DALLAS -

Earlier this week, Copart released its earnings report for the fourth quarter and year ending July 31, and said it saw gains in revenue, but decreases in operating income and net income.

Starting off with the full-year results, Copart pulled in revenue of $1.05 billion, which marked a 13.2-percent year-over-year increase.

Operating income was $283.0 million, a 1.2-percent dip. Net income was $180.0 million, down 1.1 percent year-over-year.

As for the Q4 results, revenue climbed 16.4 percent and came in at $263.7 million.

Operating income fell 9.3 percent at $63.1 million, while net income was at $41.3 million (down 8.0 percent).

“Included in the financial results for the most recent quarter are the results of our QCSA acquisition, which we closed on May 30, 2013,” the company said in its statement announcing the results.

“These results included revenues of $11.2 million and expenses, including operational, general and administrative and deal-specific costs, of $13.7 million,” it continued. “We expect our QCSA acquisition to contribute to our operating margin by our third quarter of fiscal year 2014.”

The statement released Tuesday also indicated that Copart’s board of directors has wrapped up its inquiry into whether Copart would potentially convert to a real estate investment trust (REIT).

“As previously disclosed the Board began this review in 2012 and retained outside, expert advisors to assist it in conducting the review. Following this process, Copart’s board unanimously determined that Copart would not pursue a REIT conversion at this time,” the company said.

 

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