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Letter to the Editor

Copart Posts Higher Q2 Earnings

During the second quarter ended January 31, 2005, Copart earned net income of $23.6 million on revenues of $110.0 million. In the same period last year the company earned $17.4 million on revenues of $92.6 million. These represent increases in net income and revenue of 36 percent and 19 percent, respectively. Fully diluted earnings per share (EPS) for the quarter was $.25 compared to $.19 last year, an increase of 32%.

For the first six months of fiscal 2005, Copart earned net income of $46.2 million on revenues of $214.1 million. In the same period last year the company earned $32.6 million on revenues of $184.1 million. These represent increases in net income and revenue of 42 percent and 16 percent, respectively. Fully diluted earnings per share (EPS) for the six months was $.50 compared to $.36 last year, an increase of 39 percent.

During this quarter same store sales, sales from stores owned or open more than twelve months, increased by 18 percent.

Sales of vehicles during the second quarter, to buyers outside the state where the vehicle is located, accounted for 47 percent of total vehicles sold; 25 percent were sold out of state and 22 percent were sold out of country. This is up 15 percent from the same period last year. The company attributes the growth in out of state and international buyers to Copart's proprietary auction technology and software, VB2, which creates a virtual selling marketplace, allowing buyers with Internet access to bid on vehicles from any point in the world.

Copart, founded in 1982, operates 110 facilities in the United States and Canada.

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