Copart Reports Fourth Quarter and Fiscal 2004 Financial Results.FAIRFIELD Fairfield. 1 City (1990 pop. 12,200), Jefferson co., N central Ala., an industrial suburb of Birmingham; inc. 1919. Founded (1910) by the United States Steel Corp., its steel industry has greatly declined, negatively affecting the city's economy. , Calif. -- Copart Co`part v. t. 1. To share. For, of all miserias, I hold that chief Wretched to be, when none coparts our grief. - Webster (1661). , Inc. (Nasdaq:CPRT CPRT Copart Inc. (stock symbol) CPRT Citizens for Personal Rapid Transit CPRT Client Perceived Response Time CPRT Coprocessor Register Transfer CPRT Cancer Prevention Research Trust CPRT Classic Professional Racquetball Tour ) today reported results for the fourth quarter and fiscal year ended July July: see month. 31, 2004. In the fourth quarter of fiscal 2004 Copart earned net income of $21.4 million on revenues of $100.1 million. In the same period last year the company earned $13.3 million on revenues of $87.2 million. These represent increases in net income and revenue of 61% and 15%, respectively. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) for the quarter was $.23 compared to $.15 last year, an increase of 53%. For fiscal 2004 Copart earned net income of $79.2 million on revenues of $400.8 million. In the same period last year the company earned $57.2 million on revenues of $347.4 million. These represent increases in net income and revenue of 38% and 15%, respectively. Fully diluted earnings per share for the twelve months was $.87 compared to $.62 last year, an increase of 40%. Included in our fourth quarter results are net positive adjustments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. for insurance claims and sales taxes sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. totaling $3.6 million, pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern . These adjustments had a corresponding positive impact on our net income and EPS for the quarter and the fiscal year. In particular, the adjustments had a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. EPS effect of $0.02 for the quarter and the fiscal year. "VB2 continues to prove that its unique method within the marketplace removes barriers between buyers and sellers," states A. Jayson Adair, President of Copart. "Sales of vehicles during the fourth quarter to buyers outside the state where the vehicle is located accounted for 43% of total vehicles sold; 25% out of state and 18% out of country." One example of the breadth Breadth The percentage of assets or stocks advancing relative to those unchanged or declining. Also the number of independent forecasts available per year. A stock picker forecasting returns to 100 stocks every quarter exhibits a breadth of 400, assuming each forecast is and versatility Versatility Franklin, Benjamin (1706–1790) American statesman, inventor, printer, author, scientist. [Am. Hist.: Benét, 366] George of VB2 occurred recently in Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and . VB2 allowed Copart's Tampa, Florida “Tampa” redirects here. For other uses, see Tampa (disambiguation). Tampa is a United States city in Hillsborough County, on the west coast of Florida. It serves as the county seat for Hillsborough County.GR6. facility to complete its scheduled sale despite being engulfed by Hurricane hurricane, tropical cyclone in which winds attain speeds greater than 74 mi (119 km) per hr. Wind speeds reach over 190 mi (289 km) per hr in some hurricanes. Charlie. On the day that Charlie struck the Tampa Tampa (tăm`pə), city (1990 pop. 280,015), seat of Hillsborough co., W Fla., a port of entry with an impressive harbor on Tampa Bay; inc. 1855. area, with the facility closed and all employees evacuated e·vac·u·ate v. e·vac·u·at·ed, e·vac·u·at·ing, e·vac·u·ates v.tr. 1. a. To empty or remove the contents of. b. To create a vacuum in. 2. , 448 vehicles were sold to buyers throughout the world. Of the 448 vehicles sold, 11% were sold to buyers outside the state, and 30% were sold to buyers outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . "VB2 removes barriers between our vehicle suppliers and buyers navigating (networking, hypertext) navigating - Finding your way around. Often used of the Internet, particularly the World-Wide Web. A browser is a tool for navigating hypertext documents. the virtual marketplace," concluded Mr. Adair. On Wednesday Wednesday: see week. , September September: see month. 15, at 11 a.m. Eastern time, Copart will conduct a conference call to discuss the results for the quarter. The call will be webcast live at https://cis.premconf.com/sc/scw.dll/usr?cid=vlllrwznmmnvmrlrz. A replay of the call will be available through September 21, 2004 by calling (888) 203-1112, use confirmation code #977046. Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage salvage, in maritime law, the compensation that the owner must pay for having his vessel or cargo saved from peril, such as shipwreck, fire, or capture by an enemy. Salvage is awarded only when the party making the rescue was under no legal obligation to do so. vehicles through auctions, principally to licensed dismantlers, rebuilders and used vehicle dealers. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company operates 107 facilities in the United States and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . It also provides services in other locations through its national network of independent salvage vehicle processors. NOTE: This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of federal securities laws. Our actual results could differ materially from those projected in these forward-looking statements as a result of a number of factors, many of which are outside our control. Our VB2 Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the sales model was introduced on a company-wide basis during this fiscal year and may not continue to have a favorable impact on our results of operations in future periods. Our business has become increasingly reliant on proprietary and non-proprietary technologies, and it is difficult to forecast with accuracy what impact these changes in our business model will have. We depend on a limited number of major suppliers of salvage vehicles. If we are unable to maintain these supply relationships, our revenues and operating results would be adversely affected. In addition, our revenues, operating results, financial condition, and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. are subject to numerous other risks, including our ability to complete and integrate new acquisitions, environmental and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. risks, and the other factors described under the caption "Factors That May Effect Future Results" in our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. . We encourage investors to review these disclosures carefully. Note to Editors: In "VB2" the "2" is superscript Any letter, digit or symbol that appears above the line. For example, 10 to the 9th power is written with the 9 in superscript (109). Contrast with subscript. .
Copart, Inc.
Consolidated Statements of Income -- 1
(Dollars in thousands, except per share data)
Three Months Ended July 31,
2004 2003
------------ ------------
Revenues $100,076 $87,216
------------ ------------
Operating costs and expenses:
Yard and fleet 49,097 51,331
General and administrative 9,245 7,720
Depreciation and amortization 7,676 7,153
------------ ------------
Total operating expenses 66,018 66,204
------------ ------------
Operating income 34,058 21,012
------------ ------------
Other income (expense):
Interest income, net 582 359
Gain on sale of fleet equipment 169 45
Other income 832 448
------------ ------------
Total other income 1,583 852
------------ ------------
Income before income taxes 35,641 21,864
------------ ------------
Income taxes 14,195 8,527
------------ ------------
Net income $21,446 $13,337
============ ============
Basic net income per share $.24 $.15
============ ============
Weighted average shares outstanding 89,937 89,814
============ ============
Diluted net income per share $.23 $.15
============ ============
Weighted average shares and dilutive
potential common shares outstanding 92,821 91,342
============ ============
Consolidated Statements of Income -- 2
(Dollars in thousands, except per share data)
Fiscal Year Ended July 31,
2004 2003
------------- -------------
Revenues $400,796 $347,423
------------- -------------
Operating costs and expenses:
Yard and fleet 208,757 202,420
General and administrative 36,466 28,703
Depreciation and amortization 30,808 25,545
------------- -------------
Total operating expenses 276,031 256,668
------------- -------------
Operating income 124,765 90,755
------------- -------------
Other income:
Interest income, net 1,506 1,630
Gain on sale of fleet equipment 1,359 255
Other income 2,666 1,527
------------- -------------
Total other income 5,531 3,412
------------- -------------
Income before income taxes 130,296 94,167
------------- -------------
Income taxes 51,076 36,945
------------- -------------
Net income $79,220 $57,222
============= =============
Basic net income per share $.89 $.63
============= =============
Weighted average shares outstanding 89,457 91,408
============= =============
Diluted net income per share $.87 $.62
============= =============
Weighted average shares and dilutive
potential common shares outstanding 91,537 93,018
============= =============
Other Data
Number of auction facilities 107 102
Consolidated Balance Sheets -- 3
(in thousands, except share data)
July 31, July 31,
2004 2003
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $178,320 $116,746
Accounts receivable, net 81,633 71,553
Vehicle pooling costs 23,966 23,381
Income taxes receivable - 4,018
Prepaid expenses and other assets 5,437 5,391
Equipment held for sale 3,755 -
--------- ---------
Total current assets 293,111 221,089
Other assets 6,613 8,132
Property and equipment, net 257,667 244,361
Intangibles, net 2,941 4,404
Goodwill 112,691 109,114
--------- ---------
Total assets $673,023 $587,100
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $7 $91
Accounts payable and accrued liabilities 44,080 38,309
Deferred revenue 9,721 9,708
Income taxes payable 3,819 -
Deferred income taxes 5,438 5,902
Other current liabilities 158 174
--------- ---------
Total current liabilities 63,223 54,184
Deferred income taxes 6,355 6,014
Long-term debt, less current portion 9 16
Other liabilities 1,173 1,247
--------- ---------
Total liabilities 70,760 61,461
--------- ---------
Commitments and contingencies
Shareholders' equity:
Common stock, no par value - 180,000,000 shares
authorized; 90,075,843 and 89,883,412 shares
issued and outstanding at July 31, 2004 and
2003, respectively 267,276 269,968
Accumulated other comprehensive gain 95 -
Retained earnings 334,892 255,671
--------- ---------
Total shareholders' equity 602,263 525,639
--------- ---------
Total liabilities and shareholders' equity $673,023 $587,100
========= =========
Consolidated Cash Flows -- 4
(in thousands)
Three Months Ended
July 31,
2004 2003
---------- ---------
Cash flows from operating activities:
Net income $21,449 $ 13,336
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 7,676 7,153
Allowance for doubtful accounts 645 (175)
Deferred rent (21) (153)
Gain on sale of fleet equipment and other
property and equipment (227) (2)
Deferred income taxes (2,552) 1,322
Changes in operating assets and liabilities:
Accounts receivable 2,219 (3,717)
Vehicle pooling costs 692 (1,537)
Prepaid expenses and other current assets 1,880 1,119
Other non current assets (345) (121)
Accounts payable and accrued liabilities (3,264) 3,308
Deferred revenue (168) 750
Income taxes (4,452) (7,701)
---------- ---------
Net cash provided by operating activities 23,532 13,582
---------- ---------
Cash flows from investing activities:
Purchase of property and equipment (13,521) (8,806)
Proceeds from sale of property and equipment 3,263 134
Purchase of net current assets in connection
with acquisitions (713) 192
Purchase of property and equipment in
connection with acquisitions (41) -
Purchase of goodwill and intangible assets in
connection with acquisitions (3,139) -
Intangibles, net 58 -
---------- ---------
Net cash used in investing activities (14,093) (8,480)
---------- ---------
Cash flows from financing activities:
Proceeds from the exercise of stock options 2,474 37
Proceeds from the issuance of Employee Stock
Purchase Plan shares 647 795
Principal payments on notes payable (2) (85)
---------- ---------
Net cash provided by financing activities 3,119 747
---------- ---------
Effect of foreign currency translation 123 -
---------- ---------
Net increase in cash and cash equivalents 12,681 5,849
Cash and equivalents at beginning of period 165,639 110,897
---------- ---------
Cash and equivalents at end of period $178,320 $116,746
========== =========
Supplemental disclosure of cash flow information:
Interest paid $0 $3
========== =========
Income taxes paid $21,194 $14,936
========== =========
Consolidated Cash Flows -- 5
(in thousands)
Years Ended July 31,
2004 2003
---------- ----------
Cash flows from operating activities:
Net income $79,220 $57,222
Adjustments to reconcile net income net cash
provided by operating activities:
Depreciation and amortization 30,808 25,545
Allowance for doubtful accounts 760 (175)
Deferred rent (74) (189)
Gain on sale of fleet equipment and other
property and equipment (1,239) (190)
Deferred income taxes (122) 7,206
Changes in operating assets and liabilities:
Accounts receivable (10,629) (7,447)
Vehicle pooling costs (375) (3,332)
Prepaid expenses and other current assets 400 (226)
Other non current assets 1,244 (915)
Accounts payable and accrued liabilities 5,754 6,497
Deferred revenue 13 1,356
Income taxes 9,441 (6,272)
---------- ----------
Net cash provided by operating
activities 115,201 79,080
---------- ----------
Cash flows from investing activities:
Purchase of property and equipment (64,551) (70,721)
Proceeds from sale of property and equipment 19,891 808
Purchase of net current assets in connection
with acquisitions (867) (92)
Purchase of property and equipment in
connection with acquisitions (41) (301)
Purchase of goodwill and intangible assets in
connection with acquisitions (3,825) (6,211)
Intangibles, net 58 -
---------- ----------
Net cash used in investing activities (49,335) (76,517)
---------- ----------
Cash flows from financing activities:
Proceeds from the exercise of stock options 5,082 397
Proceeds from the issuance of Employee Stock
Purchase Plan shares 1,345 1,873
Repurchases of common stock (10,723) (20,447)
Principal payments on notes payable (91) (330)
---------- ----------
Net cash used in financing activities (4,387) (18,507)
---------- ----------
Effect of foreign currency translation 95 -
---------- ----------
Net increase (decrease) in cash and cash
equivalents 61,574 (15,944)
Cash and equivalents at beginning of period 116,746 132,690
---------- ----------
Cash and equivalents at end of period $178,320 $116,746
========== ==========
Supplemental disclosure of cash flow
information:
Interest paid $3 $21
========== ==========
Income taxes paid $41,753 $36,002
========== ==========
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