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Letter to the Editor

Copart Reports Q1 Net Income Up 49%

During the first quarter ended October 31, 2004, Copart earned net income of $22.7 million on revenues of $104.1 million. In the same period last year the company earned $15.2 million on revenues of $91.5 million. These represent increases in net income and revenue of 49 and 14 percent, respectively. Fully diluted earnings per share (EPS) for the quarter was $.24 compared to $.17 last year, an increase of 41 percent.

During this quarter same store sales, sales from stores owned or open more than twelve months, increased by 13 percent.

“We are pleased with our financial performance which continues the trend of double digit growth in revenue and earnings,” said A. Jayson Adair, Copart’s President. “We attribute these results to the impact of VB2, our proprietary virtual auction technology, which we believe has helped to open our sales to buyers worldwide, eliminating the barriers created by time and distance. In fact, sales of vehicles during the first quarter, to buyers outside the state where the vehicle is located, accounted for 46 percent of total vehicles sold; 26 percent were sold out of state and 20 percent were sold out of country.

“We are delighted at how quickly our buyers have adopted VB2 and the operational leverage it creates for them. Our buyers no longer have to waste their valuable time traveling to and attending physical sales. They can bid from anywhere in the world with Internet access. VB2 has provided access to more vehicles for our growing number of registered buyers to bid on. Since the first quarter of our fiscal 2004, our registered buyer base has increased by over 10 percent to more than 43,000 buyers.

“We are proud of the value that VB2 has brought to our sellers, buyers and shareholders and we strive to continue to develop compelling, innovative and unique products and services to serve our customers.”

Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage vehicles through auctions, principally to licensed dismantlers, rebuilders and used vehicle dealers. Copart operates 107 facilities in the United States and Canada, and provides services in other locations through its national network of independent salvage vehicle processors.

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