Copart Reports First Quarter Financial Results
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FAIRFIELD, Calif.--(BUSINESS WIRE)-- Copart, Inc. (NASDAQ: CPRT) today reported the results for the quarter ended October 31, 2008, the first quarter of its 2009 fiscal year.
For the three months ended October 31, 2008, revenue, operating income and net income were $191.6 million, $59.5 million and $37.3 million, respectively. This represents an increase in revenue of $7.6 million, or 4.1%, an increase in operating income of $2.9 million or 5.0% and a decrease in net income of $0.4 million, or 0.9%, over the same quarter last year. Fully diluted earnings per share (EPS) for the three months were $0.44 compared to $0.41 last year, an increase of 7.3%.
For the quarter, revenues for North America and the United Kingdom were $152.2 and $39.4 million, respectively. The increase in revenue in North America of 8.5% was driven by growth in same store sales of 6.7%. The decline in UK revenue of 10.0% was attributable solely to the change in the currency exchange rate between the USD (United States Dollar) and the GBP (Great Britain Pound). The UK revenue expressed in GBP was up 1.9% over the same quarter last year. The Company first entered the market in the United Kingdom through an acquisition in the fourth quarter of fiscal 2007.
On Thursday, December 4, 2008, 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://www.investorcalendar.com/IC/CEPage.asp?ID=137949. A replay of the call will be available through January 3, 2009 by calling (888) 203-1112. Use confirmation code #1495672.
About Copart
Copart, founded in 1982, provides vehicle sellers with a full range of remarketing services to process and sell salvage and clean titled vehicles to dismantlers, rebuilders, exporters and, in some states, to end users. Copart remarkets the vehicles through Internet sales utilizing its proprietary VB2 technology. Copart sells vehicles on behalf of insurance companies, banks, finance companies, fleet operators, dealers, car dealerships, the general public and others. The company currently operates 145 facilities in the United States, Canada and the United Kingdom. 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. For more information, or to become a registered buyer, 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. Our business has become increasingly reliant on proprietary and non-proprietary technologies, and it is difficult to forecast with accuracy what impact these changes in our business model will have. We depend on a limited number of major suppliers of salvage vehicles. If we are unable to maintain these supply relationships, our revenues and operating results would be adversely affected. We have only recently entered the UK market through several acquisitions. We do not have any historic experience operating outside of North America, and we may experience challenges adapting our business model to international markets and integrating the acquired businesses. In addition, our revenues, operating results, financial condition, and growth rates are subject to numerous other risks, including our ability to complete and integrate new acquisitions, environmental and regulatory risks, and the other factors described under the caption "Risk Factors" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We encourage investors to review these disclosures carefully.
Copart, Inc.
Consolidated Statements of Income
(in thousands, except per share data)
(Unaudited)
Three months ended
October 31,
2008 2007
Revenues $ 191,569 $ 183,957
Operating costs and expenses:
Yard operations 103,663 97,401
Yard depreciation and amortization 8,336 8,164
Gross margin 79,570 78,392
General and administrative 17,543 18,926
General and administrative depreciation and amortization 2,542 2,839
Total operating expenses 132,084 127,330
Operating income 59,485 56,627
Other income:
Interest income, net 581 2,743
Other income 1,254 796
Total other income 1,835 3,539
Income before income taxes 61,320 60,166
Income taxes 24,066 22,556
Net income $ 37,254 $ 37,610
Earnings per share-basic
Basic net income per share $ 0.45 $ 0.42
Weighted average common shares outstanding 83,283 88,558
Earnings per share-diluted
Diluted net income per share $ 0.44 $ 0.41
Weighted average common shares and dilutive potential 85,320 90,686
common shares outstanding
Copart, Inc.
Consolidated Balance Sheets
(in thousands)
(Unaudited)
October 31, July 31,
2008 2008
ASSETS
Current assets:
Cash and cash equivalents $ 50,770 $ 38,954
Accounts receivable, net 118,508 111,705
Inventories and vehicle pooling costs 36,804 36,121
Income taxes receivable 7,264 19,041
Prepaid expenses and other assets 7,538 6,932
Total current assets 220,884 212,753
Property and equipment, net 514,908 510,340
Intangibles, net 17,024 21,901
Goodwill 165,366 177,164
Deferred income taxes 6,010 6,938
Land purchase options and other assets 25,370 27,151
Total assets $ 949,562 $ 956,247
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 77,329 $ 88,883
Book overdraft 7,579 17,502
Deferred revenue 15,409 14,518
Income taxes payable 10,692 4,005
Deferred income taxes 3,854 2,768
Other current liabilities ─ 576
Total current liabilities 114,863 128,252
Deferred income taxes 11,197 14,044
Income taxes payable 13,545 12,219
Other liabilities 2,829 2,736
Total liabilities 142,434 157,251
Commitments and contingencies
Shareholders' equity:
Common stock, no par value - 180,000 shares
authorized; 83,337 and 83,275 shares issued and 318,844 316,673
outstanding at October 31, 2008 and July 31, 2008,
respectively
Accumulated other comprehensive (loss) income (30,460 ) 833
Retained earnings 518,744 481,490
Total shareholders' equity 807,128 798,996
Total liabilities and shareholders' equity $ 949,562 $ 956,247
Source: Copart, Inc.
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