World Acceptance Corporation Reports Fourth Quarter Results

GREENVILLE, S.C., April 29 /PRNewswire-FirstCall/ -- World Acceptance
Corporation (Nasdaq: WRLD) today reported excellent financial results for its
fourth fiscal quarter and fiscal year ended March 31, 2009.

Net income for the fourth quarter rose 14.7% to $28.0 million compared with
$24.4 million for the same quarter of the prior year. Net income per diluted
share increased 19.4% from $1.44 in the prior year quarter to $1.72 in the
current quarter. The results for the 2009 fourth quarter included an
after-tax gain of $2.2 million, or $0.14 per diluted share, arising from the
Company's repurchase of $10 million face value of its 3% convertible
subordinated debt.

Total revenues increased to $113.9 million in the fourth quarter of fiscal
2009, a 12.3% increase over the $101.4 million reported in the fourth quarter
ended March 31, 2008. Gross loans outstanding increased 12.0% to $671.2
million at March 31, 2009, compared with $599.5 million at March 31, 2008.
The growth in loans was consistent with the Company's 12.5% increase in loan
volume from $371.2 million in the fourth quarter 2008 to $417.8 million in the
fourth quarter 2009.

"World Acceptance's outstanding results for the fourth quarter and fiscal year
resulted from increased loan demand, the contribution of new offices opened or
acquired, and continuing close management of credit risks during the weakening
economy, as well as non-recurring gains from credit transactions," stated
Sandy McLean, CEO. "We used our strong financial position to repurchase part
of the convertible debt on favorable terms for the Company. This had a
positive impact on our fourth quarter revenues while decreasing interest
expense in the near term. We expect the positive benefit of reduced interest
expense to be offset by increased cost of debt as we re-negotiate the terms of
our revolving credit facility in the first quarter of fiscal 2010.

"We remain focused on monitoring our loan portfolio in light of the difficult
economy," noted Mr. McLean. "Our current level of charge-offs is in line with
our expectations and we believe that our allowance for loan losses is adequate
based on the current outlook."

The provision for loan losses rose 26.8% to $14.8 million in the fourth
quarter of fiscal 2009, reflecting a higher level of charge-offs than the
Company has experienced in recent quarters. Charge-offs as a percent of
average net loans on an annualized basis increased 210 basis points to 15.1%
during the quarter from 13.0% during the prior year quarter. This increase
was consistent with the rise in charge-off ratio that the Company experienced
during the first three quarters of the fiscal year.

Total general and administrative expenses improved as a percent of total
revenues to 45.1% compared with the 47.0% during the fourth quarter of the
prior fiscal year. The Company also expanded its office network by opening an
additional 21 net new offices during the fourth quarter.

Year-End Results

For the year ended March 31, 2009, net income rose 14.5% to $60.7 million
compared with $53.0 million in the prior fiscal year.

Net income per diluted share rose 20.9% to $3.69, compared with $3.05, for the
prior year fiscal period.

Total revenues for fiscal 2009 were $393.7 million, a 13.8% increase over the
$346.0 million in fiscal 2008. Net charge-offs as a percent of average net
loans were 16.7% in fiscal 2009 compared with 14.5% during the prior year.

Key return ratios for the fiscal year included an 11.6% return on average
assets and a 23.5% return on average equity.

During the 2009 fiscal year, the Company opened 98 offices, acquired 11
offices and merged or closed 3 offices, leaving a total of 944 offices at
March 31, 2009.

About World Acceptance Corporation

World Acceptance Corporation is one of the largest small-loan consumer finance
companies, operating 944 offices in 11 states and Mexico. It is also the
parent company of ParaData Financial Systems, a provider of computer software
solutions for the consumer finance industry.

Fourth Quarter Conference Call

The senior management of World Acceptance Corporation will be discussing these
results in its quarterly conference call to be held at 10:00 a.m. Eastern time
today. Interested parties may participate in this call by dialing
1-877-718-5092, passcode 4707148. A simulcast of the conference call is also
available on the Internet at http://tinyurl.com/c683qu or
www.streetevents.com. The call will be available for replay on the Internet
for approximately 30 days.

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

Consolidated Statements of Operations
-------------------------------------
(unaudited and in thousands, except per share amounts)

Three Months
Ended Year Ended
March 31, March 31,
--------- ---------
2009 2008 2009 2008
---- ---- ---- ----

Interest & fees $90,170 $82,154 $331,454 $292,457
Insurance & other 23,737 19,263 62,251 53,590
------ ------ ------ ------
Total revenues 113,907 101,417 393,705 346,047
Expenses:
Provision for
loan losses 14,822 11,685 85,476 67,542
General and administrative
expenses
Personnel 34,458 33,456 130,674 119,483
Occupancy & equipment 6,554 5,699 25,577 21,555
Data processing 564 578 2,307 2,112
Advertising 2,738 1,896 13,067 12,648
Intangible amortization 611 630 2,455 2,505
Other 6,406 5,369 26,136 20,916
----- ----- ------ ------
51,331 47,628 200,216 179,219
Interest expense 2,373 2,963 10,389 11,569
----- ----- ------ ------
Total expenses 68,526 62,276 296,081 258,330
------ ------ ------- -------
Income before taxes 45,381 39,141 97,624 87,717
Income taxes 17,398 14,749 36,921 34,721
------ ------ ------ ------
Net income $27,983 $24,392 $60,703 $52,996
======= ======= ======= =======
Diluted earnings per share $1.72 $1.44 $3.69 $3.05
===== ===== ===== =====
Diluted weighted average
shares outstanding 16,293 16,956 16,464 17,375
====== ====== ====== ======

Consolidated Balance Sheets
---------------------------
(unaudited and in thousands)

March 31, March 31,
2009 2008
---- ----
ASSETS
Cash $6,260 $7,590
Gross loans receivable 671,176 599,509
Less: Unearned interest & fees (172,743) (154,418)
Allowance for loan losses (38,021) (33,526)
------- -------
Loans receivable, net 460,412 411,565
Property and equipment, net 23,060 18,654
Deferred tax benefit 16,983 22,133
Goodwill 5,581 5,353
Intangibles 8,988 9,997
Other assets 9,970 10,818
----- ------
$531,254 $486,110
======== ========

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Notes payable 208,310 214,900
Income tax payable 11,253 18,039
Accounts payable and accrued expenses 21,305 18,866
------ ------
Total liabilities 240,868 251,805
Shareholders' equity 290,386 234,305
------- -------
531,254 486,110
======= =======

Selected Consolidated Statistics
--------------------------------
(dollars in thousands)

Three Months Ended Year ended
March 31, March 31,
--------- ---------
2009 2008 2009 2008
---- ---- ---- ----

Expenses as a percent
of total revenues:
Provision for loan losses 13.0% 11.5% 21.7% 19.5%
General and administrative
expenses 45.1% 47.0% 50.9% 51.8%
Interest expense 2.1% 2.9% 2.6% 3.3%

Average gross loans receivable $692,429 $621,560 $658,587 $576,050

Average net loans receivable $512,894 $460,594 $486,776 $426,524

Loan volume $417,769 $371,200 $1,935,200 $1,733,614

Net charge-offs as percent of
average loans 15.1% 13.0% 16.7% 14.5%

Return on average assets 20.3% 19.4% 11.6% 11.4%

Return on average equity 40.6% 42.2% 23.5% 23.6%

Offices opened (closed) during
the period, net 21 7 106 106

Offices open at end of period 944 838 944 838

SOURCE World Acceptance Corporation

Kelly Malson, Chief Financial Officer, +1-864-298-9800, of World Acceptance
Corporation