Copart, Inc. (NASDAQ:CPRT) today reported the results for its first quarter ended October 31, 2011.
For the three months ended October 31, 2011, revenue, operating income and net income were $225.6 million, $65.4 million and $41.1 million, respectively. These represent increases in revenue of $13.0 million, or 6.1%; in operating income of $5.8 million, or 9.7%; and in net income of $3.3 million, or 8.8%, from the same quarter last year. Fully diluted earnings per share for the three months ended October 31, 2011 were $0.62 compared to $0.45 for the same period last year, an increase of 37.8%.
During the first quarter of our fiscal 2011, the Company prospectively adopted Accounting Standards Update 2009-13, Revenue Arrangements with Multiple Deliverables (ASU 2009-13) . Consequently, effective August 1, 2010, the Company recognizes certain revenues, primarily towing fees, titling fees and vehicle preparation fees when the service is performed. Prior to our first quarter of fiscal 2011, these revenues were recognized when the car associated with those fees was sold. As a result of this change, the Company recognized approximately $9.1 million in revenue and $8.8 million in expenses associated with that revenue which would have otherwise been recognized in future periods. Excluding the impact of ASU 2009-13, growth in revenue would have been $19.9 million, or 9.8%, over the same quarter last year. A reconciliation between revenue on a GAAP basis and non-GAAP revenue is provided in the table on page 6.
During the current quarter the Company incurred approximately $1.5 million in additional expenses, primarily stay pay, severance and relocation expenses, directly associated with moving its headquarters from Fairfield, CA to Dallas, TX.Also, during the current quarter the Company repurchased 1,069,898 shares of its common stock at a weighted average price of $40.73 per share under its share repurchase program. At the end of the quarter, Copart had 27,477,065 shares available for repurchase under its share repurchase program.
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