Copart reports financial results for the second quarter of fiscal 1997.BENICIA, Calif.--(BUSINESS WIRE)--March 11, 1997--Copart Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 1997, ended Jan. 31, 1997. For the second quarter, Copart earned $3,011,600, or 23 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. , on revenues of $30,364,500 with 99,000 vehicles processed. By comparison, the company reported net income of $3,021,500, or 23 cents per share, on revenues of $26,071,100 with 89,300 vehicles processed for the same period in fiscal 1996. Approximately $1,100,000 of the increase in revenues for the quarter was the result of the acquisition of the El Paso El Paso (ĕl pă`sō), city (1990 pop. 515,342), seat of El Paso co., extreme W Tex., on the Rio Grande opposite Juárez, Mex.; inc. 1873. and Baton Rouge Baton Rouge (băt`ən r  zh) [Fr.,=red stick], city (1990 pop. 219,531), state capital and seat of East Baton Rouge parish, SE La. operations and the opening of Copart's Charlotte, Jacksonville, Indianapolis, Phoenix and Hammond facilities since the prior-year period. Existing yard revenues increased by approximately $3,200,000, or 13 percent, of which increased revenues from Purchase Program vehicles accounted for approximately $1,000,000. Under the Purchase Program, the entire proceeds from a sale are recorded as revenue, and the associated cost of the vehicle is included in yard and fleet expense. The remainder of the increase in revenues at these facilities was primarily attributed to increased per-unit revenues of approximately 4 percent and increased vehicle volume of approximately 8 percent. Willis J. Johnson, Copart's chief executive officer, stated, "After the end of the second quarter, we increased our resolving credit agreement to allow for borrowings of up to $50,000,000, which combined with our strong cash position, provides the company with significant resources to support additional growth. There are currently no outstanding borrowings under the credit facility." For the first six months, Copart earned $5,348,400, or 40 cents per share, on revenues of $62,881,600 with 198,100 vehicles processed. By comparison, the company reported net income of $5,639,200, or 43 cents per share, on revenues of $52,487,500 with 180,900 vehicles processed for the same period in fiscal 1996. This decrease in net income is primarily related to vehicles processed under certain Purchase Program contracts, which contracts have now been converted to consignment The delivery of goods to a carrier to be shipped to a designated person for sale. A Bailment of goods for sale. A consignment is an arrangement resulting from a contract in which one person, the consignor, either ships or entrusts goods to another, the contracts or eliminated. 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. vehiclewww.copart.com . -0- Except for the historical information contained in this release, other statemen Securities and Exchange Commission reports. Three Months Ended Jan. 31 1997 1996 Consolidated Statements of Income Data Revenues $ 30,364 $ 26,071 Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. $ 25,409 $ 21,190 Opection facilities 53 48 $ 62,882 $ 52,487 Operating expenses $ 54,091 $ 43,323 Op: Net income $ .40 ,889 $ 11,260 Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. $ 134,603 $ 126,245 CONTACT: Copart Inc., Benecia Joseph Whelan, 707/748-5003 |
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