In the current quarter we determined that certain assets, primarily our fleet of private airplanes, will be removed from operations and disposed. Consequently these assets, which also include certain real estate and computer hardware, were written down the fair value, resulting in an impairment of $8.8 million.Our operating income, excluding the impairment, increased from $60.2 million to $72.3 million or 20.1%. Excluding the beneficial settlement in the U.K. in the second quarter of last year, operating income grew by 23.8%.
Copart's CEO Discusses F2Q12 Results - Earnings Call Transcript
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