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NPA parent Copart reveals year-end results

Dallas-based Copart, Inc., parent company of National Powersport Auctions, reported financial results for the quarter and year ended July 31, 2017.

For the three months ended July 31, 2017, revenue, gross margin and net income were $378.6 million, $167.5 million and $70.3 million, respectively. These represent an increase in revenue of $45.9 million, or 13.8 percent; an increase in gross margin of $26.0 million, or 18.4 percent; and a decrease in net income of $13.8 million, or 16.4 percent, respectively, from the same quarter last year. 

Fully diluted earnings per share for the three months were $0.30 compared to $0.35 last year, a decrease of 14.3 percent. Results for the three months ended July 31, 2017 include an impairment charge of $19.4 million related primarily to costs previously capitalized in connection with the development of business operating software.

For the year ended July 31, 2017, revenue, gross margin and net income were $1.4 billion, $632.0 million and $394.2 million, respectively. These represent an increase in revenue of $179.5 million, or 14.2 percent; an increase in gross margin of $87.4 million, or 16.1 percent; and an increase in net income of $123.9 million, or 45.8 percent, respectively, from the same period last year. Fully diluted earnings per share for the year ended July 31, 2017, were $1.66 compared to $1.11 last year, an increase of 49.5 percent.

Excluding the impact of foreign currency-related gains; impairment of long-lived assets; acquisition related fees; certain income tax benefits, foreign income tax credit limitations, and payroll taxes related to accounting for stock option exercises, non-GAAP fully diluted earnings per share for the three months and year ended July 31, 2017, were $0.35 and $1.29, respectively. These represent increases of 16.7 percent and 22.9 percent, respectively, from the same periods last year. 

Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart’s innovative technology and online auction platform links sellers to more than 750,000 members in over 170 countries. 

 

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