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Copart Reports Second Quarter Financial Results

Copart, Inc. (NASDAQ: CPRT) today reported the results for the quarter ended January 31, 2013, the second quarter of its 2013 fiscal year.

For the three months ended January 31, 2013, revenue, operating income and net income were $266.2 million, $62.8 million and $39.6 million, respectively. These represent an increase in revenue of $38.3 million, or 16.8%; and decreases in operating income of $0.8 million, or 1.2%; and in net income of $1.0 million, or 2.4%, respectively, from the same quarter last year. Fully diluted earnings per share for the three months were $0.31 compared to $0.31 last year.

For the six months ended January 31, 2013, revenue, operating income and net income were $505.1 million, $137.1 million and $85.5 million, respectively. These represent increases in revenue of $51.5 million, or 11.4%; in operating income of $8.2, million or 6.4%; and in net income of $3.7 million, or 4.6%, respectively, from the same period last year. Fully diluted earnings per share for the six months ended January 31, 2013 were $0.66 compared to $0.62 last year, an increase of 6.5%.

The operating results for the second quarter were adversely affected by abnormal costs incurred as a result of hurricane Sandy. These costs include the additional towing, payroll, equipment, travel, housing and facilities expenses directly related to the operating conditions created by hurricane Sandy. These costs, net of the associated revenues, generated a loss of $11.9 million during the quarter and had a negative after tax impact on diluted earnings per share in the quarter of $0.06. We expect these additional costs to continue into future quarters. However, we believe they will be completely offset by auction revenues and, accordingly, no future loss is anticipated.

Included in general and administrative cost for our second quarter are the non-capitalizable costs associated with the implementation of our ERP system and the incremental costs associated with the outsourcing of our network infrastructure and our technical support functions, which together totaled $1.8 million and which had a negative after tax impact on diluted earnings per share in the quarter of $0.01. These costs will abate upon completion, which is expected to be some time in our 2014 fiscal year. Also included are the costs associated with our expanded international operations which totaled $1.4 million and will continue.

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