Copart reports third quarter financial results
Dallas--(business wire)--copart, inc. (nasdaq: cprt) today reported financial results for the quarter ended april 30, 2013, the third quarter of its 2013 fiscal year. for the three months ended april 30, 2013, revenue, operating income and net income were $277.6 million, $82.8 million and $53.2 million, respectively. these represent an increase in revenue of $33.5 million, or 13.7%; and decreases in operating income of $5.1 million, or 5.8%; and in net income of $2.2 million, or 4.0%, respectively, from the same quarter last year. fully diluted earnings per share for the three months were $0.41 compared to $0.43 last year, a decrease of 4.7%. for the nine months ended april 30, 2013, revenue, operating income and net income were $782.7 million, $219.9 million and $138.7 million, respectively. these represent increases in revenue of $85.1 million, or 12.2%; in operating income of $3.1, million or 1.4%; and in net income of $1.5 million, or 1.1%, respectively, from the same period last year. fully diluted earnings per share for the nine months ended april 30, 2013 were $1.07 compared to $1.04 last year, an increase of 2.9%. the operating results for the third quarter were adversely affected by abnormal costs incurred as a result of hurricane sandy. these costs include the additional towing, payroll, equipment, travel, housing and facilities expenses directly related to the operating conditions created by hurricane sandy. also included are costs associated with our international expansion and the incremental towing and processing costs tied to the 21% year over year growth in inventory. included in general and administrative cost for our third quarter are the non-capitalizable costs associated with the implementation of our erp system and the incremental costs associated with the outsourcing of our network infrastructure and our technical support functions, which together totaled $1.7 million. these costs are expected to abate upon completion of the implementation, which is currently expected to occur sometime in our 2014 fiscal year. also included are the costs associated with our expanded international operations which totaled $1.4 million and will continue. on friday, may 31, 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=619533&s=1&k=7da8d85f9b7d206feb6915bbaafce40c. a replay of the call will be available through june 30, 2013 by calling (888) 203-1112. use confirmation code #8903126. 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 currently operates 164 facilities; with operations 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) and the united arab emirates (www.copart.ae). 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 total other expense copart, inc. (in thousands) (unaudited) copart, inc. (in thousands) (unaudited)
