Last $34.28 USD
Change Today -0.04 / -0.12%
Volume 474.0K
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As of 5:20 PM 08/27/14 All times are local (Market data is delayed by at least 15 minutes).

copart inc (CPRT) Key Developments

Copart, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended April 30, 2014; Reports Impairment Charges for the Third Quarter Ended April 30, 2014

Copart, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended April 30, 2014. For the three months ended April 30, 2014, revenue, gross margin and net income were $309.7 million, $132.3 million and $40.9 million, respectively. These represent increases in revenue of $32.1 million, or 11.6%; and in gross margin of $16.7 million, or 14.4%; and a decrease in net income of $12.4 million, or 23.2%, respectively, from the same quarter last year. Fully diluted earnings per share for the three months were $0.31 compared to $0.41 last year, a decrease of 24.4%. Operating income was $62.6 million against $82.8 million a year ago. Income before income taxes was $61.3 million against $82.0 million a year ago. For the three months ended April 30, 2014, non-GAAP revenue, gross margin and net income were $309.7 million, $132.3 million and $60.3 million, respectively. These represent increases in non-GAAP revenue of $44.8 million, or 16.9%; in non-GAAP gross margin of $22.1 million, or 20.1%; and in non-GAAP net income of $10.6 million, or 21.4%, respectively, from the non-GAAP results from the same quarter last year. Non-GAAP fully diluted earnings per share for the three months were $0.46 compared to $0.38 last year, an increase of 21.1%. For the nine months ended April 30, 2014, revenue, gross margin and net income were $876.0 million, $351.6 million and $127.6 million, respectively. These represent increases in revenue of $93.4 million, or 11.9%; and in gross margin of $33.8 million, or 10.6%; and a decrease in net income of $11.1 million, or 8.0%, respectively, from the same period last year. Fully diluted earnings per share for the nine months were $0.97 compared to $1.07 last year, a decrease of 9.3%. Operating income was $199.1 million against $219.9 million a year ago. Income before income taxes was $196.2 million against $214.7 million a year ago. Net cash provided by operating activities was $207.6 million against $183.0 million a year ago. Purchases of property and equipment including acquisitions were $78.1 million against $145.5 million a year ago. For the nine months ended April 30, 2014, non-GAAP revenue, gross margin and net income were $876.0 million, $351.6 million and $146.6 million, respectively. These represent increases in non-GAAP revenue of $124.5 million, or 16.6%; in non-GAAP gross margin of $29.4 million, or 9.1%; and in non-GAAP net income of $5.0 million, or 3.5%, respectively, from the non-GAAP results from the same period last year. Non-GAAP fully diluted earnings per share for the nine months were $1.12 compared to $1.09 last year, an increase of 2.8%. For the quarter, the company reported impairment of long-lived assets of $29.1 million.

Copart, Inc. to Report Q3, 2014 Results on May 28, 2014

Copart, Inc. announced that they will report Q3, 2014 results at 5:00 PM, Eastern Standard Time on May 28, 2014

Copart, Inc., Q3 2014 Earnings Call, May 29, 2014

Copart, Inc., Q3 2014 Earnings Call, May 29, 2014

Copart, Inc. Announces Executive Appointments

On March 4, 2014, Copart, Inc.'s Board appointed Sean Eldridge, previously its Vice President of Operations, to serve as Senior Vice President and Chief Operating Officer. It also appointed William Franklin, Senior Vice President and Chief Financial Officer, as Executive Vice President, United States. Mr. Franklin will continue as Chief Financial Officer until a replacement Chief Financial Officer is hired. Both appointments are effective immediately.

Copart, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended January 31, 2014

Copart, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended January 31, 2014. For the quarter, total service revenues and vehicle sales, operating income and net income were $286.4 million, $71.5 million and $45.3 million, respectively. For the quarter ended January 31, 2013, total service revenues and vehicle sales, operating income and net income were $266.2 million, $62.8 million and $39.6 million, respectively. Fully diluted earnings per share were $0.35 compared to $0.31 last year, an increase of 12.9%. Income before income taxes was $70.6 million against $61.1 million last year. Included in the financial results for the most recent quarter are the severance, relocation and lease termination costs of $4.5 million associated with the integration of the QCSA acquisition, which the company closed on May 30, 2013, and the relocation of the technology department from Fairfield, California to Dallas, Texas. For the six months ended January 31, 2014, total service revenues and vehicle sales, operating income and net income were $566.3 million, $136.4 million and $86.8 million, respectively. For the six months, total service revenues and vehicle sales, operating income and net income were $505.1 million, $137.1 million and $85.5 million, respectively. Fully diluted earnings per share were $0.66 compared to $0.66 last year. Income before income taxes was $134.8 million against $132.7 million last year. Net cash provided by operating activities was $75.8 million against $53.1 million last year. Purchases of property and equipment including acquisitions were $66 million against $116.9 million last year.

 

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