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Letter to the Editor
Wednesday September 18
Copart Achieves Record 20% Increase in Profitability for Q4 and Fiscal 2002 But Lowers Expectations
Copart, Inc. has reported record profits for the fourth quarter and fiscal year ended July 31, 2002.Copart earned net income of $15,535,000 in the fourth quarter of fiscal 2002, generating a 13 percent increase in earnings per share over Q4 2001 to $.17 per diluted share on revenues of $82,632,600. In the fourth quarter of fiscal 2001, Copart earned net income of $12,931,400, or $.15 per diluted share, on revenues of $68,631,200.
For fiscal 2002, Copart earned net income of $57,389,200, or $.63 per diluted share, on revenues of $316,455,800. Copart reported net income of $42,685,000, or $.50 per diluted share, on revenues of $253,889,400 for fiscal 2001.
"We are very pleased with our performance this quarter and for the year," said A. Jayson Adair, Copart's president. "Fiscal 2002 revenues grew by 25 percent and annual earnings per share grew by 26 percent compared to last year thanks to great results from innovations like virtual bidding coupled with strong same-store sales growth and the contribution from new stores. In the fourth quarter, same-store sales grew by 15 percent, and they increased by 20 percent for the entire fiscal year."
However, Copart's shares sank to a 52-week low after the salvage auction company said it expects profit growth to suffer from a combination of good weather and increased competition.
Copart has reported that its annual earnings growth rate now will be about 10 percent to 15 percent, compared with previous guidance of 20 percent to 22 percent.
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