Copart, Inc. (NASDAQ: CPRT) today reported the results for the quarter
ended January 31, 2013, the second quarter of its 2013 fiscal year.
For the three months ended January 31, 2013, revenue, operating income
and net income were $266.2 million, $62.8 million and $39.6 million,
respectively. These represent an increase in revenue of $38.3 million,
or 16.8%; and decreases in operating income of $0.8 million, or 1.2%;
and in net income of $1.0 million, or 2.4%, respectively, from the same
quarter last year. Fully diluted earnings per share for the three months
were $0.31 compared to $0.31 last year.
For the six months ended January 31, 2013, revenue, operating income and
net income were $505.1 million, $137.1 million and $85.5 million,
respectively. These represent increases in revenue of $51.5 million, or
11.4%; in operating income of $8.2, million or 6.4%; and in net income
of $3.7 million, or 4.6%, respectively, from the same period last year.
Fully diluted earnings per share for the six months ended January 31,
2013 were $0.66 compared to $0.62 last year, an increase of 6.5%.
The operating results for the second quarter were adversely affected by
abnormal costs incurred as a result of hurricane Sandy. These costs
include the additional towing, payroll, equipment, travel, housing and
facilities expenses directly related to the operating conditions created
by hurricane Sandy. These costs, net of the associated revenues,
generated a loss of $11.9 million during the quarter and had a negative
after tax impact on diluted earnings per share in the quarter of $0.06.
We expect these additional costs to continue into future quarters.
However, we believe they will be completely offset by auction revenues
and, accordingly, no future loss is anticipated.
Included in general and administrative cost for our second quarter are
the non-capitalizable costs associated with the implementation of our
ERP system and the incremental costs associated with the outsourcing of
our network infrastructure and our technical support functions, which
together totaled $1.8 million and which had a negative after tax impact
on diluted earnings per share in the quarter of $0.01. These costs will
abate upon completion, which is expected to be some time in our 2014
fiscal year. Also included are the costs associated with our expanded
international operations which totaled $1.4 million and will continue.
On Thursday, February 28, 2013, 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 http://w.on24.com/r.htm e=587593&s=1&k=BC15C71DA1CD41A3F45BD29D977FD5EA.
A replay of the call will be available through March 28, 2013 by calling
(888) 203-1112. Use confirmation code #8426731.
Copart, founded in 1982, provides vehicle sellers with a full range of
remarketing services to process and sell salvage and clean title
vehicles to dealers, dismantlers, rebuilders, exporters and, in some
states, to end users. Copart remarkets the vehicles through Internet
sales utilizing its patented VB2 technology. Copart sells
vehicles on behalf of insurance companies, banks, finance companies,
fleet operators, dealers, car dealerships and others as well as cars
sourced from the general public. The company currently operates 162
facilities; with operations in the United States and Canada (www.copart.com),
the United Kingdom (www.copart.co.uk),
and the United Arab Emirates (www.copart.ae).
Copart links sellers to more than 750,000 members in over 140 countries
worldwide through our online multi-channel platform. For more
information, or to become a member, visit www.copart.com.
Cautionary Note About Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of federal securities laws, and these forward-looking statements
are subject to substantial risks and uncertainties. These
forward-looking statements are subject to certain risks, trends and
uncertainties that could cause actual results to differ materially from
those projected or implied by our statements and comments. For a more
complete discussion of the risks that could affect our business, please
review the "Management's Discussion and Analysis" and the other risks
identified in Copart's latest Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the
Securities and Exchange Commission. We encourage investors to review
these disclosures carefully. We do not undertake to update any
forward-looking statement that may be made from time to time on our
Consolidated Statements of Income(in thousands,
except per share data)(Unaudited)
Three months endedJanuary 31,
Six months endedJanuary 31,
Consolidated Balance Sheets(in thousands)(Unaudited)
Preferred stock, $0.0001 par value - 5,000,000 shares authorized;
noshares issued and outstanding at January 31, 2013 and July
Common stock, $0.0001 par value - 180,000,000 shares authorized;125,284,122
and 124,393,700 shares issued and outstanding atJanuary 31,
2013 and July 31, 2012, respectively
Consolidated Statements of Cash Flows(in thousands)(Unaudited)
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