FAIRFIELD, CA - Copart Inc., a provider of full range of remarketing services to vehicle sellers, reported for the first fiscal quarter of 2011 a net income of $37.8m or 0.45 fully diluted earnings per share, up by 7.1 percent from the fully diluted earnings last year.

The company's fiscal first quarter 2010 net income was $2.6 million, or 7.2 percent lower at $35.3 million or 0.42 fully diluted earnings per share for the same period in fiscal 2010.

Copart's revenue for the three months ended 31 October 2010 was $212.7 million, up by $27.2 million, or 14.7 percent from $185.5 million in the same quarter last year.

The company mentioned that the adoption of Accounting Standards Update 2009-13, Revenue Arrangements with Multiple Deliverables recognized certain revenues in the period earned which were earlier deferred until the period the car associated with those revenues was sold.