World Acceptance Corporation Reports Fiscal 2026 First Quarter Results

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 first quarter of fiscal 2026.\n\n\nFirst fiscal quarter highlights\n\n\nDuring its first fiscal quarter, World Acceptance Corporation grew outstanding loans by $38.7 million from March 31, 2025, compared to a slight decrease in outstanding loans in the first quarter of the prior year. Total delinquency on a recency basis decreased $15.9 million as compared to June 30, 2024, with loans 61 days or more past due on a recency basis decreasing $3.4 million compared to June 30, 2024, and $5.6 million compared to March 31, 2025. This loan growth and decrease in delinquencies positions us for higher revenue and lower charge-offs in the coming quarters.\n\n\nHighlights from the first quarter include:\n\n\n\nIncrease in total revenues to $132.5 million, including a 234 basis point yield increase compared to the same quarter in the prior year;\n\n\n\n\nSignificant decrease in loans 61 days or more past due on a recency basis from March 31, 2025;\n\n\n\n\nCustomer base increased by 4.0%; and\n\n\n\n\nDiluted net income per share of $0.25.\n\n\n\nOther events:\n\n\n\nThe Company entered a new three year senior secured asset based credit facility on July 22, 2025, which replaced its prior revolving credit facility and, among other things, increases aggregate commitments to $640 million and permits the Company to repurchase up to $100 million of Company stock for a period of one year, plus, over the term of the credit facility, 100% of Cumulative Net Income calculated commencing January 1, 2025, on an ongoing basis, subject to certain restrictions;\n\n\n\n\nThe Company's Board of Directors has approved a share repurchase program authorizing the repurchase of up to $100 million of its outstanding common stock inclusive of any amount that remains available for repurchase under prior authorizations; and\n\n\n\n\nThe Company's Board of Directors has approved the redemption of all outstanding 7.00% Senior Secured Notes due 2026 (the Notes) which will be made in accordance with the terms and conditions of the Notes and the indenture governing the Notes.\n\n\n\nPortfolio results\n\n\nGross loans outstanding were $1.26 billion as of June 30, 2025, a 0.8% decrease from the $1.27 billion of gross loans outstanding as of June 30, 202...

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