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, 2013. for the three months ended july 31, 2013, revenue, operating income and net income were $263.7 million, $63.1 million and $41.3 million, respectively. these represent an increase in revenue of $37.1 million, or 16.4%; and decreases in operating income of $6.4 million, or 9.3%; and in net income of $3.6 million, or 8.0%, respectively, from the same quarter last year. fully diluted earnings per share for the three months were $0.32 compared to $0.35 last year, a decrease of 8.6%. for the twelve months ended july 31, 2013, revenue, operating income and net income were $1,046.4 million, $283.0 million and $180.0 million, respectively. these represent increases in revenue of $122.2 million, or 13.2%; and decreases in operating income of $3.4, million or 1.2%; and in net income of $2.1 million, or 1.1%, respectively, from the same period last year. fully diluted earnings per share for the twelve months ended july 31, 2013 and july 31, 2012 were $1.39. 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 $11.2 million and expenses, including operational, general and administrative and deal-specific costs, of $13.7 million. we expect our qcsa acquisition to contribute to our operating margin by our third quarter of fiscal year 2014. copart also announced today that its board of directors has concluded its investigation into the possibility of converting to a real estate investment trust (reit). as previously disclosed the board began this review in 2012 and retained outside, expert advisors to assist it in conducting the review. following this process, copart’s board unanimously determined that copart would not pursue a reit conversion at this time. on wednesday, september 25, 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=682297&s=1&k=53b067b7327e8356c223cd689a7999d0. a replay of the call will be available through october 23, 2013 by calling (888) 203-1112. use confirmation code #7330277. 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 patented vb2 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 has facilities 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) three months endedjuly 31, twelve months ended july 31, total service revenues and vehicle sales consolidated balance sheets (in thousands) (unaudited) 2013 2012 consolidated statements of cash flows (in thousands) (unaudited) (16,004 (3,805
