Copart (CPRT) 8-K Copart Reports Fourth Quarter and Fiscal 2003 Results

Exhibit 99.1

Copart, Inc.

For Immediate Release

Copart Reports Fourth Quarter and Fiscal 2003 Results

Fairfield, Calif. (September 16, 2003) — Copart, Inc. (NASDAQ: CPRT) today reported results for the fourth quarter and fiscal year ended July 31, 2003.

Copart earned net income of $13,336,800 in the fourth quarter of fiscal 2003 on revenues of $87,216,100.  This quarter’s net income is 14% lower than the $15,535,000 earned in the same period of fiscal 2002 on revenues of $82,632,600.  Fully diluted earnings per share (EPS) for the quarter was $.15 compared to $.17 last year, a decrease of 12%.

For fiscal 2003, Copart earned net income of $57,222,200, or $.62 per diluted share, on revenues of $347,423,100. Copart reported net income of $57,389,200, or $.63 per diluted share, on revenues of $316,455,800 for fiscal 2002.

On Wednesday, September 17, at 11 a.m. Eastern time, Copart will conduct a conference call to discuss the results for the quarter. The call will be webcast live at vcall.com. A replay of the call will be available through September 23, by calling (877) 660-6853 with account number 1628 and call ID 75742.

Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage vehicles through auctions, principally to licensed dismantlers, rebuilders, repair licensees and used vehicle dealers.  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.  The Company operates 104 facilities in North America.  It also provides services in other locations through its national network of independent salvage vehicle processors.

Contact:	Simon E. Rote, Vice President & Acting Chief Financial Officer
	(707) 639-5000

Copart, Inc. ~ 4665 Business Center Drive, Fairfield, California 94534 ~ (707) 639-5000

Copart, Inc.

Consolidated Statements of Income — 1

(Dollars in thousands, except per share data)

	Three Months Ended July 31,
	2003		2002
Revenues	$	87,216	$	82,633
Operating costs and expenses:
Yard and fleet	51,331		47,575
General and administrative	7,720		5,846
Depreciation and amortization	7,153		4,907
Total operating expenses	66,204		58,328
Operating income	21,012		24,305
Other income:
Interest income, net	359		612
Other income	493		587
Total other income	852		1,199
Income before income taxes	21,864		25,504
Income taxes	8,527		9,969
Net income	$	13,337	$	15,535
Basic net income per share	$	.15	$	.17
Weighted average shares outstanding	89,814		91,614
Diluted net income per share	$	.15	$	.17
Weighted average shares and dilutive potential common shares outstanding	91,342		94,046

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Copart, Inc.

Consolidated Statements of Income — 2

(Dollars in thousands, except per share data)

	Fiscal Year Ended July 31,
	2003		2002
Revenues	$	347,423	$	316,456
Operating costs and expenses:
Yard and fleet	202,420		186,952
General and administrative	28,703		23,256
Depreciation and amortization	25,545		16,308
Total operating expenses	256,668		226,516
Operating income	90,755		89,940
Other income:
Interest income, net	1,630		1,830
Other income	1,782		1,888
Total other income	3,412		3,718
Income before income taxes	94,167		93,658
Income taxes	36,945		36,269
Net income	$	57,222	$	57,389
Basic net income per share	$	.63	$	.65
Weighted average shares outstanding	91,408		88,718
Diluted net income per share	$	.62	$	.63
Weighted average shares and dilutive potential common shares outstanding	93,018		91,251
Number of auction facilities	104		96

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Copart, Inc.

Consolidated Balance Sheets — 3

(in thousands, except share data)

	As of July 31,
	2003		2002
ASSETS
Current Assets:
Cash and cash equivalents	$	116,746	$	132,690
Accounts receivable, net	71,553		64,072
Vehicle pooling costs	23,381		20,014
Income taxes receivable	4,018		—
Prepaid expenses and other assets	10,068		9,216
Total current assets	225,766		225,992
Property and equipment, net	244,361		197,769
Intangibles and other assets, net	7,859		9,167
Goodwill	109,114		102,920
Total assets	$	587,100	$	535,848
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	91	$	325
Accounts payable and accrued liabilities	38,309		31,894
Deferred revenue	9,708		8,352
Income taxes payable	—		2,632
Deferred income taxes	5,902		3,647
Other current liabilities	174		198
Total current liabilities	54,184		47,048
Deferred income taxes	6,014		1,063
Long-term debt, less current portion	16		85
Other liabilities	1,247		1,436
Total liabilities	61,461		49,632
Shareholders’ equity:
Common stock, no par value – 180,000,000 shares authorized; 89,883,412 and 92,239,859 shares issued and outstanding at July 31, 2003 and 2002, respectively	269,968		287,767
Retained earnings	255,671		198,449
Total shareholders’ equity	525,639		486,216
Commitments and contingencies
Total liabilities and shareholders’ equity	$	587,100	$	535,848

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