Copart reports record financial results for fiscal 1996; revenues up 104 percent, net income up 62 percent, EPS up 31 percent.

BENICIA, Calif.--(BUSINESS WIRE)--Oct. 8, 1996--Copart Inc. (NASDAQ:CPRT) reported financial results for the fourth quarter and fiscal 1996, ended July 31, 1996.

For fiscal 1996, Copart earned $11,185,000, or 85 cents per share, on revenues of $118,248,000 with 391,100 vehicles processed. By comparison, the company reported net income of $6,894,000, or 65 cents per share, on revenues of $58,117,000 with 223,300 vehicles processed for fiscal 1995.

Approximately two-thirds of the 104 percent increase in revenues for the fiscal year was due to acquisitions and the opening of new facilities completed by the company over the past two years. Copart has acquired 28 salvage vehicle auction facilities and established six new facilities since the beginning of fiscal 1995.

At existing facilities, revenues for the fiscal year increased approximately 36 percent, of which revenues from purchase program vehicles accounted for approximately three-fourths of the increase while per-unit revenues increased approximately 9 percent and vehicle volume increased approximately 3 percent.

"Fiscal 1996 results reflect the larger revenue-generating capacity of the company as it achieved broad market coverage throughout much of the United States," said Willis J. Johnson, Copart's chief executive officer.

Copart ended fiscal 1996 in sound financial condition with working capital of $40,083,000 including $13,026,000 in cash and cash equivalents, unused lines of credit aggregating $28,500,000, and total debt of $11,260,000 or a 9 percent debt/equity ratio.

For the fourth quarter, Copart earned $2,757,000, or 21 cents per share, on revenues of $31,430,000 with 100,200 vehicles processed. By comparison, the company reported net income of $2,145,000, or 17 cents per share, on revenues of $21,442,000 with 83,100 vehicles processed for the same period in fiscal 1995.

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 currently operates 49 facilities in 24 states. It also provides services in other locations through its national network of independent salvage vehicle processors.

NOTE: Copart financial and investor communications can be viewed or downloaded through the Internet at http://www.copart.com -0-

                             Copart Inc.
                         Financial Highlights
             (in thousands, except per share and other data)

                                         Three Months Ended July 31,
                                             1996           1995
Consolidated Statements of Income Data
Revenues                                   $ 31,430       $ 21,442
Operating expenses                         $ 27,331       $ 17,836
Operating income                           $  4,099       $  3,606
Net income                                 $  2,757       $  2,145
Per share:
  Net income                               $   0.21       $   0.17
Weighted average shares outstanding          13,254         12,781
Other Data
Salvage vehicles processed                  100,200         83,100
Gross proceeds (000)                       $131,916       $116,264
Number of auction facilities                     49             42


                                          Fiscal Year Ended July 31,
                                              1996           1995
Consolidated Statements of Income Data
Revenues                                   $118,248       $ 58,117
Operating expenses                         $100,446       $ 46,856
Operating income                           $ 17,802       $ 11,261
Net income                                 $ 11,185       $  6,894
Per share:
  Net income                               $   0.85       $   0.65
Weighted average shares outstanding          13,216         10,614
Other Data
Salvage vehicles processed                  391,100        223,300
Gross proceeds (000)                       $506,916       $317,788
Number of auction facilities                     49             42


At                                      July 31, 1996  July 31, 1995
Consolidated Balance Sheet Data
Cash and cash equivalents                  $ 13,026       $ 13,779
Working capital                            $ 40,083       $ 32,756
Total assets                               $158,066       $135,158
Total debt                                 $ 11,260       $  3,734
Shareholders' equity                       $126,245       $113,116

CONTACT: Copart Inc.

Joseph Whelan, 707/748-5003