Copart Reports Third Quarter Financial Results
FAIRFIELD, Calif.--May 21, 2003--Copart, Inc. today reported results for the third quarter and nine months ended April 30, 2003.Copart earned net income of $15,422,800 in the third quarter of fiscal 2003 on revenues of $93,928,700. This quarter's net income is 7% lower than the $16,600,400 earned in the same period of fiscal 2002 on revenues of $90,158,100. Fully diluted earnings per share (EPS) for the quarter was $.17 compared to $.18 last year, a decrease of 6%.
For the first nine months of fiscal 2003, Copart earned net income of $43,885,800, or $.47 per diluted share, on revenues of $260,207,000. Copart reported net income of $41,854,000, or $.46 per diluted share, on revenues of $233,823,100 for the same period in fiscal 2002.
The Company also announced that it has repurchased a total of 2,695,000 shares of its common stock at an average price of approximately $7.59 per share as of April 30, 2003. The company is authorized to repurchase an additional 6,305,000 shares of its common stock under the current stock repurchase program.
On Thursday, May 22, 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 on vcall.com at http://www.vcall.com/EventPage.asp?ID=83945. A replay of the webcast will be available through August 22, 2003. A replay of the call will be available through May 29, by calling (877) 660-6853 with account number 1628 and call ID 66738.
The Company is also making public that its diluted earnings per share forecast for the fourth quarter ending July 31, 2003 is in the range of $.14 to $.15.
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 102 facilities in 40 states. It also provides services in other locations through its national network of independent salvage vehicle processors.
Copart, Inc.
Consolidated Statements of Income -- 1
(Dollars in thousands, except per share data)
Three Months Ended April 30,
2003 2002
Revenues $ 93,929 $ 90,158
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Operating costs and expenses:
Yard and fleet 55,012 53,014
General and administrative 7,910 6,892
Depreciation and amortization 6,398 4,241
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Total operating expenses 69,320 64,147
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Operating income 24,609 26,011
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Other income:
Interest income, net 335 484
Other income 537 497
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Total other income 872 981
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Income before income taxes 25,481 26,992
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Income taxes 10,058 10,392
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Net income $ 15,423 $16,600
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Basic net income per share $ .17 $ .18
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Weighted average shares outstanding 91,195 90,831
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Diluted net income per share $ .17 $ .18
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Weighted average shares and dilutive
potential common shares
outstanding 92,599 93,516
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Copart, Inc.
Consolidated Statements of Income -- 2
(Dollars in thousands, except per share data)
Nine Months Ended April 30,
2003 2002
Revenues $ 260,207 $ 233,823
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Operating costs and expenses:
Yard and fleet 151,089 139,378
General and administrative 20,983 17,410
Depreciation and amortization 18,392 11,401
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Total operating expenses 190,464 168,189
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Operating income 69,743 65,634
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Other income:
Interest income, net 1,272 1,218
Other income 1,289 1,301
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Total other income 2,561 2,519
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Income before income taxes 72,304 68,153
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Income taxes 28,418 26,299
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Net income $ 43,886 $ 41,854
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Basic net income per share $ .48 $ .48
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Weighted average shares outstanding 91,945 87,661
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Diluted net income per share $ .47 $ .46
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Weighted average shares and
dilutive
potential common shares
outstanding 93,586 90,229
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Other Data
Number of auction facilities 102 91
Copart, Inc.
Consolidated Balance Sheets -- 3
(Dollars in thousands)
April 30, July 31,
2003 2002
ASSETS
Current assets:
Cash and cash equivalents $ 110,897 $ 132,690
Accounts receivable, net 68,079 64,072
Vehicle pooling costs 21,844 20,014
Prepaid expenses and other
assets 11,355 9,216
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Total current assets 212,175 225,992
Property and equipment, net 242,424 197,769
Intangibles and other assets, net 8,275 9,167
Goodwill 108,705 102,920
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Total assets $ 571,579 $ 535,848
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 174 $ 325
Accounts payable and accrued
liabilities 35,106 31,893
Deferred revenue 8,958 8,352
Income taxes payable 3,761 2,632
Deferred income taxes 5,776 3,646
Other current liabilities 174 198
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Total current liabilities 53,949 47,046
Deferred income taxes 4,818 1,063
Long-term debt, less current portion 18 85
Other liabilities 1,401 1,437
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Total liabilities 60,186 49,631
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Commitments and contingencies
Shareholders' equity:
Common stock, no par value -
180,000,000 shares authorized;
89,772,821 and 92,239,859 shares
issued and outstanding at
April 30, 2003 and
July 31, 2002, respectively 269,058 287,767
Retained earnings 242,335 198,450
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Total shareholders' equity 511,393 486,217
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Total liabilities and
shareholders' equity $ 571,579 $ 535,848
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