California-based Copart Inc., a provider of vehicle salvage disposition services in the United States, reported results for the quarter ended Oct. 31, 2004, the first quarter of its 2005 fiscal year.
During the first quarter ended Oct. 31, 2004, Copart earned net income of $22.7 million on revenues of $104.1 million. In the same period last year the company earned $15.2 million on revenues of $91.5 million. These represent increases in net income and revenue of 49% and 14%, respectively. Fully diluted earnings per share (EPS) for the quarter was $.24 compared to $.17 last year, an increase of 41%.
During this quarter same store sales, sales from stores owned or open more than 12 months, increased by 13%.
“We are pleased with our financial performance which continues the trend of double digit growth in revenue and earnings,” said A. Jayson Adair, Copart’s president. “We attribute these results to the impact of VB2, our proprietary virtual auction technology, which we believe has helped to open our sales to buyers worldwide, eliminating the barriers created by time and distance. In fact, sales of vehicles during the first quarter, to buyers outside the state where the vehicle is located, accounted for 46% of total vehicles sold; 26% were sold out of state and 20% were sold out of country.
“We are delighted at how quickly our buyers have adopted VB2 and the operational leverage it creates for them. Our buyers no longer have to waste their valuable time traveling to and attending physical sales. They can bid from anywhere in the world with Internet access. VB2 has provided access to more vehicles for our growing number of registered buyers to bid on. Since the first quarter of our fiscal 2004, our registered buyer base has increased by over 10% to more than 43,000 buyers.
“We are proud of the value that VB2 has brought to our sellers, buyers and shareholders and we strive to continue to develop compelling, innovative and unique products and services to serve our customers.”
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