Knight Transportation, Phoenix, has declared a 3-for-2 stock split,
payable as a stock dividend on its issued and outstanding common stock.
Last quarter, Knight bucked the trend of truckload carriers fighting an economic slump, with its 43rd consecutive quarter of year-over-year growth in both revenue and net income.
The stock dividend will be paid on June 1, 2001. It will result in the issuance of one share for every two shares issued and outstanding held by shareholders of record as of May 18, 2001. Fractional shares will be paid in cash.
Knight Transportation said that the stock dividend was declared in order to provide additional liquidity for the company's shares. Knight stated the fully diluted earnings per share, without adjustment for the stock split, were $0.28 per share for the three-month period ended March 31, 2001, compared to $0.26 per share for the same three-month period ended March 31, 2000.
After adjustment for the stock split, fully diluted earnings per share for the three-month period ended March 31, 2001, will be $0.18 per share, compared to $0.17 per share for the same three-month period ended March 31, 2000.