Business
World Acceptance Corporation Reports Fiscal 2020 Second Quarter Results
GREENVILLE, S.C.--(BUSINESS WIRE)-- World Acceptance Corporation (NASDAQ: WRLD) today reported financial results for its second fiscal quarter and six months
About this update from World Acceptance Corporation
[{"type":"text","content":" GREENVILLE, S.C.--(BUSINESS WIRE)--\nWorld Acceptance Corporation (NASDAQ: WRLD) today reported financial results for its second fiscal quarter and six months ended September 30, 2019.\n\n\nPortfolio results\n\n\nAs previously disclosed, we sold our Mexico operations effective July 1, 2018. As a result of the sale, we have classified the Mexico business as discontinued operations, and the US business as continuing operations on the statements of operations for the applicable periods.\n\n\nGross loans outstanding in the US, which are reported as continuing operations, increased to $1.27 billion as of September 30, 2019, a 13.1% increase from the $1.13 billion of gross loans outstanding as of September 30, 2018. This is compared to a 10.0% increase for the comparable period ended September 30, 2018. Year-to-date, the gross loans outstanding in the US increased 13.0% as of September 30, 2019, compared to an increase of 12.2% for the comparable period ended September 30, 2018.\n\n\nOur customer base increased by 11.8% year-over-year as of September 30, 2019, compared to 7.0% growth for the twelve months ended September 30, 2018. Year-to-date, our customer base increased 10.7% from March 31, 2019, compared to an increase of 8.3% for the same period ended September 30, 2018. During the quarter ended September 30, 2019, the number of unique borrowers in the portfolio increased by 4.8% compared to an increase of 5.5% during the quarter ended September 30, 2018.\n\n\nAs of September 30, 2019, we had 1,234 branches open. For branches open for both years, same store gross loans increased 11.3% in the twelve months ended September 30, 2019, compared to a 10.0% increase for the same period ended September 30, 2018. For branches open in both years, the customer base on September 30, 2019, increased 9.3% year-over-year compared to a 6.5% increase for the twelve months ended September 30, 2018. Additionally, for the branches open for both years, the average customer base per store increased by 8.3% year-over-year.\n\n\nSecond quarter refinance loan volume increased 12.1% over the same quarter of the prior year compared to a 2.6% increase in the second quarter of fiscal 2019 over the same quarter of the prior year. This is the largest refinance loan volume in the second quarter since fiscal 2015. Second quarter former customer loan volume incre...