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Letter to the Editor

Copart Reports Q3 Financial Results

In the third quarter of fiscal 2004 Copart earned net income of $24,964,400 on revenues of $116,618,400. In the same period last year the company earned $15,422,800 on revenues of $93,928,700. These represent increases in net income and revenue of 62 percent and 24 percent, respectively. Fully diluted earnings per share (EPS) for the quarter was $.27 compared to $.17 last year, an increase of 59 percent.

For the first nine months of fiscal 2004 Copart earned net income of $57,771,100 on revenues of $300,720,000. In the same period last year the company earned $43,885,800 on revenues of $260,207,000. These represent increases in net income and revenue of 32 percent and 16 percent, respectively. Fully diluted earnings per share for the nine months was $.63 compared to $.47 last year, an increase of 34 percent.

Same store revenues were up 23 percent and 14 percent over the same quarter and the nine-month period last year, respectively.

"This quarter's results reflect the significance of our new VB2 technology to our industry. Returns to sellers of salvage vehicles, measured as a ratio of gross proceeds to the actual cash value provided by the sellers, grew by almost 9 percent over the previous quarter and 17 percent over the same quarter last year," said A. Jayson Adair, Copart's President.

"In addition, 53 percent of total auction proceeds were generated by sales to buyers outside the state in which the vehicle was located, with 36 percent going outside the state and 17 percent going outside the country."

"At an industry advisory board held by Copart in April, insurance industry representatives acknowledged the effectiveness of VB2 and expressed appreciation for Copart's vision," added Adair. "We are pleased to provide this value to our sellers and we will continue to lead our industry through innovation and technology to the benefit of all of our constituents; sellers, buyers, employees and shareholders."

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