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Copart's CEO Discusses F3Q2012 Results - Earnings Call Transcript

Now I will provide a few brief comments of our financial performance in our third fiscal quarter. Yesterday we reported our results for the third quarter of our 2012 fiscal year. Consolidated revenue was $244.1 million compared to $236.8 million for the same quarter last year, an increase of 3.1%.

The growth in revenue was driven by higher revenue per car as unit sales volume was relatively flat due to the mild winter weather in United States and the lingering recession in the United Kingdom.

The growth in revenue per car was driven by a moderate year-over-year increase in used car pricing and more importantly the change in our supplier mix. Non-insurance cars which on average command a higher average selling price than insurance cars comprised a larger portion of our total mix.

In North America, the volume from non-insurance cars grew by almost 9% over the same quarter last year, and represented almost 21% of all cars sold during the quarter. The total number of purchased units sold decreased by 9.3% as we continue to migrate contracts in UK from the principal model to the agency model. In UK purchased cars represented 29% of the total volume for the quarter compared to 36% from the same quarter last year.

The yard and fleet expenses remained relatively flat consistent with the volume of cars sold. Our gross margin grew from $108.9 million to $115.3 million or 5.9%. General and administrative costs excluding depreciation were $23.6 million compared to $24.8 million for the same quarter last year. Decline was due primarily to the reduced cost associated with the transition of our headquarters to Dallas.

Our operating income increased from $82 million to $87.9 million or 7.2%. And our diluted earnings per share increased from $0.35 to $0.43 per share or almost 23%.

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