Copart Achieves Record Profitability for Q4 and Fiscal 2001
BENICIA, Calif.--Sept. 17, 2001--Copart, Inc. today reported record profits for the fourth quarter and fiscal year ended July 31, 2001.Copart earned net income of $12,931,400 in the fourth quarter of fiscal 2001, generating a 53% increase in earnings per share over Q4 2000 to $.23 per diluted share on revenues of $68,631,200. In the fourth quarter of fiscal 2000, Copart earned net income of $8,161,900, or $.15 per diluted share, on revenues of $51,327,100.
For fiscal 2001, Copart earned net income of $42,685,000, or $.76 per diluted share, on revenues of $253,889,400. Copart reported net income of $29,429,100, or $.53 per diluted share, on revenues of $190,042,300 for fiscal 2000.
"We are very pleased with our performance this quarter and for the year," said A. Jayson Adair, Copart's president. "Fiscal 2001 revenues grew by 34% and annual earnings per share grew by 43% compared to last year thanks to strong same-store sales growth and the contribution from new stores. In the fourth quarter, same-store sales grew by 27%, and they increased by a record 31% for the entire fiscal year."
On Tuesday, September 18, 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 www.vcall.com. A replay of the call will be available through September 21, by calling (800) 216-3090.
The Company is also making public its diluted earnings per share forecasts for the first quarter and the new fiscal year. For the first quarter ending October 31, 2001, earnings are currently forecasted to be approximately 20 cents. For the new fiscal year ending July 31, 2002, the current forecast is for EPS of approximately 93 cents.
Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage vehicles through auctions, principally to licensed dismantlers, rebuilders and used vehicle dealers. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company operates 87 facilities in 38 states. It also provides services in other locations through its national network of independent salvage vehicle processors.
Copart, Inc. Financial Highlights (in thousands, except per share and other data) Three Months Ended July 31, 2001 2000 ---------------------------------------------------------------------- Consolidated Statements of Income Data Revenues $ 68,631 $ 51,327 -------- -------- Operating costs and expenses: Yard and fleet 39,363 30,937 General and administrative 5,082 4,324 Depreciation and amortization 3,917 3,073 -------- -------- Total operating expenses 48,362 38,334 -------- -------- Operating income 20,269 12,993 -------- -------- Other income (expense): Interest income, net 342 336 Other income 1,086 65 -------- -------- Total other income 1,428 401 -------- -------- Income before income taxes 21,697 13,394 -------- -------- Income taxes 8,766 5,232 -------- -------- Net income $ 12,931 $ 8,162 ======== ======== Basic earnings per share $ .23 $ .15 ======== ======== Weighted average shares outstanding 55,237 54,262 ======== ======== Diluted earnings per share $ .23 $ .15 ======== ======== Weighted average shares and dilutive potential common shares outstanding 57,209 56,222 ======== ======== Other Data Gross proceeds (000) $ 279,244 $229,762 Number of auction facilities 84 76 Copart, Inc. Financial Highlights - 2 (in thousands, except per share and other data) Fiscal Year Ended July 31, 2001 2000 ---------------------------------------------------------------------- Consolidated Statements of Income Data Revenues $ 253,889 $ 190,042 --------- --------- Operating costs and expenses: Yard and fleet 152,052 116,697 General and administrative 19,370 15,650 Depreciation and amortization 14,350 11,479 --------- --------- Total operating expenses 185,772 143,826 --------- --------- Operating income 68,117 46,216 --------- --------- Other income (expense): Interest income, net 1,004 1,091 Other income 1,923 667 --------- --------- Total other income 2,927 1,758 --------- --------- Income before income taxes 71,044 47,974 --------- --------- Income taxes 28,359 18,545 --------- --------- Net income $ 42,685 $ 29,429 ========= ========= Basic earnings per share $ .78 $ .55 ========= ========= Weighted average shares outstanding 54,893 53,901 ========= ========= Diluted earnings per share $ .76 $ .53 ========= ========= Weighted average shares and dilutive potential common shares outstanding 56,410 55,807 ========= ========= Other Data Gross proceeds (000) $ 1,054,169 844,899 Number of auction facilities 84 76 July 31, July 31, 2001 2000 ---------------------------------------------------------------------- Consolidated Balance Sheet Data (000) Cash & cash equivalents $ 15,245 $ 12,165 Working capital $ 69,411 $ 54,042 Total assets $ 316,635 $ 262,324 Total debt $ 712 $ 8,555 Shareholders' equity $ 269,152 $ 219,890