DALLAS, Sept. 18 /PRNewswire/ -- The Board of Directors of Texas
Instruments Incorporated (NYSE:TXN) today declared a two-for-one stock split
in the form of a 100 percent stock dividend on the common stock, payable on
November 21, 1997 to shareholders of record October 24, 1997. For every one
share of TI common stock held on the record date, the stockholder will receive
one additional share. Certificates representing the additional shares will be
mailed on or about November 21, 1997.
The Board of Directors made the decision to split the stock in order to
broaden TI's ownership base and increase the number of shares available for
trading. TI's last stock split was in 1995.
The Board of Directors also declared a quarterly cash dividend of 17 cents
per share of common stock, payable October 20, 1997, to stockholders of record
September 30, 1997. This dividend would be 8.5 cents per share when adjusted
for the stock split. The Board elected to hold the dividend at its current
rate, reflecting a pattern typical of high-growth, high-technology companies
where the focus is on capital appreciation and growth.
"Texas Instruments is focusing on generating shareholder value through
sustained growth and profitability," said Tom Engibous, president and CEO of
Texas Instruments. "We are aggressively stepping up investments to widen our
lead in the high-growth market of digital signal processing."
Earlier this week TI announced a $100 million venture fund dedicated to
accelerating market development efforts linked to Digital Signal Processing
(DSP). This is the largest ever venture fund directed at this rapidly growing
market. On September 9th, TI formally opened a $150 million Research and
Development Center in Dallas that will serve as the technology base for the
ongoing creation of TI's leading-edge DSP solutions.
The TI Board of Directors also approved a stock repurchase program to
neutralize the potential dilutive effect of shares to be issued upon the
exercise of stock options under the company's employee stock purchase plan and
stock option/incentive plans. The company has continued to enhance its total
compensation program to increase employee stock ownership, expand
participation in stock option programs, and overall to increase TI's
competitiveness in the industry.
Texas Instruments Incorporated is a global semiconductor company and the
world's leading designer and supplier of digital signal processing solutions,
the engines driving the digitization of electronics. Headquartered in Dallas,
Texas, the company's businesses also include calculators, productivity
products, controls and sensors, metallurgical materials and digital light
processing technologies. The company has manufacturing or sales operations in
more than 25 countries.
Texas Instruments is traded on the New York Stock Exchange under the
symbol TXN. More information is located on the World Wide Web at
ti.com .
SOURCE Texas Instruments Incorporated
-0- 09/18/97
/CONTACT: Leslie Price, 972-995-4961, or Kim Quirk, 972-927-4990, both of
Texas Instruments Incorporated/
/Web site: ti.com |
