Copart reports fourth quarter financial results
Dallas--(business wire)--copart, inc. (nasdaq:cprt) today reported financial results for the quarter and year ended july 31, 2014. for the three months ended july 31, 2014, revenue, gross margin and net income were $287.5 million, $116.9 million and $51.0 million, respectively. these represent increases in revenue of $23.8 million, or 9.0%; in gross margin of $13.9 million, or 13.5%; and in net income of $9.7 million, or 23.6%, respectively, from the same quarter last year. fully diluted earnings per share for the three months were $0.39 compared to $0.32 last year, an increase of 21.9%. for the twelve months ended july 31, 2014, revenue, gross margin and net income were $1,163.5 million, $468.6 million and $178.7 million, respectively. these represent increases in revenue of $117.1 million, or 11.2%; in gross margin of $47.7 million or 11.3%; and a decrease in net income of $1.3 million, or 0.7%, respectively, from the same period last year. fully diluted earnings per share for the twelve months were $1.36 compared to $1.39 last year, a decrease of 2.2%. included in the operating results of the prior fiscal year were incremental revenues and operating expenses associated with unit volume generated by hurricane sandy, which were estimated to be $31.2 million and $35.6 million, respectively. included in the operating results of the current year was 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 wednesday, september 24, 2014, 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://live.conferenceamerica.com:5840/live. a replay of the call will be available through november 23, 2014 by calling (877) 919-4059. use confirmation code #74916381. 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.copart.ae) and spain (www.autoresiduos.com). copart links sellers to more than 750,000 members in over 140 countries worldwide through our online multi-channel platform. 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. consolidated statements of income (in thousands, except per share data) (unaudited) total service revenues and vehicle sales general and administrative depreciation and amortization (in thousands) (unaudited) assets net cash used in financing activities
