FAIRFIELD, Calif. -

Copart opened its 2011 fiscal year with strong gains in revenue as well as operating income and net income.

Chief executive officer Jay Adair shared last week that the company’s first-quarter revenue total came in at $212.7 million, a 14.7-percent rise from the same quarter a year ago. The sum helped Copart reach a 5.5-percent jump in operating income to $59.6 million.

Then Adair indicated net income settled at $37.8 million during Copart’s first quarter. The amount represented a 7.2-percent increase from the same time in the 2010 fiscal year.

The CEO went on to mention fully diluted earnings per share for the three-month span that ended Oct. 31 were 45 cents compared to 42 cents for the same period last year, marking an increase of 7.1 percent.

In another element of Copart’s financial report, the company reiterated how on Aug. 1 it adopted its accounting standards update — 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,” Adair explained.

“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,” he went on to say.

Copart wrapped up its first-quarter discussion by noting 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 said had 12,979,454 shares available for repurchase under its share repurchase program.