Copart Reports Record Profitability for Second Quarter and Six Months; Net Income Increases 15 Percent in Second Quarter, Up 23 Percent for Six Months.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)--March 2, 1998--Copart 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 ) reported financial results for the second quarter and first six months of fiscal 1998, ended Jan. 31, 1998. For the second quarter, 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). earned a record $3,453,000, or 26 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. reported on a 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. basis, on revenues of $26,173,700. By comparison, the company reported net income of $3,011,600, or 23 cents per diluted share, on revenues of $30,364,500 for the same period in fiscal 1997. The number of vehicles processed and total revenues declined due to terminated purchase program contracts and mild weather for most of the country through the end of January January: see month. . For the first six months, Copart earned a record $6,593,100, or 49 cents per diluted share, on revenues of $53,664,500. By comparison, the company reported net income of $5,348,400, or 41 cents per diluted share, on revenues of $62,881,600 for the same period in fiscal 1997. "Copart's profitability is strongly supported by nationwide implementation of our state-of-the-art management information system," noted Willis Wil·lis , Thomas 1621-1675. English anatomist and physician known for his studies of the nervous system and the brain. He discovered the circle of Willis at the base of the brain. J. Johnson, Copart's Chief Executive Officer. "The significant investments we have made in systems, training and transportation equipment over the past 18 months are paying off well and have laid the foundation for continuing efficiencies." During the second quarter, the company adopted Statement of Financial Accounting Standards 128, "Earnings Per Share," which requires disclosure of basic and 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 . Unless otherwise noted, all per share amounts are presented on a diluted basis. In the first six months of fiscal 1998, Copart acquired a 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. vehicle auction facility in Avon Avon, former county, England Avon, former county, SW England, bordering the Severn estuary and the Bristol Channel. Created in 1974 from S Gloucestershire, Bristol, and N Somerset. , Minn., and opened new facilities in Raleigh Raleigh (rôl`ē, räl`ē), city (1990 pop. 207,951), state capital, and seat of Wake co., central N.C.; the site was selected for the capital in 1788, and the city was laid out and inc. 1792. , N.C., and Orlando, Fla. The company plans to add other new facilities during the balance of the year. At Jan. 31, 1998, Copart had working capital of $54,578,600, including cash and cash equivalents of $27,748,000. Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage 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 55 facilities in 26 states. It also provides services in other locations through its national network of independent salvage vehicle processors. Copart financial and investor communications can be viewed or downloaded through the 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 at http://www.copart.com -0- 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. . -0-
Copart Inc.
Financial Highlights
(in thousands, except per share and other data)
Three Months Ended Jan. 31,
1998 1997
Consolidated Statements of Income Data
Revenues:
Salvage fees $ 25,039 $ 22,681
Purchased vehicle revenue 1,135 7,683
Total revenues 26,174 30,364
Operating costs and expenses:
Yard and fleet 16,176 20,906
General and administrative 2,687 2,709
Depreciation and amortization 1,929 1,794
Total operating expenses 20,792 25,409
Operating income 5,382 4,955
Other income (expense):
Interest income, net 249 35
Other income 30 52
Total other income 279 87
Income before income taxes 5,661 5,042
Income taxes 2,208 2,030
Net income $ 3,453 $ 3,012
Basic earnings per share $ .26 $ .23
Weighted average shares outstanding 13,153 12,825
Diluted earnings per share $ .26 $ .23
Weighted average shares and dilutive
potential common shares outstanding 13,456 13,260
Other Data
Salvage vehicles processed 91,800 99,000
Gross proceeds (000) $117,536 $123,586
Number of auction facilities 55 52
Six Months Ended Jan. 31,
1998 1997
Consolidated Statements of Income Data
Revenues:
Salvage fees $ 50,623 $ 44,940
Purchased vehicle revenue 3,042 17,942
Total revenues 53,665 62,882
Operating costs and expenses:
Yard and fleet 34,213 45,259
General and administrative 5,396 5,267
Depreciation and amortization 3,859 3,565
Total operating expenses 43,468 54,091
Operating income 10,197 8,791
Other income (expense):
Interest income, net 446 45
Other income 165 78
Total other income 611 123
Income before income taxes 10,808 8,914
Income taxes 4,215 3,566
Net income $ 6,593 $ 5,348
Basic earnings per share $ .50 $ .42
Weighted average shares outstanding 13,121 12,736
Diluted earnings per share $ .49 $ .41
Weighted average shares and dilutive
potential common shares outstanding 13,427 13,201
Other Data
Salvage vehicles processed 186,900 198,100
Gross proceeds (00 Jan. 31, 1997 July 31, 1997
Consolidated Balance Sheet Data (000)
Cash & cash equpart Inc., Benicia
Wayne Hilty, 707/748-5003
KEYWORD: CALIFORNIA California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). MINNESOTA NORTH CAROLINA North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. FLORIDA INDUSTRY KEYWORD: AUTOMOTIVE INSURANCE EARNINGS Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com |
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