Copart Inc. completes public offering of 1,897,500 shares of common stock; net proceeds of $34.6 million to be used to repay NER acquisition debt and fund future growth.VALLEJO Vallejo (vălā`hō, –lā`ō, və–), city (1990 pop. 109,199), Solano co., W Calif., on San Pablo Bay at the mouth of the Napa River; inc. 1866. , Calif.--(BUSINESS WIRE)--May 25, 1995--Copart Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPRT CPRT Copart Inc. (stock symbol) CPRT Citizens for Personal Rapid Transit CPRT Client Perceived Response Time CPRT Coprocessor Register Transfer CPRT Cancer Prevention Research Trust CPRT Classic Professional Racquetball Tour ) has completed a public offering of 1,897,500 shares of common stock (including 247,500 shares subject to the underwriter's over-allotment option) at $19.25 per share. There were no selling shareholders. The secondary offering was underwritten by a group of underwriters for which Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. Inc. and Genesis Merchant Group Securities acted as managers. Copart anticipates using the $34.6 million in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering for repayment of debt that was incurred in the acquisition of NER Acquisition Systems and its affiliates (NER), for future acquisitions and openings of salvage salvage, in maritime law, the compensation that the owner must pay for having his vessel or cargo saved from peril, such as shipwreck, fire, or capture by an enemy. Salvage is awarded only when the party making the rescue was under no legal obligation to do so. vehicle auction facilities, and for general corporate purposes. As of May 1, 1995, Copart completed its acquisition of NER, which consisted of 20 salvage vehicle auction facilities. Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range 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 are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The company operates 42 facilities in 20 states and processes approximately 328,000 vehicles annually. It also provides services in other locations through its national network of independent salvage vehicle processors. CONTACT: Copart Inc., Vallejo Joseph Whelan, 707/556-5003 |
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