Copart Announces 2-for-1 Stock Split
4 January 1999
Copart Announces 2-for-1 Stock Split
BENICIA, Calif.--Jan. 4, 1999--The Board of Directors of Copart Inc. has declared a 2-for-1 split of the company's common stock.
Copart shareholders will receive one additional share for every share of Copart stock held. The distribution date for the stock split is Jan. 28, 1999, to shareholders of record on Jan. 14, 1999.
"The Board's action is designed to improve trading liquidity and broaden ownership," said Willis J. Johnson, Copart's chief executive officer.
About Copart:
Copart, founded in 1982, 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 in 60 facilities in 31 states, Copart also provides services to other locations through its national network of independent salvage vehicle suppliers.
NOTE: Certain statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors and/or factors affecting future results detailed in the Company's Securities and Exchange Commission reports, including variations in the Company's operating results, the inability to continue to increase service fees, the timing and size of acquisitions and facility openings, the loss of vehicle suppliers or buyers, the announcement of new vehicle supply agreements by the Company or its competitors, changes in regulations governing the Company's operations or its vehicle suppliers, environmental problems or litigation.