Copart reports second quarter financial results
Dallas--(business wire)--copart, inc. (nasdaq: cprt) today reported the results for the quarter ended january 31, 2013, the second quarter of its 2013 fiscal year. for the three months ended january 31, 2013, revenue, operating income and net income were $266.2 million, $62.8 million and $39.6 million, respectively. these represent an increase in revenue of $38.3 million, or 16.8%; and decreases in operating income of $0.8 million, or 1.2%; and in net income of $1.0 million, or 2.4%, respectively, from the same quarter last year. fully diluted earnings per share for the three months were $0.31 compared to $0.31 last year. for the six months ended january 31, 2013, revenue, operating income and net income were $505.1 million, $137.1 million and $85.5 million, respectively. these represent increases in revenue of $51.5 million, or 11.4%; in operating income of $8.2, million or 6.4%; and in net income of $3.7 million, or 4.6%, respectively, from the same period last year. fully diluted earnings per share for the six months ended january 31, 2013 were $0.66 compared to $0.62 last year, an increase of 6.5%. the operating results for the second 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. these costs, net of the associated revenues, generated a loss of $11.9 million during the quarter and had a negative after tax impact on diluted earnings per share in the quarter of $0.06. we expect these additional costs to continue into future quarters. however, we believe they will be completely offset by auction revenues and, accordingly, no future loss is anticipated. included in general and administrative cost for our second 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 $1.8 million and which had a negative after tax impact on diluted earnings per share in the quarter of $0.01. these costs will abate upon completion, which is expected to be some time 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 thursday, february 28, 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=587593&s=1&k=bc15c71da1cd41a3f45bd29d977fd5ea. a replay of the call will be available through march 28, 2013 by calling (888) 203-1112. use confirmation code #8426731. 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 162 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. consolidated statements of income(in thousands, except per share data)(unaudited) three months endedjanuary 31, six months endedjanuary 31, sales ) ) consolidated balance sheets(in thousands)(unaudited) january 31,2013 july 31,2012 preferred stock, $0.0001 par value - 5,000,000 shares authorized; noshares issued and outstanding at january 31, 2013 and july 31,2012, respectively common stock, $0.0001 par value - 180,000,000 shares authorized;125,284,122 and 124,393,700 shares issued and outstanding atjanuary 31, 2013 and july 31, 2012, respectively consolidated statements of cash flows(in thousands)(unaudited)
