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Letter to the Editor

Copart Reports 2Q Financial Results

During the three months ended January 31, 2007, revenue and income from continuing operations were $128.9 million and $30.4 million, respectively. This represents a growth in revenue of $3.8 million or three percent, and a growth in income from continuing operations of $4.3 million or 16 percent over the same quarter last year. Fully diluted earnings per share (EPS) from continuing operations for the three months was $.32 compared to $.28 last year, an increase of 14 percent.

For the six months ended January 31, 2007, revenue and income from continuing operations were $261.0 million and $60.7 million, respectively. This represents a growth in revenue of $19.2 million or eight percent, and a growth in income from continuing operations of $12.0 million or 25 percent over the same period last year. Fully diluted earnings per share (EPS) from continuing operations for the six months was $.65 compared to $.53 for the same period last year, an increase of 23 percent.

Same store sales, excluding the revenue associated with the public auction business which we exited in fiscal 2006, increased by three percent and eight percent for the three and six months ended January 31, 2007, respectively.

The operating results for the first and second quarters of 2006 were adversely affected by incremental costs incurred as a result of hurricanes in the Gulf coast region and were estimated to be approximately $4.9 million and $9.5 million for the three and six month periods ended January 31, 2006, respectively. At the end of the current quarter, virtually all of the incremental salvage vehicles received as a result of the hurricanes have been sold. The processing of the hurricane vehicles has had, in certain historical periods, a negative impact on gross and operating margin percentages.

Copart, founded in 1982, operates 124 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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