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Letter to the Editor

Copart Q3 Net Income Up 24%

During the third quarter ended April 30, 2005, Copart earned net income of $30.9 million on revenues of $130.4 million. In the same period last year the company earned $25.0 million on revenues of $116.6 million. These represent increases in net income and revenue of 24 percent and 12 percent, respectively. Fully diluted earnings per share (EPS) for the quarter was $.33 compared to $.27 last year, an increase of 22 percent.

For the first nine months of fiscal 2005, Copart earned net income of $77.1 million on revenues of $344.6 million. In the same period last year the company earned $57.8 million on revenues of $300.7 million. These represent increases in net income and revenue of 34 percent and 15 percent, respectively. Fully diluted earnings per share (EPS) for the nine months was $.83 compared to $.63 last year, an increase of 32 percent.

During this quarter same store sales, sales from stores owned or open more than twelve months, increased by 10 percent.

Sales of vehicles during the third quarter, to buyers outside the state where the vehicle is located, accounted for 48 percent of total vehicles sold; 26 percent were sold to buyers out of state and 22 percent were sold to buyers out of country. Sales of vehicles to buyers outside the state where the vehicle is located were 43 percent during the same period last year.

Copart, founded in 1982, operates 113 facilities in the United States and Canada. It also provides services in other locations through its national network of independent salvage vehicle processors.

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