Copart Reports First Quarter Results Earnings per Share
28 November 2000
Copart Reports Record First Quarter Results Earnings per Share Rise 45%, Same-Store Sales +28%, Web Sales +122%
BENICIA, Calif.--Nov. 27, 2000--Copart, Inc. today reported record profits for its first fiscal quarter ended October 31, 2000.Copart earned net income of $8,919,200 or $.16 per diluted share in the first quarter of fiscal 2001, generating a 45% increase in earnings per share over the same period in fiscal 2000, on revenues of $57,139,400. The Company had net income of $6,312,600, or $.11 per diluted share, on revenues of $40,507,600 for the same period in fiscal 2000.
"Fiscal 2001 is off to a great start," said A. Jayson Adair, Copart's President. "In this quarter we accomplished record financial results and added powerful new web features. We also saw continued growth of Internet sales and received recognition as one of Forbes 200 Best Small Companies in the October 30, 2000 issue.
"Financial results were ahead of expectations due to strong performance from new and existing stores. Same store sales for the quarter were up 28% over the first quarter of last year. In addition, new stores this quarter generated $5.3 million of new revenues and over $800 thousand of net operating profits. Overall operating profits were 24% of sales despite higher transportation and labor costs. For the quarter we auctioned over $249 million in gross proceeds and generated $17.8 million of EBITDA.
"On the Internet we added a number of new features to benefit our buyers and suppliers. For buyers we added the ability to see future sales -- cars that are in the final phase of processing but are not yet assigned to a firm auction date. This means that buyers can now see and bid on almost twice as many cars. Today, Copart.com displays over 32,000 vehicles for scheduled or future auctions -- that's over 100% higher than just three months ago. We also added a number of web tools for buyers such as account statistics and the ability to drill-down on the details and images of vehicles they've purchased from Copart.
"For our insurance company suppliers we increased the functions, reporting and speed of our web offerings. For example, we recently added drill-down capabilities to a number of on-line reports and created new inquiries to quickly show the details of Internet sales. This means that an insurance adjuster in San Francisco can be on Copart.com looking at a report and click on a link to look at receipts, invoices and images of a vehicle sold last month in Boston. As of today, over 14 million digital images of vehicles and scanned documents can be accessed at Copart.com.
"The web enhancements to our business are driving higher Internet sales. Approximately 18% of the first 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 $44.4 million, 122% higher than the first quarter of fiscal 2000. The $44.4 million consists of approximately $22.7 million of product sold and $21.7 million pushed by Internet bids. In the first quarter one year ago Internet sales were $20.0 million, 11% of gross proceeds, consisting of approximately $9.9 million of product sold and an additional $10.1 million pushed."
On Tuesday, November 28, 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 vcall.com. A replay of the call will be available through December 1, by calling (402)220-9732. Copart's current investor presentation slides can be found at Copart.com/Invest/Roadshow.htm
The Company is also making public its diluted earnings per share forecasts for the second quarter and the current fiscal year. For the second quarter ending January 31, 2001, earnings are forecasted to be between .15 and .16 cents. For the fiscal year ending July 31, 2001, the forecast is for EPS between .67 and .68 cents.
Financial Highlights
(in thousands, except per share and other data)
Three Months Ended October 31,
2000 1999
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Consolidated Statements of
Income Data
Revenues $ $ 57,139 $ 40,508
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Operating costs and expenses:
Yard and fleet 35,356 24,637
General and administrative 4,466 3,306
Depreciation and amortization 3,370 2,753
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Total operating expenses 43,192 30,696
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Operating income 13,947 9,812
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Other income (expense):
Interest income, net 215 268
Other income 461 184
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Total other income 676 452
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Income before income taxes 14,623 10,264
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Income taxes 5,704 3,952
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Net income $ 8,919 $ 6,312
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Basic net income per share $ .16 $ .12
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Weighted average shares outstanding 54,555 53,696
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Diluted net income per share $ .16 $ .11
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Weighted average shares and dilutive
potential common shares outstanding 56,453 55,889
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Other Data
Gross proceeds (000) $ 249,115 $ 180,785
Number of auction facilities 77 65
October 31, 2000 July 31, 2000
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Consolidated Balance Sheet Data (000)
Cash & cash equivalents $ 15,677 $ 12,165
Working capital $ 55,950 $ 54,042
Total assets $ 277,040 $ 262,324
Total debt $ 8,533 $ 8,555
Shareholders' equity $ 228,854 $ 219,890