Copart Announces Two for One Stock Split
28 December 1999
Copart Announces Two for One Stock Split
BENICIA, Calif.--Dec. 28, 1999--The Board of Directors of Copart, Inc. has declared a 2-for-1 forward split of the Company's common stock together with a proportional split of the Company's authorized common stock effective as of January 6, 2000.Copart shareholders of record at the close of the market on January 6, 2000 will receive one additional share for every share of Copart common stock held. The distribution date for such additional stock certificates will be January 24, 2000.
"The Board's action is designed to facilitate improved trading liquidity and broaden stock ownership," said Willis J. Johnson, Copart's Chief Executive Officer.
Founded in 1982, Copart provides vehicle suppliers -- primarily insurance companies -- with a full menu of services to process and sell salvage vehicles through auctions, principally to licensed dismantlers, rebuilders and used vehicle dealers. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes, or recovered stolen vehicles for which an insurance settlement with the vehicle's owner has been made. Operating 70 facilities in 34 states, Copart also provides services to other geographic areas through its national network of independent salvage vehicle suppliers.
