Copart reports third quarter fiscal 2016 financial results
Dallas--(business wire)--copart, inc. (nasdaq: cprt) today reported financial results for the quarter ended april 30, 2016. for the three months ended april 30, 2016, revenue, gross margin, and net income were $347.2 million, $157.6 million, and $74.0 million, respectively. these represent an increase in revenue of $50.1 million, or 16.9%; an increase in gross margin of $30.2 million, or 23.7%; and an increase in net income of $16.5 million, or 28.6%, respectively, from the same quarter last year. fully diluted earnings per share for the three months were $0.64 compared to $0.44 last year, an increase of 45.5%. for the nine months ended april 30, 2016, revenue, gross margin, and net income were $935.8 million, $403.1 million and $185.4 million, respectively. these represent an increase in revenue of $72.0 million, or 8.3%; an increase in gross margin of $38.5 million, or 10.6%; and an increase in net income of $23.0 million, or 14.2%, respectively, from the same period last year. fully diluted earnings per share for the nine months were $1.51 compared to $1.23 last year, an increase of 22.8%. on thursday, may 26, 2016, 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://stream.conferenceamerica.com/copart05262016. a replay of the call will be available through july 25, 2016 by calling (877) 919-4059. use confirmation code # 73323554. 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 locations, to end users. copart remarkets the vehicles through internet sales utilizing its vb3 technology. copart sells vehicles on behalf of insurance companies, banks, financial institutions, charities, car dealerships, fleet operators, vehicle rental companies, as well as cars sourced from the general public. the company currently operates in the united states and canada (www.copart.com), the united kingdom (www.copart.co.uk), brazil (www.copart.com.br), germany (www.copart.de), the united arab emirates, oman and bahrain (www.copartmea.com), spain (www.autoresiduos.com), ireland (www.copart.ie), and india (www.copart.in). copart links sellers to more than 750,000 members in over 150 countries worldwide through its multi-channel platform. copart was recently ranked at the top of deloitte’s “exceptional 100” list of companies, which reviewed u.s. publicly traded companies based upon a multidimensional approach to measuring financial performance. 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. condensed consolidated statements of income (in thousands, except per share data) (unaudited) copart, inc. condensed consolidated balance sheets (in thousands) (unaudited) copart, inc. condensed consolidated statements of cash flows (in thousands) (unaudited)
