FAIRFIELD, Calif.--(BUSINESS WIRE)--Copart, Inc. (NASDAQ:CPRT) announced today that its Board of Directors has approved a two-for-one split of its common stock. The stock split will be effected as a stock dividend entitling each stockholder of record to receive one additional share of common stock for every one share owned. Additional shares issued as a result of the stock dividend will be distributed after close of trading on March 28, 2012, to stockholders of record on March 23, 2012. Stockholders do not need to exchange existing stock certificates. The stock split will increase the number of shares of common stock outstanding from approximately 63,400,000 shares to approximately 126,800,000 shares. Appropriate adjustments will also be made to shares subject to awards and available reserves under Copart’s equity incentive plans. In addition, the number of shares authorized for repurchase under Copart’s previously announced share repurchase program will be adjusted to reflect the two-for-one split in the form of a dividend.
A. Jayson Adair, Copart’s Chief Executive Officer, stated that the Board of Directors authorized the stock split principally to obtain wider distribution and greater liquidity for the common stock.
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 and others as well as cars sourced from the general public. The company currently operates 154 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.