8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 24, 2008

WORLD ACCEPTANCE CORPORATION

(Exact name of registrant as specified in its charter)

South Carolina	0-19599	57-0425114
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

108 Frederick Street, Greenville, South Carolina	29607
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (864) 298-9800

n/a

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition; and

Item 7.01 Regulation FD Disclosure.

On April 24, 2008, World Acceptance Corporation ("WRLD") issued a press release announcing financial information for its fourth fiscal quarter and fiscal year ended March 31, 2008. The press release is attached as Exhibit 99.1 to this Form 8-K and is furnished to, but not filed with, the Commission.

Item 9.01 Financial Statements and Exhibits.

(d)   Exhibits.

Exhibit Number	Description of Exhibit
99.1	Press release issued April 24, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WORLD ACCEPTANCE CORPORATION

(Registrant)

Date: April 24, 2008

By:	/s/ Kelly M. Malson
	Kelly M. Malson
	Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description
99.1	Press Release dated April 24, 2008

EX-99.1

EXHIBIT 99.1

NEWS RELEASE   For Immediate Release

Contact: Kelly Malson

Chief Financial Officer

(864) 298-9800

WORLD ACCEPTANCE CORPORATION REPORTS

RECORD FOURTH QUARTER RESULTS

GREENVILLE, S.C. (April 24, 2008) - World Acceptance Corporation (NASDAQ: WRLD) today reported record financial results for its fourth fiscal quarter and fiscal year ended March 31, 2008.

Fourth Quarter Results

Net income for the fourth quarter rose 15.9% to $24.4 million compared with $21.0 million for the same quarter of the prior year. Net income per diluted share increased 23.1% from $1.17 for the prior year quarter to $1.44 in the current quarter. Growth in per share income for the quarter ended March 31, 2008, benefited from the Company’s ongoing share repurchase program, whereby, approximately 685,000 shares were repurchased during the quarter. Total revenues increased to $101.4 million, a 16.3% increase over the $87.2 million for the quarter ended March 31, 2007. Net fees from our tax preparation services increased by 18.1% to $9.1 million during the current quarter from $7.7 million during the fourth quarter of fiscal 2007.

“Our record quarterly results benefited from the large seasonal loan growth that we recorded in the third quarter and the increased demand for our tax preparation services in the fourth quarter,” stated Sandy McLean, Chairman and CEO of World Acceptance Corporation. “During the quarter, loan volume increased by 16.1% to $371.2 million from the prior year quarter, contributing to a 16.3% increase in total revenue.” Gross loans outstanding were $599.5 million at March 31, 2008, an 18.5% increase over the $505.8 million at March 31, 2007.

Total general and administrative expenses as a percent of total revenues were 47.0%, a decrease from the 48.2% during the fourth quarter of the prior fiscal year. Net charge-offs as a percent of average net loans on an annualized basis increased to 13.0% during the quarter from 11.8% during the prior year quarter. Mr. McLean also stated, “This quarter over quarter increase of 120 basis points on an annualized basis was consistent with the Company’s experience during the first three quarters of the fiscal year and brings the current charge-off ratios more in-line with historical levels. The Company’s management continues to monitor the Company’s loan portfolio in light of the softening economy and believes that the allowance is adequate based on current expectations.”

Year-End Results

For the year ended March 31, 2008, net income rose 10.6% to $53.0 million compared with $47.9 million in the prior fiscal year. Net income per diluted share rose 17.3% to $3.05, compared with $2.60, for the prior year fiscal period. Growth in per share income for the year ended March 31, 2008, also benefited from the Company’s ongoing share repurchase program. Approximately 1.4 million shares were repurchased during the fiscal year for a total aggregate price of $41.9 million. Our net income for the year was reduced by a $1.5 million addition to our third quarter tax provision as a result of a recent examination by a state that challenges the deductibility of certain inter-company interest payments. Although we intend to defend our position vigorously, it is too early at this time to predict the final resolution on this tax issue and any potential recovery of this extra tax provision. During fiscal 2008, the Company also recorded a $1.8 million loss associated with its interest rate swap, compared to a corresponding loss of $400,000 during fiscal 2007.

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WRLD Reports Record Fourth Quarter Results

April 24, 2008

Total revenues for fiscal 2008 were $346.0 million, an 18.4% increase over the $292.3 million during the previous year. Net charge-offs as a percent of average net loans were 14.5% compared with 13.3% during the prior year.

Key return ratios for the fiscal year included an 11.4% return on average assets and a 23.6% return on average equity.

During the fiscal year, the Company opened 95 offices, acquired 13 offices and merged or closed 2 offices, leaving a total of 838 offices at March 31, 2008. Mr. McLean stated, “We are excited about our growth in the current year and our plan is to open 70 offices in the United States and 25 offices in Mexico during the next fiscal year.”

About World Acceptance Corporation

World Acceptance Corporation is one of the largest small-loan consumer finance companies, operating 838 offices in eleven 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 1-877-852-6583. A simulcast of the conference call is also available on the Internet at 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, changes in the Company’s ability to open new offices as planned, 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.

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WRLD Reports Record Fourth Quarter Results

April 24, 2008

World Acceptance Corporation

Consolidated Statements of Operations 

(unaudited and in thousands, except per share amounts)

	Three Months Ended				Year Ended
	March 31,				March 31,
	2008		2007		2008		2007
Interest & fees	$	82,154	$	70,212	$	292,457	$	247,007
Insurance & other		19,263		16,958		53,590		45,311
Total revenues		101,417		87,170		346,047		292,318
Expenses:
Provision for loan losses		11,685		8,580		67,542		51,925
General and administrative expenses
Personnel		33,456		29,781		119,483		102,825
Occupancy & equipment		5,699		4,628		21,555		17,398
Data processing		578		539		2,112		2,160
Advertising		1,896		1,860		12,648		10,278
Intangible amortization		630		666		2,505		2,885
Other		5,369		4,557		20,916		18,081
		47,628		42,031		179,219		153,627
Interest expense		2,963		2,602		11,569		9,596
Total expenses		62,276		53,213		258,330		215,148
Income before taxes		39,141		33,957		87,717		77,170
Income taxes		14,749		12,919		34,721		29,274
Net income	$	24,392	$	21,038	$	52,996	$	47,896
Diluted earnings per share	$	1.44	$	1.17	$	3.05	$	2.60
Diluted weighted average shares outstanding		16,956		17,917		17,375		18,394

Consolidated Balance Sheets

(unaudited and in thousands)

	March 31,			March 31,
	2008			2007
ASSETS
Cash	$	7,590		$	5,779
Gross loans receivable		599,509			505,788
Less: Unearned interest & fees		(154,418	)		(127,750	)
Allowance for loan losses		(33,526	)		(27,840	)
Loans receivable, net		411,565			350,198
Property and equipment, net		18,654			14,310
Deferred tax benefit		22,133			14,507
Goodwill		5,353			5,040
Intangibles		9,997			11,060
Other assets		10,818			10,222
	$	486,110		$	411,116
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Notes payable		214,900			171,200
Income tax payable		18,039			8,016
Accounts payable and accrued expenses		18,866			16,408
Total liabilities		251,805			195,624
Shareholders' equity		234,305			215,492
		486,110			411,116

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WRLD Reports Record Fourth Quarter Results

April 24, 2008

Selected Consolidated Statistics 

(dollars in thousands)

	Three Months Ended						Year ended
	March 31,						March 31,
	2008			2007			2008			2007
Expenses as a percent of total revenues:
Provision for loan losses		11.5	%		9.8	%		19.5	%		17.8	%
General and administrative expenses		47.0	%		48.2	%		51.8	%		52.6	%
Interest expense		2.9	%		3.0	%		3.3	%		3.3	%
Average gross loans receivable	$	621,560		$	524,576		$	576,050		$	480,120
Average net loans receivable	$	460,594		$	391,747		$	426,524		$	358,047
Loan volume	$	371,200		$	319,747		$	1,733,614		$	1,455,122
Net charge-offs as percent of average loans		13.0	%		11.8	%		14.5	%		13.3	%
Return on average assets		19.4	%		19.6	%		11.4	%		12.5	%
Return on average equity		42.2	%		41.1	%		23.6	%		22.2	%
Offices opened (closed) during the period, net		7			1			106			112
Offices open at end of period		838			732			838			732

END

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