Copart reports first quarter fiscal 2012 financial results
Fairfield, calif.--(business wire)--copart, inc. (nasdaq:cprt) today reported the results for its first quarter ended october 31, 2011. for the three months ended october 31, 2011, revenue, operating income and net income were $225.6 million, $65.4 million and $41.1 million, respectively. these represent increases in revenue of $13.0 million, or 6.1%; in operating income of $5.8 million, or 9.7%; and in net income of $3.3 million, or 8.8%, from the same quarter last year. fully diluted earnings per share for the three months ended october 31, 2011 were $0.62 compared to $0.45 for the same period last year, an increase of 37.8%. during the first quarter of our fiscal 2011, the company prospectively adopted accounting standards update 2009-13, revenue arrangements with multiple deliverables (asu 2009-13). consequently, effective august 1, 2010, the company recognizes certain revenues, primarily towing fees, titling fees and vehicle preparation fees when the service is performed. prior to our first quarter of fiscal 2011, these revenues were recognized when the car associated with those fees was sold. as a result of this change, the company recognized approximately $9.1 million in revenue and $8.8 million in expenses associated with that revenue which would have otherwise been recognized in future periods. excluding the impact of asu 2009-13, growth in revenue would have been $19.9 million, or 9.8%, over the same quarter last year. a reconciliation between revenue on a gaap basis and non-gaap revenue is provided in the table on page 6. during the current quarter the company incurred approximately $1.5 million in additional expenses, primarily stay pay, severance and relocation expenses, directly associated with moving its headquarters from fairfield, ca to dallas, tx. also, during the current quarter the company repurchased 1,069,898 shares of its common stock at a weighted average price of $40.73 per share under its share repurchase program. at the end of the quarter, copart had 27,477,065 shares available for repurchase under its share repurchase program. on tuesday, november 29, 2011, 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=380654&s=1&k=73fa6eb94cc464a48b730936fb8c9f21. a replay of the call will be available through december 31, 2011 by calling (888) 203-1112. use confirmation code #7946277. this release includes non-gaap revenue, this non-gaap measure is not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-gaap measures used by other companies. in addition, this non-gaap measure is not based on any comprehensive set of accounting rules or principles. copart believes that this non-gaap measure has limitations in that it does not reflect all of the amounts associated with copart’s results of operations as determined in accordance with gaap and that this measure should only be used to evaluate our results of operations in conjunction with the corresponding gaap measure. 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. 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