Wednesday February 19
Copart Q2 Revenues Up 16%Copart, Inc. has reported results for the second fiscal quarter and first six months that ended January 31, 2003. Copart earned net income of $13,756,500 in the second quarter of fiscal 2003 on revenues of $82,783,400. This quarter's net income is 10 percent higher than the $12,495,200 earned in the same period of fiscal 2002 on revenues of $71,382,300. Fully diluted earnings per share (EPS) for the quarter was $.15 compared to $.14 last year, an increase of 7 percent.
For the first six months of fiscal 2003, Copart earned net income of $28,463,000, or $.30 per diluted share, on revenues of $166,278,300. Copart reported net income of $25,253,700, or $.28 per diluted share, on revenues of $143,664,900 for the same period in fiscal 2002.
"The quarter continued to show good results from same-stores and Virtual Bidding," said A. Jayson Adair, Copart's President. "During the quarter same-store revenues grew by 10 percent and we saw continued growth in the results and use of Virtual Bidding. Internet sales accounted for a record 44 percent of this quarter's gross proceeds including 24 percent of gross proceeds sold or pushed by Virtual Bidding and 20 percent of gross proceeds sold or pushed by Proxy Bidding. In the last three months, the percent of gross proceeds from vehicles sold or pushed by Virtual Bidding has grown from 16 percent to 24 percent. As of today, we have 68 out of 101 facilities running Virtual Bidding."
Copart has lowered its outlook for earnings for the remainder of the fiscal year. The company now expects fully diluted EPS for the third quarter ending April 30, 2003, to be in the range of $.15 to $.16. For the fourth quarter ending on July 31, 2003, the company currently estimates that its EPS will be in the range of $.14 to $.15. The lowering of guidance for the last half of the year is due to forecasted revenues being less than expected and growth in operating expenses, particularly depreciation and amortization.
The company has invested approximately $61 million in capital spending in the last 6 months to improve and acquire facilities. This current and prior year growth in capital spending is driving the increase in depreciation and amortization, which on a fiscal-year-to-date basis is over 67 percent higher than one year ago. Operating income plus depreciation and amortization totaled $57.7 million for the first six months of fiscal 2003 versus $46.8 million in the same period one year ago.
Copart, founded in 1982, operates 101 facilities in 40 states.
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