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Letter to the Editor
Thursday May 22
Copart Q3 Net Income Down 7%
Copart, Inc. has reported results for the third quarter and nine months ended April 30, 2003. Copart earned net income of $15,422,800 in the third quarter of fiscal 2003 on revenues of $93,928,700. This quarter's net income is seven percent lower than the $16,600,400 earned in the same period of fiscal 2002 on revenues of $90,158,100. Fully diluted earnings per share (EPS) for the quarter was $.17 compared to $.18 last year, a decrease of six percent.For the first nine months of fiscal 2003, Copart earned net income of $43,885,800, or $.47 per diluted share, on revenues of $260,207,000. Copart reported net income of $41,854,000, or $.46 per diluted share, on revenues of $233,823,100 for the same period in fiscal 2002.
The company also announced that it has repurchased a total of 2,695,000 shares of its common stock at an average price of approximately $7.59 per share as of April 30, 2003. The company is authorized to repurchase an additional 6,305,000 shares of its common stock under the current stock repurchase program.
The company is also making public that its diluted earnings per share forecast for the fourth quarter ending July 31, 2003 is in the range of $.14 to $.15.
Copart, founded in 1982, operates 102 facilities in 40 states. It also provides services in other locations through its national network of independent salvage vehicle processors.
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