Copart Reports Record First Quarter Results Earnings per Share Rise 45%, Same-Store Sales +28%, Web Sales +122%.Business Editors/High-Tech Writers BENICIA Be·ni·cia A city of western California on an inlet of San Francisco Bay north-northeast of Oakland. It was the state capital from 1853 to 1854. Population: 27,100. , Calif.--(BUSINESS WIRE)--Nov. 27, 2000 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 record profits for its first fiscal quarter ended October October: see month. 31, 2000. Copart earned net income of $8,919,200 or $.16 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share in the first quarter of fiscal 2001, generating a 45% increase in earnings per share over the same period in fiscal 2000, on revenues of $57,139,400. The Company had net income of $6,312,600, or $.11 per diluted share, on revenues of $40,507,600 for the same period in fiscal 2000. "Fiscal 2001 is off to a great start," said A. Jayson Adair, Copart's President. "In this quarter we accomplished record financial results and added powerful new web features. We also saw continued growth of 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 and received recognition as one of Forbes Forbes , B(ertie) C(harles) 1880-1954. American publisher and businessman who founded and edited (1916-1954) Forbes magazine. His son Malcolm Stevenson Forbes 200 Best Small Companies in the October 30, 2000 issue. "Financial results were ahead of expectations due to strong performance from new and existing stores. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of for the quarter were up 28% over the first quarter of last year. In addition, new stores this quarter generated $5.3 million of new revenues and over $800 thousand of net operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. . Overall operating profits were 24% of sales despite higher transportation and labor costs. For the quarter we auctioned over $249 million in gross proceeds and generated $17.8 million of EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become . "On the Internet we added a number of new features to benefit our buyers and suppliers. For buyers we added the ability to see future sales -- cars that are in the final phase of processing but are not yet assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. to a firm auction date. This means that buyers can now see and bid on almost twice as many cars. Today, Copart.com displays over 32,000 vehicles for scheduled or future auctions -- that's over 100% higher than just three months ago. We also added a number of web tools for buyers such as account statistics and the ability to drill-down on the details and images of vehicles they've they've Contraction of they have. they've have purchased from Copart. "For our insurance company suppliers we increased the functions, reporting and speed of our web offerings. For example, we recently added drill-down capabilities to a number of on-line reports and created new inquiries to quickly show the details of Internet sales. This means that an insurance adjuster in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden can be on Copart.com looking at a report and click on a link to look at receipts, invoices and images of a vehicle sold last month in Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. . As of today, over 14 million digital images of vehicles and scanned documents can be accessed at Copart.com. "The web enhancements to our business are driving higher Internet sales. Approximately 18% of the first quarter's gross proceeds came from the sale of cars sold to Internet bidders or whose price was "pushed" by Internet bidders. Total Internet sales for the quarter were $44.4 million, 122% higher than the first quarter of fiscal 2000. The $44.4 million consists of approximately $22.7 million of product sold and $21.7 million pushed by Internet bids. In the first quarter one year ago Internet sales were $20.0 million, 11% of gross proceeds, consisting of approximately $9.9 million of product sold and an additional $10.1 million pushed." On Tuesday, November 28, 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 vcall.com. A replay of the call will be available through December 1, by calling (402)220-9732. Copart's current investor presentation slides can be found at Copart.com/Invest/Roadshow.htm The Company is also making public its 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 forecasts for the second quarter and the current fiscal year. For the second quarter ending January 31, 2001, earnings are forecasted to be between .15 and .16 cents. For the fiscal year ending July 31, 2001, the forecast is for 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. between .67 and .68 cents. 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 77 facilities in 36 states. It also provides services in other locations through its national network of independent salvage vehicle processors. (Financial highlights follow) Contact: Wayne R. Hilty, Senior Vice President & Chief Financial Officer (707)748-5123 NOTE: Certain statements in this release are 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 Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors and/or factors affecting future results detailed in the Company's Securities and Exchange Commission reports, including variations in the Company's operating results, the inability to continue to increase service fees, the timing and size of acquisitions and facility openings, the loss of vehicle suppliers or buyers, the announcement of new vehicle supply agreements by the Company or its competitors, changes in regulations governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. the Company's operations or its vehicle suppliers, environmental problems or litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. .
Financial Highlights
(in thousands, except per share and other data)
Three Months Ended October 31,
2000 1999
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Consolidated Statements of
Income Data
Revenues $ $ 57,139 $ 40,508
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Operating costs and expenses:
Yard and fleet 35,356 24,637
General and administrative 4,466 3,306
Depreciation and amortization 3,370 2,753
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Total operating expenses 43,192 30,696
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Operating income 13,947 9,812
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Other income (expense):
Interest income, net 215 268
Other income 461 184
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Total other income 676 452
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Income before income taxes 14,623 10,264
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Income taxes 5,704 3,952
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Net income $ 8,919 $ 6,312
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Basic net income per share $ .16 $ .12
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Weighted average shares outstanding 54,555 53,696
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Diluted net income per share $ .16 $ .11
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Weighted average shares and dilutive
potential common shares outstanding 56,453 55,889
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Other Data
Gross proceeds (000) $ 249,115 $ 180,785
Number of auction facilities 77 65
October 31, 2000 July 31, 2000
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Consolidated Balance Sheet Data (000)
Cash & cash equivalents $ 15,677 $ 12,165
Working capital $ 55,950 $ 54,042
Total assets $ 277,040 $ 262,324
Total debt $ 8,533 $ 8,555
Shareholders' equity $ 228,854 $ 219,890
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