Copart reports first quarter fiscal 2014 financial results
Dallas--(business wire)--copart, inc. (nasdaq: cprt) today reported financial results for the quarter ended october 31, 2013. for the three months ended october 31, 2013, revenue, operating income and net income were $279.9 million, $65.0 million and $41.4 million, respectively. these represent an increase in revenue of $41.0 million, or 17.2%; and decreases in operating income of $9.4 million, or 12.6%; and in net income of $4.4 million, or 9.6%, respectively, from the same quarter last year. fully diluted earnings per share for the three months were $0.32 compared to $0.36 last year, a decrease of 11.1%. included in the financial results for the most recent quarter are the results of our qcsa acquisition, which we closed on may 30, 2013. these results included revenues of $17.2 million and expenses, excluding severance and lease termination costs, of $17.9 million. we expect our qcsa acquisition to contribute to our operating profit by our third quarter of this fiscal year. during the quarter, severance and lease termination costs totaled $3.7 million. we expect severance and lease termination costs to continue into our third quarter of this fiscal year. on tuesday, november 26, 2013, 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=723058&s=1&k=e6381375f4f886eed7ba2f166873679e. a replay of the call will be available through december 24, 2013 by calling (888) 203-1112. use confirmation code #9392710. 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) three months endedoctober 31, (in thousands) (unaudited) october 31,2013 july 31,2013 (in thousands) (unaudited)
