World Acceptance Corporation Reports Record Second Quarter

GREENVILLE, S.C., Oct. 29 /PRNewswire-FirstCall/ --- World Acceptance
Corporation (Nasdaq: WRLD) today reported record financial results for its
second fiscal quarter ended September 30, 2009.

Net income for the second quarter rose 46.9% to $14.6 million compared with
$9.9 million for the same quarter of the prior year. Net income per diluted
share increased 48.3% to $0.89 in the second quarter of fiscal 2010 compared
with $0.60 in the prior year quarter. Net income for the quarter ended
September 30, 2008, was originally reported as $10.7 million, or $0.65 per
share, and was subsequently revised due to a change in accounting principle
for the Company's convertible notes.

Total revenues increased to $104.2 million in the second quarter of fiscal
2010, a 13.6% increase over the $91.7 million reported in the second quarter
last year. The primary driver for the growth in revenue was a 13.6% increase
in average net loans. Gross loans outstanding increased 13.1% to $754.9
million at September 30, 2009, up from $667.2 million at September 30, 2008.

"I am very pleased with World Acceptance's strong growth in revenue and net
income in the second quarter," stated Sandy McLean, CEO. "While we do not
expect quarter over quarter net income gains in coming quarters to be as high
as this quarter, our improved second quarter results continued our excellent
first quarter's performance and benefited from increased loan balances
outstanding, ongoing focus on expense control, and close management of credit
risks. In addition, loan demand remains strong as loan volume increased 14.7%
compared to the prior year second fiscal quarter."

"The Company has also benefited from a slight improvement in its credit losses
during the quarter," continued Mr. McLean. "Our net charge-offs decreased to
16.2% of average net loans on an annualized basis during the quarter compared
with 17.0% in the second quarter of last year, while 61+ days past due loans
on a recency basis remained flat at 3.3% at the end of both quarters."

The provision for loan losses rose 7.9% to $25.2 million in the second quarter
of fiscal 2010 compared with the second quarter of fiscal 2009. "We remain
focused on monitoring our loan portfolio in light of the difficult economy and
we believe that our allowance for loan losses is adequate based on the current
outlook," noted Mr. McLean.

The Company's general and administrative expenses decreased from 52.7% of
total revenues to 49.7% during the current fiscal quarter. The improvement
benefited from the strong growth in revenues and reduced start-up costs
associated with a lower number of branch openings in the second quarter of
2010 compared with the prior year. World Acceptance opened 17 new offices in
the second quarter of 2010 compared with 35 offices in the same quarter last
year.

Other key return ratios for the second quarter included a 10.3% return on
average assets (annualized) and an annualized return on average equity of
18.2%.

Six-Month Results

For the first six-months of the fiscal year, net income rose 37.4% to $29.2
million compared with $21.3 million for the six months ended September 30,
2008. Fully diluted net income per share rose 38.8% to $1.79 in fiscal 2010
compared with $1.29 for the first six months of fiscal 2009. The fiscal 2009
results were restated from net income of $22.7 million and $1.37 per dilutive
share due to a change in accounting principle.

Total revenues for the first six-months of fiscal 2010 rose 13.5% to $204.4
million compared with $180.1 million during the corresponding period of the
previous year. Net charge-offs increased $3.1 million, or 8.3%, compared to
the prior year first six-months. Annualized net charge-offs as a percent of
average net loans were 15.1% compared to 15.8% during the prior year six-month
period.

During the first six-months of the fiscal year, the Company opened 23 offices
and closed 1 office, resulting in a total of 966 offices at September 30,
2009.

About World Acceptance Corporation

World Acceptance Corporation is one of the largest small-loan consumer finance
companies, operating 966 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.

Second 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
1-877-780-3379, passcode 4696758. A simulcast of the conference call is also
available on the Internet at http://tinyurl.com/ykxryad 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 the following: the continuation or
worsening of adverse conditions in the global and domestic credit markets and
uncertainties regarding, or the impact of governmental responses to those
conditions; changes in interest rates; risks inherent in making loans,
including repayment risks and value of collateral, which risks may increase in
light of adverse or recessionary economic conditions; recently-enacted or
proposed legislation; the timing and amount of revenues that may be recognized
by the Company; changes in current revenue and expense trends (including
trends affecting delinquencies and charge-offs); changes in the Company's
markets and general changes in the economy (particularly 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 Six Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----

Interest & fees $91,540 $80,054 $176,608 $156,403
Insurance & other 12,666 11,667 27,828 23,739
------ ------ ------ ------
Total revenues 104,206 91,721 204,436 180,142
Expenses:
Provision for loan losses 25,156 23,307 45,584 41,164
General and administrative
expenses
Personnel 33,912 31,200 70,203 64,516
Occupancy & equipment 7,113 6,478 13,817 12,532
Data processing 494 581 1,028 1,170
Advertising 2,449 2,532 4,821 5,241
Intangible amortization 568 623 1,133 1,224
Other 7,219 6,965 14,086 12,486
----- ----- ------ ------
51,755 48,379 105,088 97,169
Interest expense 3,617 3,892 6,727 7,501
----- ----- ----- -----
Total expenses 80,528 75,578 157,399 145,834
------ ------ ------- -------
Income before taxes 23,678 16,143 47,037 34,308
Income taxes 9,066 6,197 17,790 13,019
----- ----- ------ ------
Net income $14,612 $9,946 $29,247 $21,289
======= ====== ======= =======
Diluted earnings per share $0.89 $0.60 $1.79 $1.29
===== ===== ===== =====
Diluted weighted average
shares outstanding 16,418 16,493 16,370 16,535
====== ====== ====== ======

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

Sept. 30, March 31, Sept. 30,
2009 2009 2008
---- ---- ----
ASSETS
Cash $7,287 $6,260 $8,070
Gross loans receivable 754,854 671,176 667,179
Less: Unearned interest &
fees (198,899) (172,743) (175,251)
Allowance for loan losses (43,682) (38,021) (38,121)
------- ------- -------
Loans receivable, net 512,273 460,412 453,807
Property and equipment, net 23,121 23,060 22,970
Deferred income taxes 12,975 12,251 12,630
Goodwill 5,581 5,581 5,384
Intangibles 8,046 8,988 9,927
Other assets 10,249 9,542 9,286
------ ----- -----
$579,532 $526,094 $522,074
======== ======== ========

LIABILITIES AND SHAREHOLDERS'
EQUITY
Liabilities:
Notes payable 222,265 197,041 241,235
Income tax payable 4,761 11,413 368
Accounts payable and
accrued expenses 23,680 21,305 16,406
------ ------ ------
Total liabilities 250,706 229,759 258,009
Shareholders' equity 328,826 296,335 264,065
------- ------- -------
$579,532 $526,094 $522,074
======== ======== ========

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

Three Months Ended Six Months Ended
September 30, September 30,
------------------ ---------------
2009 2008 2009 2008
---- ---- ---- ----
Expenses as a percent
of total revenues:
Provision for loan losses 24.1% 25.4% 22.3% 22.9%
General and administrative
expenses 49.7% 52.7% 51.4% 53.9%
Interest expense 3.5% 4.2% 3.3% 4.2%

Average gross
loans receivable $744,099 $653,671 $719,910 $634,097

Average loans receivable $547,482 $482,130 $530,906 $468,318

Loan volume $556,201 $484,806 $1,109,550 $945,457

Net charge-offs as
percent of average loans 16.2% 17.0% 15.1% 15.8%

Return on average assets 10.3% 7.8% 10.5% 8.5%

Return on average equity 18.2% 15.5% 18.7% 16.8%

Offices opened (closed)
during the period, net 17 35 22 69

Offices open at end of period 966 907 966 907

SOURCE World Acceptance Corporation

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