Copart Achieves Record Profitability for Q4 and Fiscal 2000
19 September 2000
Copart Achieves Record Profitability for Fourth Quarter and Fiscal 2000; Q4 Revenues Increase 30%, Earnings per Share Rise 25%; Same-Store Sales Up 19%, 16% of Proceeds from Web Sales
BENICIA, Calif.--Sept. 18, 2000--Copart, Inc. today reported record profits for the fourth quarter and fiscal year ended July 31, 2000.Copart earned net income of $8,161,900 in the fourth quarter of fiscal 2000, generating a 25% increase in earnings per share over Q4 1999 to $.15 per diluted share on revenues of $51,327,100. In the fourth quarter of fiscal 1999, Copart earned net income of $6,669,100, or $.12 per diluted share, on revenues of $39,489,200.
For fiscal 2000, Copart earned net income of $29,429,100, or $.53 per diluted share, on revenues of $190,042,300. Copart reported net income of $21,966,300, or $.40 per diluted share, on revenues of $141,751,400 for fiscal 1999.
The Company also reported quarterly Internet sales information. Approximately 16% of the fourth quarter's gross proceeds came from the sale of cars sold to Internet bidders or whose price was "pushed" by Internet bidders. Total Internet sales for the quarter were $36.0 million, consisting of approximately $18.7 million of product sold and $17.3 million pushed by Internet bids. Comparable numbers for the fourth quarter of fiscal 1999 were approximately $6.4 million of product sold and an additional $6.9 million pushed.
Total Internet sales for fiscal 2000 were $117.3 million, consisting of approximately $59.8 million of product sold and $57.5 million pushed by Internet bids. Comparable numbers for fiscal 1999 were approximately $26.5 million, consisting of $12.9 million of product sold and an additional $13.6 million pushed.
"We are very pleased with our performance this quarter and for the year," said A. Jayson Adair, Copart's president. "Fiscal 2000 revenues and net income were 34% higher than 1999 thanks to strong same-store sales growth, strong Internet sales growth and the contribution from new stores. In the fourth quarter, same-store sales grew by 19%, and they increased by a record 28% for the entire fiscal year. In prior years, our same-store sales grew in the 5% to 10% range. This year's significant growth was driven by market-share gains due to features and services available only at Copart."
On Tuesday, September 19, at 12 p.m. Eastern time, Copart will conduct a conference call to discuss the results for the quarter. The call will be webcast live at vcall.com. A replay of the call will be available through September 26 by calling 402/998-1792.
Copart, Inc.
Financial Highlights
(in thousands, except per share and other data)
Three Months Ended July 31,
2000 1999
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Consolidated Statements of Income Data
Revenues:
Salvage fees $ 43,829 $ 32,687
Transportation revenue 6,123 4,483
Purchased vehicle revenue 1,375 2,319
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Total revenues 51,327 39,489
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Operating costs and expenses:
Yard and fleet 30,937 24,200
General and administrative 4,324 2,839
Depreciation and amortization 3,073 2,598
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Total operating expenses 38,334 29,637
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Operating income 12,993 9,852
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Other income (expense):
Interest income, net 336 370
Other income 65 135
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Total other income 401 505
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Income before income taxes 13,394 10,357
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Income taxes 5,232 3,688
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Net income $ 8,162 $ 6,669
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Basic earnings per share $ .15 $ .12
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Weighted average shares outstanding 54,262 53,625
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Diluted earnings per share $ .15 $ .12
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Weighted average shares and dilutive
potential common shares outstanding 56,222 55,789
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Other Data
Gross proceeds (000) $ 229,762 $ 174,570
Number of auction facilities 76 65
Copart, Inc.
Financial Highlights--2
(in thousands, except per share and other data)
Fiscal Year Ended July 31,
2000 1999
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Consolidated Statements of Income Data
Revenues:
Salvage fees $ 158,359 $ 118,929
Transportation revenue 21,627 17,291
Purchased vehicle revenue 10,056 5,531
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Total revenues 190,042 141,751
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Operating costs and expenses:
Yard and fleet 116,697 86,480
General and administrative 15,650 12,059
Depreciation and amortization 11,479 9,826
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Total operating expenses 143,826 108,365
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Operating income 46,216 33,386
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Other income (expense):
Interest income, net 1,091 1,060
Other income 667 676
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Total other income 1,758 1,736
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Income before income taxes 47,974 35,122
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Income taxes 18,545 13,156
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Net income $ 29,429 $ 21,966
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Basic earnings per share $ .55 $ .41
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Weighted average shares outstanding 53,901 53,375
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Diluted earnings per share $ .53 $ .40
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Weighted average shares and dilutive
potential common shares outstanding 55,807 55,138
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Other Data
Gross proceeds (000) $ 844,899 $ 641,472
Number of auction facilities 76 65
July 31, 2000 July 31, 1999
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Consolidated Balance Sheet Data (000)
Cash & cash equivalents $ 12,165 $ 37,048
Working capital $ 54,042 $ 64,647
Total assets $ 262,324 $ 218,677
Total debt $ 8,555 $ 7,820
Shareholders' equity $ 219,890 $ 183,982