Copart Reports Fourth Quarter Financial Results

Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter and year ended July 31, 2013.

For the three months ended July 31, 2013, revenue, operating income and net income were $263.7 million, $63.1 million and $41.3 million, respectively. These represent an increase in revenue of $37.1 million, or 16.4%; and decreases in operating income of $6.4 million, or 9.3%; and in net income of $3.6 million, or 8.0%, respectively, from the same quarter last year. Fully diluted earnings per share for the three months were $0.32 compared to $0.35 last year, a decrease of 8.6%.

For the twelve months ended July 31, 2013, revenue, operating income and net income were $1,046.4 million, $283.0 million and $180.0 million, respectively. These represent increases in revenue of $122.2 million, or 13.2%; and decreases in operating income of $3.4, million or 1.2%; and in net income of $2.1 million, or 1.1%, respectively, from the same period last year. Fully diluted earnings per share for the twelve months ended July 31, 2013 and July 31, 2012 were $1.39.

Included in the financial results for the most recent quarter are the results of our QCSA acquisition, which we closed on May 30, 2013. These results included revenues of $11.2 million and expenses, including operational, general and administrative and deal-specific costs, of $13.7 million. We expect our QCSA acquisition to contribute to our operating margin by our third quarter of fiscal year 2014.

Copart also announced today that its Board of Directors has concluded its investigation into the possibility of converting to a real estate investment trust (REIT). As previously disclosed the Board began this review in 2012 and retained outside, expert advisors to assist it in conducting the review. Following this process, Copart’s board unanimously determined that Copart would not pursue a REIT conversion at this time.

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