Copart reports third quarter fiscal 2015 financial results
Dallas--(business wire)--copart, inc. (nasdaq: cprt) today reported financial results for the quarter and nine months ended april 30, 2015. for the three months ended april 30, 2015, revenue, gross margin and net income were $297.1 million, $127.4 million and $57.6 million, respectively. these represent a decrease in revenue of $12.6 million, or 4.1%; a decrease in gross margin of $4.8 million, or 3.7%; and an increase in net income of $16.7 million, or 40.8%, respectively, from the same quarter last year. fully diluted earnings per share for the three months were $0.44 compared to $0.31 last year, an increase of 41.9%. for the nine months ended april 30, 2015, revenue, gross margin and net income were $863.8 million, $364.6 million and $162.4 million, respectively. these represent a decrease in revenue of $12.3 million, or 1.4%; an increase in gross margin of $13.0 million, or 3.7%; and an increase in net income of $34.7 million, or 27.2%, respectively, from the same period last year. fully diluted earnings per share for the nine months were $1.23 compared to $0.97 last year, an increase of 26.8%. included in the operating results of the prior year is an impairment charge of $29.1 million recorded in the third quarter resulting primarily from the abandonment of work previously capitalized in connection with the development of a third-party enterprise operating system. on thursday, may 28, 2015, 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/copart052815. a replay of the call will be available through july 27 by calling (877) 919-4059. use confirmation code # 33373930. 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 vb3 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 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 (www.copartmea.com), and spain (www.autoresiduos.com). 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. consolidated statements of income (in thousands, except per share data) (unaudited) three months ended april 30, nine months ended april 30, total service revenues and vehicle sales 297,142 309,722 863,786 876,039 operating expenses: gross margin copart, inc. consolidated balance sheets (in thousands) (unaudited) april 30, 2015 july 31, 2014 ) copart, inc. consolidated statements of cash flows (in thousands) (unaudited)
