Copart Reports First Quarter Fiscal 2012 Financial Results
For the three months ended October 31, 2011, revenue, operating income and net income were $225.6 million, $65.4 million and $41.1 million, respectively. canada goose outlet online uk These represent increases in revenue of $13.0 million, or 6.1%; in operating income of canada goose outlet sale $5.8 million, or 9.7%; and in net income of $3.3 million, or 8.8%, from canada goose clearance sale the same quarter last year. Fully diluted earnings per share for the three months ended October 31, 2011 were $0.62 compared to $0.45 for the same period last year, an increase of 37.8%.
During the first quarter of our fiscal 2011, the Company prospectively adopted Accounting Standards Update 2009 13, Revenue Arrangements with Multiple Deliverables (ASU 2009 13). Consequently, effective August 1, canada goose outlet nyc 2010, the Company buy canada goose jacket recognizes certain revenues, primarily towing fees, titling fees and vehicle preparation fees when the service is Canada Goose online performed. Prior to our first quarter of fiscal 2011, these revenues were recognized when the car associated with those fees was sold. As a result of this change, the Company recognized approximately $9.1 million canada goose outlet in revenue and $8.8 million in expenses associated cheap canada goose with that revenue which would have otherwise been canada https://www.bamschaatsteam.nl goose outlet reviews recognized in future periods. Excluding the impact of ASU 2009 13, growth in revenue would have been $19.9 million, or 9.8%, over the same canada goose outlet uk sale quarter last year. A reconciliation between revenue on a GAAP basis and non GAAP revenue is provided in the table on page 6.
During the current quarter the Company incurred approximately $1.5 million in additional expenses, primarily stay pay, severance and relocation expenses, directly associated with moving its headquarters from Fairfield, CA to Dallas, TX.
Also, during the current Canada Goose Online quarter the Company repurchased 1,069,898 shares of its common stock at a weighted average price of canada goose outlet toronto factory $40.73 per share under its share repurchase program. At the end of the quarter, Copart had 27,477,065 shares available for repurchase under its share repurchase program. Eastern time, Copart will conduct a conference call to discuss the results for the quarter. The call will be webcast live at December 31, 2011 by calling (888) 203 canada goose uk black friday 1112. Use confirmation code 7946277.
This release includes non GAAP revenue, this non GAAP measure is not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non GAAP measures used by other companies. In addition, this canada goose outlet jackets non GAAP measure is not based on any comprehensive set of accounting rules or principles. Copart believes that this non GAAP measure has limitations in that it does not reflect all of the amounts associated with Copart’s results of operations as determined in accordance with GAAP canada goose black friday sale and that this measure should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measure.
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, goose outlet canada dismantlers, rebuilders, canada goose jacket outlet 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 154 facilities in the United States, Canada and the United Kingdom. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. For more information, or to become a member, visit
Cautionary Note About cheap canada goose uk Forward Looking Statements
This press release contains forward looking statements within the canada goose outlet online 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 uk canada goose review the “Management’s Discussion and Analysis” and the other risks identified in Copart’s latest Annual Report on Form 10 K, cheap canada goose Quarterly Reports on Form 10 Q, and Current Reports on Form 8 K, as filed with the Securities and Exchange Commission.