2014 Q1 Form 10-Q Financial Statement

#000010838514000003 Filed on February 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2012 Q4
Revenue $158.7M $155.2M $149.6M
YoY Change -1.94% 3.71% 10.07%
Cost Of Revenue $5.700M $5.500M $4.400M
YoY Change 14.0% 25.0% 33.33%
Gross Profit $137.8M $154.9M $145.2M
YoY Change -12.12% 6.68% 9.5%
Gross Profit Margin 86.83% 99.81% 97.03%
Selling, General & Admin $56.50M $77.10M $74.50M
YoY Change -24.97% 3.49% 13.22%
% of Gross Profit 41.0% 49.77% 51.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.900M $1.700M $1.900M
YoY Change -9.52% -10.53% -5.0%
% of Gross Profit 1.38% 1.1% 1.31%
Operating Expenses $75.30M $124.0M $116.6M
YoY Change -21.97% 6.32% 10.33%
Operating Profit $62.50M $30.94M $28.60M
YoY Change 3.65% 8.17% 6.26%
Interest Expense $5.692M $5.546M $4.404M
YoY Change 13.89% 25.93% 31.93%
% of Operating Profit 9.11% 17.93% 15.4%
Other Income/Expense, Net
YoY Change
Pretax Income $62.60M $36.53M $33.04M
YoY Change 3.81% 10.56% 9.18%
Income Tax $23.58M $13.58M $12.37M
% Of Pretax Income 37.67% 37.17% 37.43%
Net Earnings $38.98M $22.95M $20.67M
YoY Change 2.84% 11.03% 5.58%
Net Earnings / Revenue 24.56% 14.79% 13.82%
Basic Earnings Per Share $3.80 $2.14 $1.61
Diluted Earnings Per Share $3.73 $2.10 $1.58
COMMON SHARES
Basic Shares Outstanding 10.94M shares 10.71M shares 12.84M shares
Diluted Shares Outstanding 10.95M shares 13.10M shares

Balance Sheet

Concept 2014 Q1 2013 Q4 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.60M $19.40M $17.20M
YoY Change 68.97% 12.79% 20.28%
Cash & Equivalents $38.34M $19.39M $17.17M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $792.2M
Other Receivables $0.00
Total Short-Term Assets $19.60M $19.40M $809.4M
YoY Change -97.33% -97.6% 10.66%
LONG-TERM ASSETS
Property, Plant & Equipment $24.83M $24.45M $24.10M
YoY Change 3.72% 1.43% 5.72%
Goodwill $5.967M $5.967M $5.896M
YoY Change 1.2% 1.2%
Intangibles $3.778M $4.013M $4.661M
YoY Change -18.31% -13.9%
Long-Term Investments
YoY Change
Other Assets $33.50M $39.10M $28.20M
YoY Change 13.95% 38.65% 36.89%
Total Long-Term Assets $830.4M $927.6M $74.78M
YoY Change 998.09% 1140.38% 14.7%
TOTAL ASSETS
Total Short-Term Assets $19.60M $19.40M $809.4M
Total Long-Term Assets $830.4M $927.6M $74.78M
Total Assets $850.0M $947.0M $884.2M
YoY Change 5.03% 7.11% 10.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.70M $28.60M $26.80M
YoY Change -3.48% 6.72% 18.06%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.20M $35.10M $32.00M
YoY Change -12.68% 9.69% 13.88%
LONG-TERM LIABILITIES
Long-Term Debt $505.5M $583.3M $492.7M
YoY Change 26.28% 18.39% 49.8%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $505.5M $583.3M $492.7M
YoY Change 26.28% 18.39% 49.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.20M $35.10M $32.00M
Total Long-Term Liabilities $505.5M $583.3M $492.7M
Total Liabilities $542.7M $618.4M $524.7M
YoY Change 22.52% 17.87% 46.97%
SHAREHOLDERS EQUITY
Retained Earnings $193.1M $222.7M $281.2M
YoY Change -30.3% -20.8%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $307.4M $328.6M $359.5M
YoY Change
Total Liabilities & Shareholders Equity $850.0M $947.0M $884.2M
YoY Change 5.03% 7.11% 10.99%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2012 Q4
OPERATING ACTIVITIES
Net Income $38.98M $22.95M $20.67M
YoY Change 2.84% 11.03% 5.58%
Depreciation, Depletion And Amortization $1.900M $1.700M $1.900M
YoY Change -9.52% -10.53% -5.0%
Cash From Operating Activities $71.00M $69.00M $61.80M
YoY Change -6.58% 11.65% 17.94%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M -$2.000M -$1.500M
YoY Change 11.11% 33.33% 0.0%
Acquisitions
YoY Change
Other Investing Activities $72.90M -$108.2M -$100.9M
YoY Change 41.28% 7.23% -0.88%
Cash From Investing Activities $70.90M -$110.2M -$102.4M
YoY Change 42.37% 7.62% -0.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -141.5M 46.20M 45.10M
YoY Change 7.36% 2.44% -13.77%
NET CHANGE
Cash From Operating Activities 71.00M 69.00M 61.80M
Cash From Investing Activities 70.90M -110.2M -102.4M
Cash From Financing Activities -141.5M 46.20M 45.10M
Net Change In Cash 400.0K 5.000M 4.500M
YoY Change -106.67% 11.11% 221.43%
FREE CASH FLOW
Cash From Operating Activities $71.00M $69.00M $61.80M
Capital Expenditures -$2.000M -$2.000M -$1.500M
Free Cash Flow $73.00M $71.00M $63.30M
YoY Change -6.17% 12.16% 17.44%

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CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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us-gaap Stock Repurchased During Period Value
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CY2013Q1 us-gaap Stockholders Equity
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366396259 USD
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CY2012Q1 us-gaap Stockholders Equity
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418875013 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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2800000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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3200000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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414000 USD
us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
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179000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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1630000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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1600000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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11970066 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2012Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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11203826 shares
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CY2013Q4 wrld Financing Receivable Bankruptcy
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CY2012Q4 wrld Financing Receivable Bankruptcy
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CY2013Q1 wrld Financing Receivable Bankruptcy
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CY2013Q4 wrld Financing Receivable Individually Evaluated For Impairment Unearned Interest And Fees
FinancingReceivableIndividuallyEvaluatedForImpairmentUnearnedInterestAndFees
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CY2012Q4 wrld Financing Receivable Individually Evaluated For Impairment Unearned Interest And Fees
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324730655 USD
CY2013Q1 wrld Financing Receivable Individually Evaluated For Impairment Unearned Interest And Fees
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CY2013Q4 wrld Financing Receivables Delinquent Excluding Bankruptcy
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33175053 USD
CY2012Q4 wrld Financing Receivables Delinquent Excluding Bankruptcy
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25205444 USD
CY2013Q1 wrld Financing Receivables Delinquent Excluding Bankruptcy
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23536170 USD
CY2013Q4 wrld Financing Receivables Less Than Ninety One Days Delinquent Excluding Bankruptcy
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1225131885 USD
CY2012Q4 wrld Financing Receivables Less Than Ninety One Days Delinquent Excluding Bankruptcy
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1152454989 USD
CY2013Q1 wrld Financing Receivables Less Than Ninety One Days Delinquent Excluding Bankruptcy
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1037605387 USD
CY2013Q4 wrld Gross Unrecognized Tax Benefits Expected To Be Resolved During Next12 Months Through Settlements With Taxing Authorities Or Expiration Of Statute Of Limitations
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1900000 USD
wrld Loans And Leases Receivable Average Loan Period
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P8M
wrld Net Assets Acquired From Acquisition Intangibles
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424192 USD
wrld Net Assets Acquired From Acquisition Intangibles
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281437 USD
wrld Net Assets Acquired From Acquisition Primarily Loans
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1263798 USD
wrld Net Assets Acquired From Acquisition Primarily Loans
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774549 USD
CY2013Q4 wrld Number Of Offices Purchased
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1 business_combination
CY2012Q4 wrld Number Of Offices Purchased
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CY2013Q4 wrld Number Of Offices Purchased And Merged Into Existing Offices
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6 asset_purchase
CY2012Q4 wrld Number Of Offices Purchased And Merged Into Existing Offices
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6 asset_purchase
CY2013Q4 wrld Number Of Subsidiaries Required To Be Assessed
NumberOfSubsidiariesRequiredToBeAssessed
2 foreign_subsidiary
wrld Original Fair Value Of Customer List For Office Acquisition Description
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less than $100,000
CY2013Q4 wrld Specified Period For Resolution Of Unrecognized Tax Benefits
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P12M
CY2013Q4 wrld Total Acquisitions
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9 acquisition
CY2013Q4 wrld Unearned Interest And Fees
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dei Amendment Flag
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false
dei Current Fiscal Year End Date
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--03-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000108385
CY2014Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
10935444 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
WORLD ACCEPTANCE CORP
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

Files In Submission

Name View Source Status
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0000108385-14-000003-index.html Edgar Link pending
0000108385-14-000003.txt Edgar Link pending
0000108385-14-000003-xbrl.zip Edgar Link pending
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Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
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wrld-12311310xq.htm Edgar Link pending
wrld-12312013ex311.htm Edgar Link pending
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wrld-20131231_pre.xml Edgar Link unprocessable