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