Copart Unveils Q3 Financial Numbers

California-based Copart Inc., a provider of vehicle salvage disposition services in the United States, reported its results for the third quarter ended April 30, 2005.

During the third quarter ended April 30, 2005, Copart earned net income of $30.9 million on revenues of $130.4 million. In the same period last year the company earned $25.0 million on revenues of $116.6 million. These represent increases in net income and revenue of 24% and 12%, respectively. Fully diluted earnings per share (EPS) for the quarter was $.33 compared to $.27 last year, an increase of 22%.

For the first nine months of fiscal 2005, Copart earned net income of $77.1 million on revenues of $344.6 million. In the same period last year the company earned $57.8 million on revenues of $300.7 million. These represent increases in net income and revenue of 34% and 15%, respectively. Fully diluted earnings per share (EPS) for the nine months was $.83 compared to $.63 last year, an increase of 32%.

During this quarter same store sales, sales from stores owned or open more than 12 months, increased by 10%.

Sales of vehicles during the third quarter, to buyers outside the state where the vehicle is located, accounted for 48% of total vehicles sold; 26% were sold to buyers out of state and 22% were sold to buyers out of country. Sales of vehicles to buyers outside the state where the vehicle is located were 43% during the same period last year.