World Acceptance Corporation Reports Fiscal 2020 Fourth Quarter Results

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[{"type":"text","content":" GREENVILLE, S.C.--(BUSINESS WIRE)-- World Acceptance Corporation (NASDAQ: WRLD) today reported financial results for its fourth fiscal quarter and twelve months ended March 31, 2020.\n\nPortfolio results\n\n\nWe ended fiscal year 2020 amid growing concerns about the pandemic spreading across the country. By mid-March 2020, a majority of states had begun taking measures to reduce the spread of the novel coronavirus which continues to impact many of our customers. Our teams acted quickly to protect and assist our customers and communities during this time of uncertainty. Below, we'll discuss operational results for the quarter and fiscal year ended March 31, 2020, and the impact of the COVID-19 pandemic.\n\n\nGross loans outstanding in the US, which are reported as continuing operations, increased to $1.21 billion as of March 31, 2020, a 7.3% increase from the $1.13 billion of gross loans outstanding as of March 31, 2019. This is compared to a 12.3% increase for the comparable period ended March 31, 2019. Excluding the direct impact of acquisitions for each period, gross loans increased 9.1% year-over-year as of March 31, 2020, compared to 11.0% for the comparable period ended March 31, 2019.\n\n\nOur customer base increased by 5.1% year-over-year as of March 31, 2020, compared to 9.4% growth for the twelve months ended March 31, 2019. Excluding the direct impact of acquisitions for each period, the customer base increased 7.2% year-over-year as of March 31, 2020, compared to 7.1% for the comparable period ended March 31, 2019. During the quarter ended March 31, 2020, the number of unique borrowers in the portfolio decreased by 9.0% compared to a decrease of 7.2% during the quarter ended March 31, 2019.\n\n\nAs of March 31, 2020, we had 1,243 branches open. For branches open throughout both years, same store gross loans increased 5.6% in the twelve months ended March 31, 2020, compared to a 12.2% increase for the same period ended March 31, 2019. For branches open in both years, the customer base on March 31, 2020, increased 2.9% year-over-year compared to a 8.8% increase for the twelve months ended March 31, 2019.\n\n\nFourth quarter loan volumes and trends were negatively impacted beginning in mid-March due to the spread of COVID-19 and its related impact, including school and business closures and stay-at-home orders across ma...

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