,330

$ 796,368

Average loans receivable

$ 665,256

$ 588,022

Loan volume

$ 702,592

$ 627,785

Net charge-offs as percent of average loans

12.5%

12.5%

Return on average assets (trailing 12 months)

13.7%

13.0%

Return on average equity (trailing 12 months)

22.7%

22.3%

Offices opened (closed) during the period, net

20

20

Offices open at end of period

1087

1010

SOURCE World Acceptance Corporation

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