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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