FAIRFIELD, CA – Copart, Inc. reported fourth quarter results ending Jul. 31, according to the Web site http://www.tradingmarkets.com. Revenue and income from continuing operations were $154.0 million and $36.7 million, respectively. These figures represent increases in revenue of $16.8 million, or 12.2 percent, and in income from continuing operations of $5.9 million, or 19.3 percent, over the same quarter last year. Fully diluted earnings per share (EPS) from continuing operations for the three months were $0.40 compared to $0.33 last year, an increase of 21.2 percent.
The fiscal year were $1.46 compared to $1.21 for the same period last year, an increase of 20.7 percent.
Included in the results for this quarter and for the fiscal year are the results of operations of Copart's United Kingdom subsidiary, Universal Salvage, from the date of its acquisition, Jun. 14, 2007, through the end of the fiscal year. During this period, Universal Salvage generated $14.8 million and $1.0 million in revenue and income from continuing operations. The results of Universal Salvage increased the fully diluted EPS for the quarter and for the year by $0.01 per share, according to www.tradingmarkets.com.
The operating results for the three and 12 months ending July 31, 2006 were adversely affected by incremental costs incurred as a result of hurricanes in the Gulf coast region and were estimated to be approximately $2.1 million and $14.1 million, respectively. At the end of the second quarter of fiscal 2007, virtually the incremental salvage vehicles received as a result of the hurricanes had been sold. Processing hurricane vehicles has had, in certain historical periods, a negative impact on gross and operating margin percentages.