Copart Reports First Quarter Fiscal 2011 Financial Results

Copart, Inc. (NASDAQ: CPRT) today reported the results for its first quarter ended October 31, 2010.

For the three months ended October 31, 2010, revenue, operating income and net income were $212.7 million, $59.6 million and $37.8 million, respectively. These represent increases in revenue of $27.2 million, or 14.7%; in operating income of $3.1 million, or 5.5%; and in net income of $2.6 million, or 7.2%, from the same quarter last year. Fully diluted earnings per share for the three months ended October 31, 2010 were $0.45 compared to $0.42 for the same period last year, an increase of 7.1%.

On August 1, 2010, the Company adopted Accounting Standards Update 2009-13, Revenue Arrangements with Multiple Deliverables. Consequently, the Company now recognizes in the period earned, certain revenues, primarily towing fees, titling fees and seller storage fees, which were previously deferred until the period the car associated with those revenues was sold. As a result of this change, the Company recognized approximately $9.1 million in revenue and $8.8 million in expenses associated with that revenue which would have otherwise been recognized in future periods.

During the first quarter of fiscal 2011, the Company repurchased 2,249,826 shares of its common stock at a weighted average price of $33.65 per share under its share repurchase program. At the end of the quarter, Copart had 12,979,454 shares available for repurchase under its share repurchase program.

On Wednesday, December 1, 2010, 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://w.on24.com/r.htm?e=266034&s=1&k=6B91831719E7128152737BF7089DC99D. A replay of the call will be available through January 1, 2011 by calling (888) 203-1112. Use confirmation code #5501467.

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 patented VB² technology. Copart sells vehicles on behalf of insurance companies, banks, finance companies, fleet operators, dealers, car dealerships, the general public and others. The Company currently operates 152 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 www.copart.com.

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.