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Letter to the Editor

Copart Achieves Record Third Quarter Profitability

Copart, Inc. has reported results for the third fiscal quarter and first nine months that ended April 30, 2002.

Copart earned net income of $16,600,400 in the third quarter of fiscal 2002, generating a 38 percent increase in earnings per share to $.18 per diluted share on revenues of $90,158,100, compared to net income of $11,485,200, or $.13 per diluted share, on revenues of $71,480,600 for the same period in fiscal 2001.

For the first nine months of fiscal 2002, Copart earned net income of $41,854,000, or $.46 per diluted share, on revenues of $233,823,100. Copart reported net income of $29,753,600, or $.35 per diluted share, on revenues of $185,258,300 for the same period in fiscal 2001.

"We are pleased with our financial and Internet results," said A. Jayson Adair, Copart's President. "During the third quarter we had 26 percent revenue growth and 45 percent net income growth compared to the same quarter last year. On the revenue side we continued to see strong performance from existing markets. Total organic revenues, which are revenues from same-stores plus new stores in existing markets, grew by 21 percent. Revenues from acquired facilities contributed an additional 5 percent of revenue growth. On the Internet side we started our Offsite Sales program and expanded Virtual Bidding to 27 locations. Gross proceeds pushed or sold through Virtual bidding grew from $1.1 million in our second quarter to $15.2 million in the current quarter."

Copart is making public its diluted earnings per share forecasts for the fourth quarter and the next fiscal year. For the fourth quarter ending July 31, 2002, earnings are currently forecasted to be approximately 17 cents. For the next fiscal year ending July 31, 2003, Copart is forecasting earnings growth consistent with the company's long-term goal of 20 -22 percent annual earnings growth.

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