Press Releases

NEW YORK, Dec. 1 /PRNewswire/ -- Sting's new, critically-acclaimed album, If On A Winter's Night... debuted at #1 on Billboard's Classical Crossover Chart and #6 on Billboard's Top 200 Chart, following its anticipated October 27 release. To commemorate both the Deustsche Grammophon CD, which continues to dominate the charts, and the newly released companion DVD, Sting will be performing two exclusive concerts at the famed Cathedral Church of St. John the Divine in New York City on December 8 and 9. Both shows sold-out in minutes and mark the only planned U.S. dates.

On Thursday, December 10, Sting will also be signing his CD/DVD at Best Buy (Broadway & 62nd) in New York City at 5PM. Throughout December, he will also be appearing on such high-profile TV programs including CBS Sunday Morning, Larry King Live, Live with Regis & Kelly, ABC News Nightline and World News Tonight with Charlie Gibson as well as MSNBC's Morning Joe. His Great Performances Public Television special, "Sting: A Winter's Night..." will also have repeated airings on PBS stations, nationwide, throughout the month of December, following the commercial DVD release of the concert on November 23.

Critical praise continues for If On A Winter's Night... "Evocative mood music perfect for chilling out by the fireplace, especially during the holidays," says People Magazine. CNN states, "the album is a folksy toast to winter, Sting's favorite time of year, and the imagination and reflection the season inspires." The UK's Daily Mail lauds the album as "refreshingly authentic," while The Irish Times celebrates it as "one of the most memorable and adventurous albums you'll hear this year."

www.sting.com

SOURCE Decca Label Group

FAIRFIELD, Calif.--(BUSINESS WIRE)-- Copart, Inc. (NASDAQ: CPRT) today reported the results for its first quarter ended October 31, 2009.

For the three months ended October 31, 2009, revenue, operating income and net income were $185.5 million, $56.5 million and $35.3 million, respectively. These represent decreases in revenue of $6.1 million, or 3.2%; in operating income of $3.0 million, or 5.0%; and in net income of $2.0 million, or 5.3%, respectively, from the same quarter last year. Fully diluted earnings per share for the three months ended October 31, 2009 were $0.42 compared to $0.44 last year, a decrease of 4.5%.

On Wednesday, December 2, 2009, 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://webcast.premiereglobal.com/view/wl/r.htm?e=178703&s=1&k=7469D34A97C68BE02AC8F0B2127614A6. A replay of the call will be available through January 2, 2010 by calling (888) 203-1112. Use confirmation code #4290239.

About Copart

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, the general public and others. The company currently operates 147 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 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 behalf.

Consolidated Statements of Income

(in thousands, except per share data)

(Unaudited)

                                                          Three months ended

                                                          October 31,

                                                          2009         2008

Service revenues and vehicle sales:

Service revenues                                          $ 153,765    $ 156,325

Vehicle sales                                               31,696       35,244

Total service revenues and vehicle sales                    185,461      191,569

Operating costs and expenses:

Yard operations                                           69,925       73,718

Yard depreciation and amortization                        8,522        8,336

Cost of vehicle sales                                     24,429       29,945

Gross margin                                              82,585       79,570

General and administrative                                23,920       17,543

General and administrative depreciation and amortization  2,173        2,542

Total operating expenses                                  128,969      132,084

Operating income                                          56,492       59,485

Other income (expense):

Interest income (expense), net                            (71       )  581

Other income                                              631          1,254

Total other income                                        560          1,835

Income before income taxes                                57,052       61,320

Income taxes                                              21,782       24,066

Net income                                                $  35,270    $ 37,254

Earnings per share-basic

Basic net income per share                                $   0.42     $ 0.45

Weighted average common shares outstanding                84,045       83,283

Earnings per share-diluted

Diluted net income per share                              $  0.42      $ 0.44

Weighted average common shares and dilutive potential     84,948       85,320
common shares outstanding

Consolidated Balance Sheets

(in thousands)

(Unaudited)

                                                    October 31,  July 31,

                                                    2009         2009

ASSETS

Current assets:

Cash and cash equivalents                           $ 218,279    $ 162,691

Accounts receivable, net                            109,715      109,248

Inventories and vehicle pooling costs               32,249       33,352

Income taxes receivable                             --           5,426

Prepaid expenses and other assets                   6,237        5,216

Total current assets                                366,480      315,933

Property and equipment, net                         546,088      530,886

Intangibles, net                                    14,212       15,212

Goodwill                                            166,575      166,327

Deferred income taxes                               9,757        7,759

Land purchase options and other assets              20,228       21,915

Total assets                                        $ 1,123,340  $ 1,058,032

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued liabilities            $ 93,636     $ 82,773

Deferred revenue                                    12,299       13,165

Income taxes payable                                18,154       5,269

Deferred income taxes                               1,843        1,948

Other current liabilities                           440          429

Total current liabilities                           126,372      103,584

Deferred income taxes                               11,099       10,997

Income taxes payable                                21,330       20,266

Other liabilities                                   1,603        1,726

Total liabilities                                   160,404      136,573

Commitments and contingencies

Shareholders' equity:

Common stock, no par value - 180,000 shares
authorized; 84,146 and 83,939 shares issued and     342,257      334,440
outstanding at October 31, 2009 and July 31, 2009,
respectively

Accumulated other comprehensive loss                (25,542)     (27,082)

Retained earnings                                   646,221      614,101

Total shareholders' equity                          962,936      921,459

Total liabilities and shareholders' equity          $ 1,123,340  $ 1,058,032

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

                                                     Three Months Ended
                                                     October 31,

                                                     2009         2008

Cash flows from operating activities:

Net income                                           $ 35,270     $ 37,254

Adjustments to reconcile net income to net cash
provided by operating activities:

Depreciation and amortization                        10,614       10,709

Allowance for doubtful accounts                      176          (56      )

Deferred rent                                        (125      )  (73      )

Share-based compensation                             4,285        1,500

Excess tax benefits from stock-based compensation    (2,429    )  (54      )

(Gain)loss on sale of property and equipment         (18       )  527

Deferred income taxes                                (2,053    )  1,721

Changes in operating assets and liabilities, net of
effects from acquisitions:

Accounts receivable                                  (580      )  (8,828   )

Vehicle pooling costs                                861          (2,521   )

Inventory                                            271          225

Prepaid expenses and other current assets            (1,013    )  (1,020   )

Land purchase options and other assets               251          (276     )

Accounts payable and accrued liabilities             10,825       (8,308   )

Deferred revenue                                     (868      )  921

Income taxes receivable                              5,590        11,831

Income taxes payable                                 16,634       8,812

Net cash provided by operating activities            77,691       52,364

Cash flows from investing activities:

Purchases of property and equipment                  (23,512   )  (29,200  )

Proceeds from sale of property and equipment         605          165

Net cash used in investing activities                (22,907   )  (29,035  )

Cash flows from financing activities:

Proceeds from the exercise of stock options          1,026        620

Excess tax benefit from share-based payment          2,429        54
arrangements

Repurchase of common stock                           (3,532    )  --

Change in book overdraft                             --           (9,923   )

Net cash used in financing activities                (77       )  (9,249   )

Effect of foreign currency translation               881          (2,264   )

Net increase in cash and cash equivalents            55,588       11,816

Cash and cash equivalents at beginning of period     162,691      38,954

Cash and cash equivalents at end of period           $ 218,279    $ 50,770

Supplemental disclosure of cash flow information:

Interest paid                                        $ 149        $ 31

Income taxes paid                                    $ 1,607      $ 2,016

    Source: Copart, Inc.

BONITA SPRINGS, Fla.--(BUSINESS WIRE)-- WCI Communities said today it has sold its Pompano Beach, Florida, Oceanside property to Ari Pearl, a Hollywood Florida developer along with his partner, The Chetrit Group, for $38.5 million. The property includes a 17-story luxury condominium with approximately 24,000 square feet of retail space, plus an adjacent parcel of land on the Atlantic Ocean. The tower sale included 138 of the total 186 residential units. Cushman & Wakefield's condominium specialist team, led by Brad Capas, executed the successful marketing campaign. "The sale of this asset is consistent with our long term business plans and integral to our short term focus to streamline operations and continue to reduce leverage," stated David L. Fry, WCI's President and Chief Executive Officer.

WCI has been creating amenity-rich, master-planned lifestyle communities since 1946. Florida-based WCI caters to primary, retirement and second-home buyers in Florida, New York, New Jersey and Connecticut. WCI offers traditional and tower home choices with prices from the low-$100,000s to more than $3 million. In addition to homebuilding and development, WCI generates revenues from its Prudential Florida Real Estate Services, mortgage and title services, and its recreational amenities, as well as through land sales and joint ventures.

    Source: WCI Communities, Inc.

CHICAGO, Dec. 1, 2009 (GLOBE NEWSWIRE) -- Echo Global Logistics, Inc. (Nasdaq: ECHO), a leading provider of technology enabled transportation and supply chain management services, today announced that David Menzel, Chief Financial Officer, will present at the 2009 Morgan Stanley Transportation Corporate Access Day on Wednesday, December 2 from 8 a.m. to 1:00 p.m., Central Time. The conference will take place at a Morgan Stanley office located at 522 5th Ave. New York, NY (44th St. and 5th Ave). Presentation materials will be available on the Investors section of the Company's website at www.echo.com.

About Echo Global Logistics

Chicago-based Echo Global Logistics is a leading provider of technology enabled transportation and supply chain management services, delivered on a proprietary technology platform, serving the transportation and logistics needs of its clients. Echo's web-based technology platform compiles and analyzes data from its network of over 22,000 transportation providers to serve its clients' shipping and freight management needs. Echo procures transportation and provides logistics services for more than 11,600 clients across a wide range of industries, such as manufacturing, construction, consumer products and retail. For more information on Echo, visit: www.echo.com.

The Echo Global Logistics, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5293

CONTACT:  Echo Global Logistics, Inc.
          Kara Smith
          312-676-5795
          ksmith@echo.com

PHOENIX, Dec. 1 /PRNewswire/ -- OnTrac, the regional leader in regional overnight package delivery, announced today the availability of a certified OnTrac module in Clippership, version 14.4.

(Logo: http://www.newscom.com/cgi-bin/prnh/ 20080512/LAM030LOGO)

The latest version of Clippership includes OnTrac as a module option. OnTrac offers a lower cost alternative for overnight delivery in California, Arizona, Nevada, Oregon, Washington and Utah. In addition, customers can extend their fulfillment time with later pull times offered by OnTrac. Without residential and remote delivery fees, OnTrac helps reduce shipping costs in addition to often saving a day in transit.

This is the second Kewill multi-carrier software application that OnTrac has been added to. OnTrac can be added in Kewill's Flagship software, version 3.9.

"Companies who have Multi-Carrier Shipping Systems save time, by adding an OnTrac module to existing Clippership systems our customers gain expanded fulfillment hours and cut shipping costs," said Danielle Couch, software support manager, OnTrac. "OnTrac is committed to providing industry-leading shipping services and advanced technology for our customers with multi-carrier systems. Kewill has a proven track record of developing software modules that will help us deliver innovative solutions to our mutual customers."

The new module is available immediately. For pricing information, please contact your software provider or go to Kewill.com.

About OnTrac:

OnTrac is the leader in regional overnight package delivery service within California, Arizona, Nevada, Oregon and Washington. Founded in 1991 as a division of Express Messenger Systems, Inc., OnTrac has the expertise to provide superior service and value in the overnight delivery market. Our vision is to be recognized as the leader in regional overnight delivery, consistently exceeding the expectations of customers, employees and shareholders. For more information, please visit our website at ontrac.com.

For additional information, contact:
Laura Peterson
602-284-1247
lpeterson@ontrac.com

SOURCE OnTrac