World Acceptance Corp. (NASDAQ:WRLD) Q3 2016 Earnings Conference Call - Final Transcript

Jan 28, 2016 • 10:00 am ET


World Acceptance Corp. (NASDAQ:WRLD) Q3 2016 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the World Acceptance Corporation sponsored Third Quarter Press Release Conference Call. This call is being recorded. At this time, all participants have been placed on listen-only mode. Before we begin the Corporation has requested that I make the following announcement.

The comments made during this conference call may contain certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that represents the Corporation's expectations and beliefs concerning future events. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties. Statements other than those of historical facts, as well as those identified by the words anticipate, estimate, intend, plan, expect, believe, may, will and should or any variation of the foregoing and similar expressions are forward-looking statements.

Additional information regarding forward-looking statements and any factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements are included in the paragraph discussing forward-looking statements, in today's earnings press release and in the risk factors section of the Corporation's most recent Form 10-K for the fiscal year ended March 31, 2015 and subsequent reports filed with or furnished to the SEC from time-to-time.

The Corporation does not undertake any obligation to update any forward-looking statements it makes. At this time, it is my pleasure to turn the floor over to your host, Janet Lewis Matricciani, CEO. Please go ahead.

Janet Lewis Matricciani

Thank you. And welcome to everyone to our earnings call for quarter three of fiscal year 2016. I assume that everyone on the line, has had a chance to read our earnings release. As now, I will not read that or repeat the information that's within it. As I did last earnings call and as will be usual going forward, I'll add some details on our recent activities and successes beyond what is written in our earnings report.

During the last quarter, we've made several changes to our business activities. In order to improve our performance and to focus on our customers. The most significant change to our business practices, is that we've have ceased all field calls. Both at customers place of work and place of residence. So we no longer do, any field calls. We've also ceased all phone calls to our customer's place of work, for collection activities.

This is part of our strategy to be best-in-class in industry practices, in all our activities. And we believe, this cessation is necessary in the current regulatory environment, in which we operate. We cannot yet say, what the impact of this change will be, since we only made it company-wide, in mid-December. But to the extent, that the change negativity impacts delinquencies and charge-offs, we hope to mitigate some of the impact by implementing a more optimized phone call strategy for collections and by better underwriting in the future.

And this change also increases our efficiency of our branch team because they're now together all day in the branches except