Copart Inc (CPRT) SEC Filing 10-K Annual report for the fiscal year ending Thursday, July 31, 2014

Copart, Inc.        

For Immediate Release

Copart Reports Fourth Quarter Financial Results

Dallas, Texas. (September 23, 2014) — Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter and year ended July 31, 2014.

For the three months ended July 31, 2014, revenue, gross margin and net income were $287.5 million, $116.9 million and $51.0 million, respectively. These represent increases in revenue of $23.8 million, or 9.0%; in gross margin of $13.9 million, or 13.5%; and in net income of $9.7 million, or 23.6%, respectively, from the same quarter last year. Fully diluted earnings per share for the three months were $0.39 compared to $0.32 last year, an increase of 21.9%.

For the twelve months ended July 31, 2014, revenue, gross margin and net income were $1,163.5 million, $468.6 million and $178.7 million, respectively. These represent increases in revenue of $117.1 million, or 11.2%; in gross margin of $47.7 million or 11.3%; and a decrease in net income of $1.3 million, or 0.7%, respectively, from the same period last year. Fully diluted earnings per share for the twelve months were $1.36 compared to $1.39 last year, a decrease of 2.2%.

Included in the operating results of the prior fiscal year were incremental revenues and operating expenses associated with unit volume generated by Hurricane Sandy, which were estimated to be $31.2 million and $35.6 million, respectively. Included in the operating results of the current year was an impairment charge of $29.1 million recorded in the third quarter resulting primarily from the abandonment of work previously capitalized in connection with the development of a third-party enterprise operating system.

On Wednesday, September 24, 2014, at 11 a.m. Eastern time, Copart will conduct a conference call to discuss the results for the quarter. The call will be webcast live at http://live.conferenceamerica.com:5840/live. A replay of the call will be available through November 23, 2014 by calling (877) 919-4059. Use confirmation code #74916381.

About Copart

Copart, founded in 1982, provides vehicle sellers with a full range of remarketing services to process and sell salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters and, in some states, to end users. Copart remarkets the vehicles through Internet sales utilizing its VB3 technology. Copart sells vehicles on behalf of insurance companies, banks, finance companies, fleet operators, dealers, car dealerships and others, as well as cars sourced from the general public. The company currently operates in the United States and Canada (www.copart.com), the United Kingdom (www.copart.co.uk), Brazil (www.copart.com.br), Germany (www.copart.de), the United Arab Emirates (www.copart.ae) and Spain (www.autoresiduos.com). Copart links sellers to more than 750,000 members in over 140 countries worldwide through our online multi-channel platform. For more information or to become a member, visit www.copart.com.

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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000