Copart reports second quarter fiscal 2014 financial results
Dallas--(business wire)--copart, inc. (nasdaq: cprt) today reported financial results for the quarter ended january 31, 2014. for the three months ended january 31, 2014, revenue, operating income and net income were $286.4 million, $71.5 million and $45.3 million, respectively. these represent increases in revenue of $20.2 million, or 7.6%; in operating income of $8.7 million, or 13.9%; and in net income of $5.7 million, or 14.4%, respectively, from the same quarter last year. fully diluted earnings per share for the three months were $0.35 compared to $0.31 last year, an increase of 12.9%. for the six months ended january 31, 2014, revenue, operating income and net income were $566.3 million, $136.4 million and $86.8 million, respectively. these represent an increase in revenue of $61.3 million, or 12.1%; a decrease in operating income of $0.7 million, or 0.5%; and an increase in net income of $1.3 million, or 1.5%, respectively, from the same quarter last year. fully diluted earnings per share for the six months were $0.66 for both periods. included in the financial results for the most recent quarter are the severance, relocation and lease termination costs of $4.5 million associated with the integration of the qcsa acquisition, which we closed on may 30, 2013, and the relocation of the technology department from fairfield, california to dallas, texas. we expect severance and lease termination costs to continue into our fourth quarter of this fiscal year. on wednesday, february 26, 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://64.202.98.81/conferenceamerica. a replay of the call will be available through april 27, 2014 by calling (877) 919-4059. use confirmation code #91488337. 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. copart, inc. (in thousands, except per share data) (unaudited) total service revenues and vehicle sales general and administrative copart, inc. (in thousands) (unaudited) copart, inc. (in thousands) (unaudited) net cash provided by operating activities
