California-based Copart, Inc. reported results for the third quarter and nine months ended April 30, 2003.
Copart earned net income of $15,422,800 in the third quarter of fiscal 2003 on revenues of $93,928,700. This quarter’s net income is 7 percent lower than the $16,600,400 earned in the same period of fiscal 2002 on revenues of $90,158,100. Fully diluted earnings per share (EPS) for the quarter was $.17 compared to $.18 last year, a decrease of 6 percent.
For the first nine months of fiscal 2003, Copart earned net income of $43,885,800, or $.47 per diluted share, on revenues of $260,207,000. Copart reported net income of $41,854,000, or $.46 per diluted share, on revenues of $233,823,100 for the same period in fiscal 2002.
Copart 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.
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