California-based Copart Inc. reported results for the fourth quarter and fiscal year ended July 31, 2004.
In the fourth quarter of fiscal 2004 Copart earned net income of $21.4 million on revenues of $100.1 million. In the same period last year the company earned $13.3 million on revenues of $87.2 million. These represent increases in net income and revenue of 61% and 15%, respectively. Fully diluted earnings per share (EPS) for the quarter was $.23 compared to $.15 last year, an increase of 53%.
For fiscal 2004 Copart earned net income of $79.2 million on revenues of $400.8 million. In the same period last year the company earned $57.2 million on revenues of $347.4 million. These represent increases in net income and revenue of 38% and 15%, respectively. Fully diluted earnings per share for the 12 months was $.87 compared to $.62 last year, an increase of 40%.
Included in the fourth quarter results are net positive adjustments relating to accruals for insurance claims and sales taxes totaling $3.6 million, pretax. These adjustments had a corresponding positive impact on the net income and EPS for the quarter and the fiscal year. In particular, the adjustments had a favorable EPS effect of $0.02 for the quarter and the fiscal year.
“VB2 continues to prove that its unique method within the marketplace removes barriers between buyers and sellers,” said A. Jayson Adair, president of Copart. “Sales of vehicles during the fourth quarter to buyers outside the state where the vehicle is located accounted for 43% of total vehicles sold; 25% out of state and 18% out of country.”
One example of the reach of VB2 occurred recently in Florida. VB2 allowed Copart’s Tampa, Florida facility to complete its scheduled sale despite being engulfed by Hurricane Charlie. On the day that Charlie struck the Tampa area, with the facility closed and all employees evacuated, 448 vehicles were sold to buyers throughout the world. Of the 448 vehicles sold, 11% were sold to buyers outside the state, and 30% were sold to buyers outside the United States.
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.
Was this article valuable?
Here are more articles you may enjoy.