WORLD ACCEPTANCE CORP

World Acceptance Corporation reported a significant increase in net income and earnings per share for the first quarter of fiscal 2027. Net income rose to $6.11 million, up from $1.58 million in the prior year period, with diluted EPS increasing to $1.33. Total revenues also saw an uptick, reaching $139.2 million. The company also noted a revision of prior period financial statements due to an accounting error in revenue recognition for Refund Assurance Plan fees, which was deemed immaterial.

World Acceptance Corporation reported its first quarter fiscal 2027 results, with adjusted net income of $9.7 million, or $2.12 per diluted share, and total revenues increasing 4.8% to $139.2 million. Gross loans outstanding grew 2.3% to $1.29 billion, and delinquency rates improved. The quarter included $4.6 million in CEO transition-related expenses, impacting GAAP net income, and the company noted a decrease in new customer loan volume due to tightened underwriting, with plans to carefully increase new customer lending in coming quarters.

World Acceptance Corporation expanded its revolving credit facility by $15.0 million through an Accordion Increase with Investar Bank, National Association. This action increased the total aggregate commitments under the Revolving Credit Agreement from $640.0 million to $655.0 million. The new commitment is on pari passu terms with existing obligations and required an upfront fee of 0.15% of the increased amount.

WORLD ACCEPTANCE CORP filed Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended March 31, 2026. The amendment was filed solely to refile Exhibit 23.1, the Consent of Independent Registered Public Accounting Firm, to include references to additional Form S-8 registration statements that were inadvertently omitted from the original filing. The filing also includes Section 302 certifications, with paragraphs 3, 4, and 5 omitted as no financial statements or related disclosures were amended.

World Acceptance Corporation provided an overview of its business operations for fiscal year 2026. The company operated 1,009 branches across 16 states, with a gross loan balance of $1.28 billion as of March 31, 2026. Installment loans were the primary revenue driver, contributing 82.9% of total revenues, while tax preparation services generated $40.4 million in net revenue from approximately 91,000 returns. The company also merged 15 branches during the fiscal year for efficiency.

Janet L. Matricciani's role as Interim President and CEO of World Acceptance Corporation terminated effective June 3, 2026. Her departure was amicable, and she will receive a severance package including accrued salary, unused vacation, a $350,000 cash inducement award, continued base salary through April 12, 2027, vested restricted stock, and COBRA premiums. Concurrently, J. Tobin Turner, the current Executive Vice President and Chief Operating Officer, has been designated as the Company's Principal Executive Officer for SEC reporting purposes, effective June 3, 2026.

World Acceptance Corporation entered into a Consent and Limited Modification to its Fixed Charge Coverage Ratio covenant with Bank of Montreal and other lenders. The required ratio will be temporarily lowered for three fiscal quarters: 2.20:1.0 for March 31, 2026; 2.10:1.0 for June 30, 2026; and 2.15:1.0 for September 30, 2026. The covenant will revert to the original 2.25:1.0 starting December 31, 2026, providing the company with short-term financial flexibility.

WORLD ACCEPTANCE CORP reported Q4 FY2026 diluted EPS of $7.70, down from $8.13 in the prior year, with net income decreasing to $36.5 million. Total revenues for the quarter increased 7.4% to $177.6 million, driven by higher interest and fee income. Gross loans outstanding grew 4.4% to $1.28 billion, marking the third consecutive quarter of year-over-year growth, and delinquency rates improved. For the full fiscal year 2026, diluted EPS was $6.97, down from $16.30, while total revenues rose 3.7% to $585.7 million. The company repurchased 16.5% of its outstanding shares in fiscal 2026.

R. Chad Prashad resigned from his positions as President, Chief Executive Officer, and a member of the Board of Directors of World Acceptance Corporation, effective April 10, 2026. His departure is to pursue other opportunities and is not a result of any disagreement with the company. As part of a separation agreement, Mr. Prashad will receive a severance package including $1,260,000 in severance pay over 24 months and accelerated vesting of his outstanding time-based equity awards.