Copart Reports First Quarter 2008 Financial Results

FAIRFIELD, Calif. December 6, 2008: Copart, Inc. today reported the results for the quarter ended October 31, 2008, the first quarter of its 2009 fiscal year.

For the three months ended October 31, 2008, revenue, operating income and net income were $191.6 million, $59.5 million and $37.3 million, respectively. This represents an increase in revenue of $7.6 million, or 4.1%, an increase in operating income of $2.9 million or 5.0% and a decrease in net income of $0.4 million, or 0.9%, over the same quarter last year. Fully diluted earnings per share (EPS) for the three months were $0.44 compared to $0.41 last year, an increase of 7.3%.

For the quarter, revenues for North America and the United Kingdom were $152.2 and $39.4 million, respectively. The increase in revenue in North America of 8.5% was driven by growth in same store sales of 6.7%. The decline in UK revenue of 10.0% was attributable solely to the change in the currency exchange rate between the USD (United States Dollar) and the GBP (Great Britain Pound). The UK revenue expressed in GBP was up 1.9% over the same quarter last year. The Company first entered the market in the United Kingdom through an acquisition in the fourth quarter of fiscal 2007.

On Thursday, December 4, 2008, at 11 a.m. Eastern time, Copart will conduct a conference call to discuss the results for the quarter. The call will be webcast live at INVESTOR CALENDAR. A replay of the call will be available through January 3, 2009 by calling (888) 203-1112. Use confirmation code #1495672.