Copart Achieves Record Third Quarter Profitability; Revenues Increase 35%, Earnings Per Share +36%, Same Store Sales +27%
30 May 2000
Copart Achieves Record Third Quarter Profitability; Revenues Increase 35%, Earnings Per Share +36%, Same Store Sales +27%
BENICIA, Calif.--May 30, 2000--Copart, Inc. today reported record profits for the third quarter and first nine months ended April 30, 2000.Copart earned net income of $8,336,100 in the third quarter of fiscal 2000, generating a 36% increase in earnings per share to $.15 per diluted share on revenues of $53,801,200. In the third quarter of fiscal 1999, Copart earned net income of $6,284,900, or $.11 per diluted share, on revenues of $40,014,800.
For the first nine months of Fiscal 2000, Copart earned net income of $21,266,900, or $.38 per diluted share, on revenues of $138,715,000. Copart reported net income of $15,297,200, or $.27 per diluted share on revenues of $102,262,200 for the same period in fiscal 1999.
The Company also reported quarterly Internet sales information. Approximately 15% of the quarter's gross proceeds, $35 million, came from the sale of cars sold or "pushed" with Internet bids. For the third quarter, approximately $18.1 million of product was sold and $16.9 million was pushed by Internet bids. Comparable numbers for the second quarter were approximately $13.1 million of product sold and $13.3 million pushed.
"We are very pleased with our financial results, Internet developments and operating accomplishments," said A. Jayson Adair, Copart's President. "Revenues and profits have increased significantly over last year thanks to same store sales growth, up 27% from last year, and the continued effect of the Internet. On the operating side, since June of 1999, our integration teams have done a superb job adding a record 14 new locations. These new facilities include three start-up sites in West Palm Beach, Fl; Denver, CO and Graham, WA. Acquisitions include McAllen, TX; Huntsville, AL; Chesapeake, VA; Wichita, KS; Peoria, IL; North Boston, MA; Boise, ID; Pasco, WA; Abilene, TX; San Antonio, TX and Albuquerque, NM."
A replay of Copart's conference call with analysts will be available to the public after 12pm Eastern on May 31 through 8pm Eastern on Monday June 5. To listen to the replay, dial (402) 998-1156.
Copart, Inc.
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 76 facilities in 36 states. It also provides services in other locations through its national network of independent salvage vehicle processors.
NOTE: Certain statements in this release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors and/or factors affecting future results detailed in the Company's Securities and Exchange Commission reports, including variations in the Company's operating results, the inability to continue to increase service fees, the timing and size of acquisitions and facility openings, the loss of vehicle suppliers or buyers, the announcement of new vehicle supply agreements by the Company or its competitors, changes in regulations governing the Company's operations or its vehicle suppliers, environmental problems or litigation.
Copart, Inc.
Financial Highlights
(in thousands, except per share and other data)
Three Months Ended April 30,
2000 1999
Consolidated Statements of Income Data
Revenues:
Salvage fees $ 44,238 $ 33,885
Transportation revenue 6,021 4,888
Purchased vehicle revenue 3,542 1,242
Total revenues 53,801 40,015
Operating costs and expenses:
Yard and fleet 33,762 24,577
General and administrative 4,017 3,186
Depreciation and amortization 2,915 2,503
Total operating expenses 40,694 30,266
Operating income 13,107 9,749
Other income (expense):
Interest income, net 179 168
Other income 263 139
Total other income 442 307
Income before income taxes 13,549 10,056
Income taxes 5,213 3,771
Net income $ 8,336 $ 6,285
Basic net income per share $ .15 $ .12
Weighted average shares outstanding 53,915 53,412
Diluted net income per share $ .15 $ .11
Weighted average shares and dilutive
potential common shares outstanding 56,465 55,594
Other Data
Gross proceeds (000) $241,184 $183,556
Number of auction facilities 76 62
Copart, Inc.
Financial Highlights - Continued
(in thousands, except per share and other data)
Nine Months Ended April 30,
2000 1999
Consolidated Statements of Income Data
Revenues:
Salvage fees $114,530 $ 86,242
Transportation revenue 15,505 12,808
Purchased vehicle revenue 8,680 3,212
Total revenues 138,715 102,262
Operating costs and expenses:
Yard and fleet 85,760 62,280
General and administrative 11,326 9,220
Depreciation and amortization 8,406 7,228
Total operating expenses 105,492 78,728
Operating income 33,223 23,534
Other income (expense):
Interest income, net 755 690
Other income 602 541
Total other income 1,357 1,231
Income before income taxes 34,580 24,765
Income taxes 13,313 9,468
Net income $ 21,267 $ 15,297
Basic net income per share $ .40 $ .29
Weighted average shares outstanding 53,779 53,291
Diluted net income per share $ .38 $ .27
Weighted average shares and dilutive
potential common shares outstanding 56,019 55,736
Other Data
Gross proceeds (000) $615,137 $466,902
Number of auction facilities 76 62
April 30, 2000 July 31, 1999
Consolidated Balance Sheet Data (000)
Cash & short-term investments $ 20,595 $ 37,048
Working capital $ 56,154 $ 64,647
Total assets $248,690 $218,677
Total debt $ 7,581 $ 7,820
Shareholders' equity $206,233 $183,982