| [November 27, 2012] |
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Copart Reports First Quarter Fiscal 2013 Financial Results
DALLAS --(Business Wire)--
Copart, Inc. (NASDAQ: CPRT) today reported the results for its first
quarter ended October 31, 2012.
For the three months ended October 31, 2012, revenue, operating income
and net income were $238.9 million, $74.4 million and $45.8 million,
respectively. These represent increases in revenue of $13.2 million, or
5.9%; in operating income of $9.0 million, or 13.7%; and in net income
of $4.7 million, or 11.4%, from the same quarter last year. Fully
diluted earnings per share for the three months ended October 31, 2012
were $0.36 compared to $0.31 for the same period last year, an increase
of 16.1%.
Also, during the current quarter the Company repurchased 500,000 shares
of its common stock at a weighted average price of $27.77 per share
under its share repurchase program. At the end of the quarter, Copart
had 47,713,218 shares available for repurchase under its share
repurchase program.
On Wednesday November 28, 2012, 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://w.on24.com/r.htm e=544612&s=1&k=CEAE6B5A03619F91BE8BFD5643A0E74D.
A replay of the call will be available through December 28, 2012 by
calling (888) 203-1112. Use confirmation code #6449355.
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 patented VB2 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 162
facilities; with operations 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)
and the United Arab Emirates (www.copart.ae).
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.
Cautionary Note About Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of federal securities laws, and these forward-looking statements
are subject to substantial risks and uncertainties. These
forward-looking statements are subject to certain risks, trends and
uncertainties that could cause actual results to differ materially from
those projected or implied by our statements and comments. For a more
complete discussion of the risks that could affect our business, please
review the "Management's Discussion and Analysis" and the other risks
identified in Copart's latest Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the
Securities and Exchange Commission. We encourage investors to review
these disclosures carefully. We do not undertake to update any
forward-looking statement that may be made from time to time on our
behalf.
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Copart, Inc.
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Consolidated Statements of Income
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(in thousands, except per share data)
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(Unaudited)
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|
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Three months ended
October 31,
|
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|
|
|
2012
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|
2011
|
|
|
Service revenues and vehicle sales:
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|
|
|
|
Service revenues
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|
$
|
195,179
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|
$
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182,816
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|
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Vehicle sales
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|
43,687
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42,810
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|
|
Total service revenues and vehicle sales
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238,866
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|
225,626
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|
|
|
|
|
|
|
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Operating costs and expenses:
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|
|
|
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|
Yard operations
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|
88,021
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|
88,005
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Cost of vehicle sales
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36,311
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34,194
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Yard depreciation and amortization
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9,098
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8,202
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Gross margin
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105,436
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|
95,225
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General and administrative
|
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27,338
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|
25,956
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|
|
General and administrative depreciation and amortization
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|
3,741
|
|
3,893
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|
|
Total operating expenses
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|
164,509
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|
160,250
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Operating income
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74,357
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|
65,376
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|
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Other (expense) income:
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Interest (expense) income
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(2,476
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)
|
(2,125
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)
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Other (expense) income, net
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(293
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)
|
564
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Total other (expense)
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(2,769
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)
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(1,561
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)
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Income before income taxes
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71,588
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|
63,815
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Income taxes
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25,743
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|
22,666
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Net income
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$
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45,845
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|
$
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41,149
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Earnings per share-basic
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Basic net income per share
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$
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0.37
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$
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0.31
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Weighted average common shares outstanding
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124,302
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|
131,432
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Earnings per share-diluted
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Diluted net income per share
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$
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0.36
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$
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0.31
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Weighted average common shares and dilutive potential common shares
outstanding
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128,473
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133,802
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Copart, Inc.
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Consolidated Balance Sheets
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(in thousands)
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(Unaudited)
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October 31,
2012
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July 31,
2012
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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131,430
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$
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140,112
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Accounts receivable, net
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149,554
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138,966
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Vehicle pooling costs and inventories
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23,414
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24,222
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Income taxes receivable
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1,220
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2,312
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Deferred income taxes
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3,770
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3,600
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Prepaid expenses and other assets
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14,655
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9,155
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Assets held for sale
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3,026
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3,926
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Total current assets
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327,069
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322,293
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Property and equipment, net
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625,043
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587,163
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Intangibles, net
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7,041
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7,985
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Goodwill
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198,558
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196,438
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Deferred income taxes
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25,490
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22,280
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Other assets
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31,325
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18,907
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Total assets
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$
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1,214,526
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$
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1,155,066
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
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Accounts payable and accrued liabilities
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$
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112,347
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$
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102,958
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Deferred revenue
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5,218
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5,390
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Income taxes payable
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23,671
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|
3,082
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Current portion of long-term debt and capital lease obligations
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75,177
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75,170
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Other current liabilities
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|
802
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|
785
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Total current liabilities
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217,215
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187,385
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Deferred income taxes
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|
7,098
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|
7,186
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|
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Income taxes payable
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23,525
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|
22,531
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Long term debt and capital lease obligations
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350,159
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368,950
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Other liabilities
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7,658
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7,897
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Total liabilities
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605,655
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593,949
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Commitments and contingencies
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Shareholders' equity:
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Preferred stock, $0.0001 par value - 5,000,000 shares authorized; no
shares issued and outstanding at October 31, 2012 and July 31, 2012
respectively
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-
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-
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Common stock, $0.0001 par value - 180,000,000 shares authorized;
124,297,683 and 124,393,700 shares issued and outstanding at October
31, 2012 and July 31, 2012, respectively
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12
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12
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Additional paid-in capital
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332,021
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326,187
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Accumulated other comprehensive loss
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(30,705
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)
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(38,043
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)
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Retained earnings
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307,543
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272,961
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Total shareholders' equity
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608,871
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561,117
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Total liabilities and shareholders' equity
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$
|
1,214,526
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$
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1,155,066
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Copart, Inc.
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Consolidated Statements of Cash Flows
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(in thousands)
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(Unaudited)
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Three Months Ended
October 31,
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2012
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2011
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Cash flows from operating activities:
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Net income
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$
|
45,845
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$
|
41,149
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Adjustments to reconcile net income to net cash provided by
operating activities:
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Depreciation and amortization
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12,839
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12,027
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Allowance for doubtful accounts
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-
|
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(557
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)
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Share-based compensation
|
|
5,174
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5,045
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Excess tax benefits from share-based compensation
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(1,922
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)
|
(202
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)
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Gain on sale of property and equipment
|
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(204
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)
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(288
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)
|
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Deferred income taxes
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(3,778
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)
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(3,572
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)
|
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Changes in operating assets and liabilities, net of effects from
acquisitions:
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|
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Accounts receivable
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(10,321
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)
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(13,144
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)
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Vehicle pooling costs and inventories
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982
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|
1,523
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Prepaid expenses and other current assets
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(635
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)
|
3,499
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Other assets
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(6,039
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)
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(4,165
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)
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Accounts payable and accrued liabilities
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8,833
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|
207
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|
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Deferred revenue
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(174
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)
|
(1,108
|
)
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Income taxes receivable
|
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3,067
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|
4,572
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Income taxes payable
|
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21,517
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18,727
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Other liabilities
|
|
131
|
|
474
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Net cash provided by operating activities
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75,315
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64,187
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Cash flows from investing activities:
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Purchases of property and equipment
|
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(48,069
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)
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(7,274
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)
|
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Proceeds from sale of assets
|
|
894
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|
182
|
|
|
Investment in escrow
|
|
(11,167
|
)
|
-
|
|
|
Net cash used in investing activities
|
|
(58,342
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)
|
(7,092
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)
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Cash flows from financing activities:
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|
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Proceeds from the exercise of stock options
|
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4,148
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1,359
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Excess tax benefit from share-based payment arrangements
|
|
1,922
|
|
202
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Proceeds from the issuance of long-term debt
|
|
-
|
|
125,000
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Debt offering costs
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-
|
|
(313
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)
|
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Principal payments on notes payable
|
|
(18,755
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)
|
-
|
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Repurchase of common stock
|
|
(13,885
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)
|
(43,983
|
)
|
|
Net cash (used in) provided by financing activities
|
|
(26,570
|
)
|
82,265
|
|
|
|
|
|
|
|
|
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Effect of foreign currency translation
|
|
915
|
|
(692
|
)
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
(8,682
|
)
|
138,668
|
|
|
|
|
|
|
|
|
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Cash and cash equivalents at beginning of period
|
|
140,112
|
|
74,009
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
131,430
|
|
$
|
212,677
|
|
|
|
|
|
|
|
|
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Supplemental disclosure of cash flow information:
|
|
|
|
|
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Interest paid
|
|
$
|
2,584
|
|
$
|
2,011
|
|
|
Income taxes paid
|
|
$
|
4,949
|
|
$
|
2,998
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