GREENVILLE, SC / ACCESSWIRE / January 13, 2022 / World Acceptance Corporation (NASDAQ:WRLD) celebrates its 30th anniversary as a publicly traded company.
World Acceptance Corporation is a people-focused finance company that provides personal loan and tax preparation solutions in more than 1,200 World Finance branches and helps more than one million people each year turn their financial possibilities into reality.
Starting in 1962 with four Greenville, S.C. offices, World grew to more than 172 offices in five states before completing an initial public offering on the Nasdaq stock exchange in 1991, setting up the company for three decades of growth, innovation and success.
Notable advances since World's IPO include:
- A reputation of being one of the largest people-focused non-prime lenders in the US, helping over 90,000 new customers annually establish credit, and over 225,000 customers annually improve their credit score out of deep subprime or subprime into more mainstream credit options.
- Winning numerous Top Workplace awards across the country for its strong, people-centered culture and its organizational health - including the only SC-based company to be named a Top Workplaces USA winner in 2021.
- Robust operations growth, including expanding the branch network from 172 offices1 in five states and600 Team Members in 1991, to more than 1,2002 offices across 16 states and 3,200 Team Members nationwide today servicing over 1.1M customers each year.
- 12%+ Loan Portfolio Compound Annual Growth Rate (CAGR) over 30 years, increasing from $44.6M to $1.4B.
- 15.7% Net Income CAGR over 30 years, increasing from $1.1M4 to $88.2M FY'21.2
- 2021 year-end stock price of $245.43; a 10,800% increase or 16.9% CAGR over 30 years where an initial $10,000 investment yielded over $1,000,000.
"We aim to set ourselves apart as the financial partner with heart, offering customer-focused services with a commitment to our community," said Chad Prashad, President and CEO. "We recognize that no one is immune to financial setbacks, and we are proud to serve as a lifeline for people in need of financial assistance. Nothing makes our team prouder than to see a customer improve their credit score, graduate out of debt and better their financial outlook."
Over the last 30 years, World has continued to emphasize giving back to the communities in which it's rooted. In the past few years alone, World has donated over $140k to non-profit organizations, mostly in support of children and education. World has also implemented a "Culture of Caring" to support its 3,200 team members with diverse benefits and support programs such as the World Acceptance Foundation, which aides team members affected by natural disasters. World is proud to be recognized regularly by state and national workplace recognition programs, including Top Workplaces USA and seven regional Top Workplaces awards.
"It's an honor to reflect on the past 30 years and the impressive progress that has been made since World Acceptance Corporation became a public company. With all its intentional growth and success, our strategic focus has always been on the best interests of our customers, shareholders, Team Members, and communities," said Ken Bramlett, Board chair. "This has never been more true than it is today as we continue to pursue priorities that improve the overall financial wellness of our customers, support our communities, encourage our Team Members and provide value for our shareholders."
World primarily serves an underbanked demographic with little or no access to credit and makes those customers its top priority. During the past 30 years, World has served millions of individuals with its personal loan solution and tax services. A recent study of World's FY 2021 new borrowers found that the company helped 82% of performing new customers improve out of deep sub-prime in their first year.
Looking ahead to next 30 years, World will continue to focus on priorities that help customers unlock their financial good, give back to the community, support the broader World team, and provide value for shareholders.
About World Acceptance Corporation
Since 1962, World Acceptance Corporation (NASDAQ: WRLD) has helped millions of people unlock their "financial good." World aids customers in overall financial wellness, celebrating the hundreds of thousands of customers able to achieve mainstream credit each year. Headquartered in Greenville, SC, World reaches over one million customers annually - turning their financial possibility into reality through services like personal loans and tax preparation. With over 1,200 branches in 16 states, World is proudly rooted in the communities it serves. World sets itself apart as the financial partner with heart, offering an ever-expanding menu of customer-focused services and a commitment to teamwork, community, and care.
1Securities and Exchange Commission Form S-1 (filed September 20, 1991) split adjusted
4World Acceptance Corporation 1992 Annual Report
SOURCE: World Acceptance Corporation (World Finance)