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Copart Achieves Record Third Quarter Profitability

    BENICIA, Calif.--May 29, 2001--Copart, Inc. today reported results for the third fiscal quarter and first nine months that ended April 30, 2001.
    Copart earned net income of $11,485,200 in the third quarter of fiscal 2001, generating a 33% increase in earnings per share to $.20 per diluted share on revenues of $71,480,600. The Company had net income of $8,336,100, or $.15 per diluted share, on revenues of $53,801,200 for the same period in fiscal 2000.
    For the first nine months of fiscal 2001, Copart earned net income of $29,753,600, or $.53 per diluted share, on revenues of $185,258,300. Copart reported net income of $21,266,900, or $.38 per diluted share, on revenues of $138,715,000 for the same period in fiscal 2000.
    "We are very pleased with the results for the quarter," said A. Jayson Adair, Copart's President. "Earnings were ahead of expectations thanks to strong performance from existing stores. Our 26% same-store sales growth is being driven by the better results and services suppliers get at Copart. For example, our fleet now consists of more than 500 trucks. This fleet allows us to provide our suppliers and buyers with unparalleled transportation services that are simply not available at our major competitors. On any given day, we pick up and deliver thousands of vehicles, usually within 24-hours of request.
    "On April 3, we announced the new trade name of our public automobile auctions in Detroit, MI and Chesapeake, VA -- Motors Auction Group, or MAG. This is a business that we have studied thoroughly and built systems for over the last few years. We have a new website at www.4mag.com where the public can view the cars for sale. In addition, we have Internet bidding on the 4mag site similar to what's available for salvage buyers on Copart.com."
    The Company is also making public its diluted earnings per share forecasts for the fourth quarter and the next fiscal year. For the fourth quarter ending July 31, 2001, earnings are currently forecasted to be between 20 and 22 cents. For the next fiscal year ending July 31, 2002, the current forecast is for EPS between 90 and 93 cents.


                             Copart, Inc.
                         Financial Highlights
           (in thousands, except per share and other data)

                                           Three Months Ended April 30,
                                                  2001        2000
Consolidated Statements of Income Data     ---------------------------

Revenues                                        $ 71,481    $ 53,801

Operating costs and expenses:
 Yard and fleet                                   43,210      33,762
 General and administrative                        5,588       4,017
 Depreciation and amortization                     3,603       2,915
  Total operating expenses                        52,401      40,694
  Operating income                                19,080      13,107

Other income (expense):
 Interest income, net                                136         179
 Other income                                         54         263
  Total other income                                 190         442
  Income before income taxes                      19,270      13,549

Income taxes                                       7,785       5,213
  Net income                                    $ 11,485    $  8,336

Basic net income per share                      $    .21    $    .15

Weighted average shares outstanding               55,073      53,915

Diluted net income per share                    $    .20    $    .15

Weighted average shares and dilutive
 potential common shares outstanding              56,902      56,465

Other Data

Gross proceeds (000)                           $ 293,664   $ 241,184


                             Copart, Inc.
                   Financial Highlights -- Continued
           (in thousands, except per share and other data)

                                            Nine Months Ended April 30,
                                                2001           2000
Consolidated Statements of Income Data      --------------------------

Revenues                                     $ 185,258      $ 138,715

Operating costs and expenses:
 Yard and fleet                                112,689         85,760
 General and administrative                     14,288         11,326
 Depreciation and amortization                  10,433          8,406
  Total operating expenses                     137,410        105,492
  Operating income                              47,848         33,223

Other income (expense):
 Interest income, net                              662            755
 Other income                                      837            602
  Total other income                             1,499          1,357
  Income before income taxes                    49,347         34,580

Income taxes                                    19,593         13,313
  Net income                                  $ 29,754       $ 21,267

Basic net income per share                    $    .54       $    .40

Weighted average shares outstanding             54,777         53,779

Diluted net income per share                  $    .53       $    .38

Weighted average shares and dilutive
 potential common shares outstanding            56,394         56,019

Other Data
Gross proceeds (000)                         $ 774,925      $ 615,137
Number of auction facilities                        82             76



                                        April 30, 2001   July 31, 2000 
Consolidated Balance Sheet Data (000)   --------------   -------------

Cash & cash equivalents                     $  18,103       $  12,165 
Working capital                             $  56,852       $  54,042 
Total assets                                $ 310,010       $ 262,324 
Total debt                                  $   8,285       $   8,555
Shareholders' equity                        $ 252,789       $ 219,890