Copart Reports Fourth Quarter Financial Results

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Copart Reports Fourth Quarter Financial Results

DALLAS--(BUSINESS WIRE)-- Copart, Inc. (NAS: CPRT) today reported the results for its fourth quarter and fiscal year ended July 31, 2012.

For the three months ended July 31, 2012, revenue, operating income and net income were $226.6 million, $69.5 million and $44.9 million, respectively. These represent increases in revenue of $11.1 million, or 5.2%; in operating income of $6.0 million, or 9.5%; and in net income of $4.4 million, or 10.8% from the same quarter last year. Fully diluted earnings per share for the three months were $0.35 compared to $0.29 last year, an increase of 20.7%.


For the twelve months ended July 31, 2012, revenue, operating income and net income were $924.2 million, $286.4 million and $182.1 million, respectively. These represent increases in revenue of $51.9 million, or 6.0%; in operating income of $21.1 million, or 7.9%; and in net income of $15.7 million, or 9.5% from the same period last year. Fully diluted earnings per share for the twelve months ended July 31, 2012 were $1.39 compared to $1.08 last year, an increase of 28.7%.

Included in the fourth quarter of the Company's 2012 fiscal year is the repurchase of 2,800,000 shares of the Company's common stock at a weighted average price of $23.22 per share under its share repurchase program. As of July 31, 2012, Copart had 48,213,218 shares available for repurchase under its share repurchase program.

On Wednesday, September 26, 2012, 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 http://w.on24.com/r.htm?e=514931&s=1&k=02F16B705658A913E110EA819CE52F22. A replay of the call will be available through October 26, 2012 by calling (888) 203-1112. Use confirmation code #7921487.

About Copart

Copart, founded in 1982, provides vehicle sellers with a full range of remarketing services to process and sell salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters and, in some states, to end users. Copart remarkets the vehicles through Internet sales utilizing its patented VB2 technology. Copart sells vehicles on behalf of insurance companies, banks, finance companies, fleet operators, dealers, car dealerships and others as well as cars sourced from the general public. The company currently operates 156 facilities in the United States, Canada, United Kingdom and the United Arab Emirates. 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. For more information, or to become a member, visit www.copart.com.

Cautionary Note About Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws, and these forward-looking statements are subject to substantial risks and uncertainties. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected or implied by our statements and comments. For a more complete discussion of the risks that could affect our business, please review the "Management's Discussion and Analysis" and the other risks identified in Copart's latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. We encourage investors to review these disclosures carefully. We do not undertake to update any forward-looking statement that may be made from time to time on our behalf.

Copart, Inc.

Consolidated Statements of Income

(in thousands, except per share data)

(Unaudited)

    

Three months ended

July 31,

Twelve months ended

July 31,

2012

 2011 2012 2011
Service revenues and vehicle sales:
Service revenues$187,464$171,040$757,272$713,093
Vehicle sales 39,092 44,403 166,919 159,153

Total service revenues and vehicle sales

$226,556$215,443$924,191$872,246
Operating costs and expenses:
Yard operations85,90781,822344,566337,188
Cost of vehicle sales32,91435,142136,971125,202
Yard depreciation and amortization8,3098,89233,03836,961
Gross margin99,42689,587409,616372,895
General and administrative26,40423,73799,37698,864

General and administrative depreciation and amortization

3,5282,39415,1168,741
Impairment of long-lived assets8,771
Total operating expenses157,062151,987637,838606,956
Operating income69,49463,456286,353265,290
Other (expense) income:
Interest (expense) income, net(3,015)(1,693)(10,984)(3,585)
Other income, net9998822,6872,172
Total other (expense)(2,016)(811)(8,297)(1,413)
Income before income taxes67,47862,645278,056263,877
Income taxes22,58222,12495,93797,502
Net income$44,896$40,521$182,119$166,375
Earnings per share-basic        
Basic net income per share$0.36$0.30$1.42$1.10
 
Weighted average common shares outstanding126,112135,230128,120151,298
 
Earnings per share-diluted        
Diluted net income per share$0.35$0.29$1.39$1.08
Diluted weighted average common shares outstanding129,853138,232131,428153,352
 

Copart, Inc.

Consolidated Balance Sheets

(in thousands)

(Unaudited)

      
July 31,

2012

July 31,

2011

ASSETS
 
Current assets:

Cash and cash equivalents

$140,112$74,009
Accounts receivable, net138,966122,859
Inventories and vehicle pooling costs24,22225,042
Income taxes receivable2,3125,145
Deferred income taxes3,600
Prepaid expenses and other assets9,15514,813
Assets held for sale3,926
Total current assets322,293241,868
Property and equipment, net587,163600,388
Intangibles, net7,98512,748
Goodwill196,438198,620
Deferred income taxes22,2809,425
Other assets18,90721,387
Total assets$1,155,066$1,084,436
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities$102,958101,708
Deferred revenue5,3905,636
Income taxes payable3,0823,543
Deferred income taxes440
Current portion of long-term debt and capital lease obligations75,17050,370
Other current liabilities7854,929
Total current liabilities187,385166,626
Deferred income taxes7,18610,057
Income taxes payable22,53124,773
Long-term debt and capital lease obligations368,950325,386
Other liabilities7,8972,422
Total liabilities593,949529,264
Commitments and contingencies
Stockholders' equity:

Preferred stock, $0.0001 par value -
5,000,000 shares authorized;
no shares issued and outstanding
at July 31, 2012 and July 31, 2011 respectively

Common stock, $0.0001 par value -
180,000,000 shares authorized;
124,393,700 and 132,011,034 shares
issued and outstanding at July 31, 2012
and July 31, 2011, respectively

1213
Additional paid-in capital326,187313,927
Accumulated other comprehensive loss(38,043)(23,225)
Retained earnings272,961264,457
Total stockholders' equity561,117555,172
Total liabilities and stockholders' equity$1,155,066$1,084,436
 

Copart, Inc.

Consolidated Statements of Cash Flows

(in thousands)


(Unaudited)

  
Twelve Months Ended
July 31,
2012  2011
Cash flows from operating activities:
Net income$182,119$166,375
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization48,16745,694
Allowance for doubtful accounts(192)270
Impairment8,771
Stock-based compensation21,79119,007
Excess tax benefits from stock-based compensation(4,367)(3,547)
(Gain)/loss on sale of property and equipment(143)1,882
Deferred income taxes(17,579)(2,099)
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable(16,202)(12,865)
Vehicle pooling costs and inventories92410,535
Prepaid expenses and other current assets6,0264,785
Other assets(1,951)739
Accounts payable and accrued liabilities(3,607)5,614
Deferred revenue(243)(5,015)
Income taxes receivable7,0829,456
Income taxes payable(2,545)2,529
Other liabilities1,622(428)
Net cash provided by operating activities229,673242,932
 
Cash flows from investing activities:
Purchases of property and equipment, including acquisitions(57,396)(105,082)
Proceeds from sale of property and equipment1,26820,602
Proceeds from sale of assets held for sale8,041
Net cash used in investing activities(48,087)(84,480)
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