UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

February 24, 2015
Date of Report (date of earliest event reported)

Copart, Inc.
(Exact name of Registrant as specified in its charter)

Delaware 0-23255 94-2867490
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization)   Identification Number)

14185 Dallas Parkway, Suite 300
Dallas, Texas 75254
(Address of principal executive offices)

(972) 391-5000
(Registrant’s telephone number, including area code)

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ] Written communication pursuant to Rule 425 under Section Act (17 CFR 230.425)

[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

 

INFORMATION INCLUDED IN THIS REPORT

Section 2 — Financial Information

Item 2.02 Results of Operations and Financial Condition

     The following information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing.

     On February 24, 2015, Copart, Inc. issued a press release announcing its financial results for the second quarter of fiscal year 2015, which ended January 31, 2015. The full text of the press release is furnished herewith as Exhibit 99.1.

Section 9 — Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

     (d) Exhibits

     The following exhibit is furnished herewith:

               Exhibit
Number        
    Description  
99.1 Press release, dated February 24, 2015 of Copart, Inc. announcing its financial results for the second quarter of fiscal year 2015, which ended January 31, 2015.


SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 24, 2015 Copart, Inc.
 
 

By: 

/s/ William E. Franklin

William E. Franklin
Executive Vice President and
Chief Financial Officer


INDEX TO EXHIBITS

Exhibit
Number         Description  
99.1   Press release, dated February 24, 2015, of Copart, Inc. announcing its financial results for the second quarter of fiscal year 2015, which ended January 31, 2015.




Copart, Inc.

For Immediate Release

Copart Reports Second Quarter Fiscal 2015 Financial Results

Dallas, Texas. (February 24, 2015) — Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter and six months ended January 31, 2015.

For the three months ended January 31, 2015, revenue, gross margin and net income were $276.3 million, $114.9 million and $52.2 million, respectively. These represent a decrease in revenue of $10.2 million, or 3.6%; and increases in gross margin of $3.3 million, or 3.0%; and in net income of $6.8 million, or 15.1%, respectively, from the same quarter last year. Fully diluted earnings per share for the three months were $0.40 compared to $0.35 last year, an increase of 14.3%.

For the six months ended January 31, 2015, revenue, gross margin and net income were $566.6 million, $237.2 million and $104.8 million, respectively. These represent increases in revenue of $0.3 million, or 0.1%; in gross margin of $17.8 million, or 8.1%; and in net income of $18.0 million, or 20.8%, respectively, from the same period last year. Fully diluted earnings per share for the six months were $0.80 compared to $0.66 last year, an increase of 21.2%.

On Wednesday, February 25, 2015, 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 http://stream.conferenceamerica.com/copart/022515. A replay of the call will be available through April 26, 2015 by calling (877) 919-4059. Use confirmation code # 51385268.

About Copart

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, dismantlers, rebuilders, exporters and, in some states, to end users. Copart remarkets the vehicles through Internet sales utilizing its VB3 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 in the United States and Canada (www.copart.com), the United Kingdom (www.copart.co.uk), Brazil (www.copart.com.br), Germany (www.copart.de), the United Arab Emirates (www.copart.ae), and Spain (www.autoresiduos.com). Copart links sellers to more than 750,000 members in over 150 countries worldwide through its multi-channel platform. Copart was recently ranked at the top of Deloitte’s “Exceptional 100” list of companies, which reviewed U.S. publicly traded companies based upon a multidimensional approach to measuring financial performance. For more information, or to become a member, visit www.copart.com.

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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000


Copart, Inc.

Cautionary Note About Forward-Looking Statements

This press release contains forward-looking statements within the 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 review the “Management's Discussion and Analysis” and the other risks identified in Copart’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. We encourage investors to review these disclosures carefully. We do not undertake to update any forward-looking statement that may be made from time to time on our behalf.

Contact:        Wendy Lucero, Assistant to the Chief Financial Officer
972-391-5043 or wendy.lucero@copart.com

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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000


Copart, Inc.

Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)

Three Months Ended Six Months Ended
January 31, January 31,
2015         2014         2015         2014
Service revenues and vehicle sales:
       Service revenues $      238,508 $      235,732 $      485,128 $      462,095
       Vehicle sales 37,750 50,702 81,516 104,222
              Total service revenues and vehicle sales 276,258 286,434 566,644 566,317
Operating expenses:
       Yard operations 120,181 121,240 241,780 236,466
       Cost of vehicle sales 32,118 43,642 69,191 89,733
       Yard depreciation and amortization 8,543 9,460 17,403 19,555
       Yard stock-based payment compensation 549 546 1,095 1,181
                     Gross margin 114,867 111,546 237,175   219,382
       General and administrative 27,587 31,221 60,804 65,456
       General and administrative depreciation and amortization 2,857 3,615 5,727 8,025

       General and administrative stock-based

  
       payment compensation 3,955 5,226 7,775 9,458
                            Total operating expenses 195,790 214,950 403,775 429,874
                            Operating income 80,468 71,484 162,869 136,443
Other (expense) income:  
       Interest expense, net (4,505 ) (2,066 ) (6,276 ) (4,203 )
       Other income, net 4,141 1,170 5,734   2,593
                            Total other expense (364 ) (896 ) (542 ) (1,610 )
                            Income before income taxes 80,104 70,588 162,327 134,833
Income taxes 27,911 25,243 57,519 48,066
                     Net income $ 52,193 $ 45,345 $ 104,808 $ 86,767
     
Basic net income per common share $ 0.41 $ 0.36 $ 0.83 $ 0.69
Weighted average common shares outstanding 126,300   125,564 126,258 125,512
       
Diluted net income per common share $ 0.40 $ 0.35 $ 0.80 $ 0.66
Diluted weighted average common shares outstanding 131,872 131,101 131,694 130,904

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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000


Copart, Inc.

Consolidated Balance Sheets
(In thousands)
(Unaudited)

January 31,         July 31,
2015 2014
ASSETS
 
Current assets:
       Cash and cash equivalents $ 590,366 $ 158,668
       Accounts receivable, net 235,477 196,985
       Vehicle pooling costs and inventories 34,106 31,697
       Income taxes receivable 7,803 2,288
       Deferred income taxes 2,769 1,803
       Prepaid expenses and other assets 17,904 20,850
              Total current assets 888,425 412,291
Property and equipment, net 688,244 692,383
Intangibles, net 21,425 25,242
Goodwill 270,492 283,780
Deferred income taxes 37,524 36,721
Other assets 45,961 56,387
              Total assets $      1,952,071 $      1,506,804
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
       Accounts payable and accrued liabilities $ 148,180 $ 152,156
       Deferred revenue 4,515 4,170
       Income taxes payable 5,858 8,284
       Current portion of long-term debt and capital lease obligations 76,171 79,674
              Total current liabilities 234,724 244,284
Deferred income taxes 6,324 7,372
Income taxes payable 25,499 23,771
Long-term debt and capital lease obligations, net of discount 608,236 223,227
Other liabilities 4,051 4,651
              Total liabilities 878,834 503,305
Commitments and contingencies
Stockholders’ equity:
       Preferred stock — —
       Common stock 13 13
       Additional paid-in capital 416,958 404,542
       Accumulated other comprehensive loss (66,525 ) (20,060 )
       Retained earnings 722,791 619,004
              Total stockholders’ equity 1,073,237 1,003,499
              Total liabilities and stockholders’ equity $ 1,952,071 $ 1,506,804

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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000


Copart, Inc.

Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

Six Months Ended
January 31,
2015         2014
Cash flows from operating activities:
       Net income $      104,808 $      86,767
       Adjustments to reconcile net income to net cash provided by operating
              activities:
              Depreciation and amortization 25,367 27,580
              Allowance for doubtful accounts (242 ) 884
              Stock-based payment compensation 8,870 10,639
              Excess tax benefits from stock-based payment compensation (534 ) (1,171 )
              Gain on sale of property and equipment (457 ) (1,743 )
              Deferred income taxes (2,317 ) (5,982 )
              Changes in operating assets and liabilities, net of effects from acquisitions:
                     Accounts receivable (40,908 ) (38,928 )
                     Vehicle pooling costs and inventories (3,351 ) (1,718 )
                     Prepaid expenses and other current assets 1,747 (4,266 )
                     Other assets 5,368 (12,602 )
                     Accounts payable and accrued liabilities (4,173 ) 7,724
                     Deferred revenue 351 347
                     Income taxes receivable (4,938 ) 4,799
                     Income taxes payable 103 1,494
                     Other liabilities (811 ) 1,967
                            Net cash provided by operating activities 88,883 75,791
 
Cash flows from investing activities:
       Purchases of property and equipment including acquisitions, net of cash
              acquired		 (39,459 ) (65,996 )
       Proceeds from sale of property and equipment 742 2,576
                            Net cash used in investing activities (38,717 ) (63,420 )
                             
Cash flows from financing activities:
       Proceeds from the exercise of stock options 2,303 4,550
       Excess tax benefit from stock-based payment compensation 534 1,171
       Proceeds from the issuance of Employee Stock Purchase Plan shares 1,495 1,115
       Principal payments on long-term debt (312,500 ) (37,500 )
       Proceeds from the issuance of long-term debt, net of discount 698,939 —
       Debt offering costs (955 ) —
       Change in bank overdraft — 743
       Repurchases of common stock (1,121 ) (80 )
                            Net cash provided by (used in) financing activities 388,695 (30,001 )
 
Effect of foreign currency translation (7,163 ) 198
  
Net increase (decrease) in cash and cash equivalents 431,698 (17,432 )
 
Cash and cash equivalents at beginning of period 158,668 63,631
Cash and cash equivalents at end of period $ 590,366 $ 46,199
 
Supplemental disclosure of cash flow information:
       Interest paid $ 3,788 $ 4,495
       Income taxes paid, net of refunds $ 64,432 $ 47,891

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Copart, Inc. ~ 14185 Dallas Parkway, Suite 300, Dallas TX 75254 ~ (972) 391-5000

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