Copart reports second quarter financial results
Fairfield, calif.--(business wire)--copart, inc. (nasdaq: cprt) today reported the results for the quarter ended january 31, 2011, the second quarter of its 2011 fiscal year. for the three months ended january 31, 2011, revenue, operating income and net income were $207.4 million, $60.2 million and $37.9 million, respectively. these represent increases in revenue of $30.8 million, or 17.4%; in operating income of $7.0 million, or 13.1%; and in net income of $2.2 million, or 6.0%, respectively, from the same quarter last year. fully diluted earnings per share for the three months were $0.46 compared to $0.42 last year, an increase of 9.5%. for the six months ended january 31, 2011, revenue, operating income and net income were $420.0 million, $119.8 million and $75.7 million, respectively. these represent increases in revenue of $58.0 million, or 16.0%; in operating income of $10.1, million or 9.2%; and in net income of $4.7 million, or 6.6%, respectively, from the same period last year. fully diluted earnings per share for the six months ended january 31, 2011 were $0.91 compared to $0.84 last year, an increase of 8.3%. during the current quarter the company completed a tender offer resulting in the repurchase of 12,172,088 shares of its common stock at a price of $38.00 per share. also, during the current quarter, the company received a beneficial ruling in the uk respecting the treatment of the value added tax on certain prior period transactions. this ruling resulted in the recognition of additional revenue of approximately $1.8 million and increased diluted earnings per share for the current quarter by $0.01. on thursday, march 3, 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=287959&s=1&k=0c6d13a03b231a68bf22fc18989deb4c. a replay of the call will be available through april 3, 2011 by calling (888) 203-1112. use confirmation code #2782589. 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, the general public and others. the company currently operates 152 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. copart, inc. consolidated statements of income (in thousands, except per share data) (unaudited) three months ended january 31, six months ended january 31, total service revenues and vehicle sales $ 207,380 $ 176,601 $ 420,047 $ 362,063 ) ) ) copart, inc. consolidated balance sheets (in thousands) (unaudited) 2011 2010 copart, inc. consolidated statements of cash flows (in thousands) (unaudited)
