Core-Mark Holding Co. Inc., one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America, announced that its Board of Directors has approved a two-for-one stock split of its outstanding common stock to be effected through a stock dividend.
The additional shares will be distributed on June 26, 2014 to shareholders of record at the close of business on June 9, 2014. Trading is expected to begin at the split-adjusted price on June 27, 2014. As a result of the stock split, the total number of shares of Core-Mark common stock outstanding will increase from approximately 11.5 million to 23 million.
“We are pleased to be able to split the stock as a result of our stock performance. We believe this stock split may broaden our investor base and improve the trading liquidity of our stock,” said Thomas Perkins, president and CEO. “We continue to have confidence in the company’s strong financial position and believe additional liquidity is in the best interest of our shareholders.”
Adjusting for the two-for-one stock split, the Company expects diluted earnings per-share for the full year to be between $1.75 and $1.83, or excluding LIFO expense, between $2.08 and $2.15. The quarterly cash dividend announced May 2, 2014 will not be affected by this stock split.