Copart reports second quarter financial results
Fairfield, calif.--(business wire)--copart, inc. (nasdaq: cprt) today reported the results for the quarter ended january 31, 2012, the second quarter of its 2012 fiscal year. for the three months ended january 31, 2012, revenue, operating income and net income were $227.9 million, $63.5 million and $40.6 million, respectively. these represent increases in revenue of $20.5 million, or 9.9%; in operating income of $3.3 million, or 5.6%; and in net income of $2.7 million, or 7.2%, respectively, from the same quarter last year. fully diluted earnings per share for the three months were $0.62 compared to $0.46 last year, an increase of 34.8%. for the six months ended january 31, 2012, revenue, operating income and net income were $453.5 million, $128.9 million and $81.8 million, respectively. these represent increases in revenue of $33.5 million, or 8.0%; in operating income of $9.1 million, or 7.6%; and in net income of $6.0 million, or 8.0%, respectively, from the same period last year. fully diluted earnings per share for the six months ended january 31, 2012 were $1.23 compared to $0.91 last year, an increase of 35.2%. during the second quarter of fiscal 2012 the company recorded an impairment of $8.8 million associated with the write down to fair market value of certain assets, primarily real estate, computer hardware and its fleet of private aircraft which have been removed from operations and, if not disposed of during the quarter, are reflected in assets held for sale on the balance sheet. the company has determined that the commercial airline services offered at its new headquarters in dallas, texas are sufficient to allow for the disposal of its fleet of private aircraft. this impairment reduced diluted earnings per share by $0.09. during the second quarter of fiscal 2012 the company repurchased 1,970,456 shares of its common stock at a weighted average price of $46.34 per share under its share repurchase program. since the beginning of our fiscal 2011, the company has repurchased 21,894,759 shares of its common stock at a weighted average price of $39.75 per share. at the end of the quarter, copart had 25,506,609 shares available for repurchase under its share repurchase program. on wednesday, february 29, 2012, 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=408062&s=1&k=06624b3ab0987fabd43d92d1b4d565ce. a replay of the call will be available through march 29, 2012 by calling (888) 203-1112. use confirmation code #9217184. 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 154 facilities in the united states, canada and the united kingdom. salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. 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, january 31, total service revenues and vehicle sales weighted average common shares and dilutivepotential common shares outstanding consolidated balance sheets (in thousands) (unaudited) 2012 2011 preferred stock, $0.0001 par value - 5,000,000 sharesauthorized; no shares issued and outstanding at january 31,2012 and july 31, 2011, respectively common stock, $0.0001 par value - 180,000,000 sharesauthorized; 63,262,727 and 66,005,517 shares issued andoutstanding at january 31, 2012 and july 31, 2011, respectively consolidated statements of cash flows (in thousands) (unaudited)
