Copart Reports Third Quarter Financial Results

FAIRFIELD, Calif.--Copart, Inc. today reported the results for the quarter ended April 30, 2009, the third quarter of its 2009 fiscal year.

For the three months ended April 30, 2009, revenue, operating income and income from continuing operations were $197.3 million, $64.9 million and $40.5 million, respectively. These represent decreases in revenue of $23.8 million, or 10.8%; in operating income of $3.8 million, or 5.5%; and in income from continuing operations of $6.0 million, or 12.8%, respectively, from the same quarter last year. Fully diluted earnings per share from continuing operations for the three months were $0.48 compared to $0.52 last year, a decrease of 7.7%.

For the nine months ended April 30, 2009, revenue, operating income and income from continuing operations were $558.8 million, $169.9 million and $104.9 million, respectively. These represent decreases in revenue of $19.8 million, or 3.4%; in operating income of $2.6 million, or 1.5%; and in income from continuing operations of $11.2 million, or 9.6%, respectively, from the same period last year. Fully diluted earnings per share from continuing operations for the nine months ended April 30, 2009 were $1.23 compared to $1.28 last year, a decrease of 3.9%.

The change in the average GBP to USD exchange rate, which was 1.44 USD to 1.00 GBP this quarter and 1.98 USD to 1.00 GBP in the same quarter last year, reduced recorded revenue in the quarter by approximately $14.1 million.

On Thursday, June 4, 2009, 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 WEBCAST. A replay of the call will be available through July 4, 2009 by calling (888) 203-1112. Use confirmation code #6577448.

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