They Sold the earnings News but they could not stop the CRDN advance..............3 for 2 Split announced.......!
Ceradyne, Inc. Announces 3-for-2 Stock Split
COSTA MESA, Calif., Mar 11, 2004 (BUSINESS WIRE) -- Ceradyne, Inc.
(Nasdaq: CRDN) (Company) announced today that its Board of Directors has approved
a 3-for-2 stock split in the form of a 50% stock dividend. The stock dividend
will be distributed on April 7, 2004, to stockholders of record as of the close
of business on March 30, 2004.
Stockholders will receive one additional share for every two shares of common
stock owned on the record date. In lieu of receiving fractional shares,
stockholders will receive a cash payment based on the closing price of the
common stock on the record date, as adjusted for the split. As of March 10,
2004, the Company has 10,628,069 shares of common stock outstanding. The stock
split will increase the number of shares outstanding to approximately
15,942,103.
Joel Moskowitz, Ceradyne chief executive officer, stated: "We believe the stock
split will result in greater share liquidity and lower volatility in our stock
price by increasing the number of shares in the public float."
Moskowitz added: "Ceradyne's recently announced record sales and earnings for
2003 and positive outlook for sales and earnings growth in 2004, discussed in
its earnings conference call on February 26, 2004, contributed to the Board's
decision to split the stock."
Ceradyne develops, manufactures and markets advanced technical ceramic products
and components for defense, industrial, automotive/diesel and commercial
applications. Additional information about the Company can be found at
www.ceradyne.com.
Except for the historical information contained herein, certain matters
discussed in this news release constitute forward-looking statements that
involve risks and uncertainties that could cause actual results to differ
materially from those projected. The Company may use words such as
"anticipates," "believes," "plans," "expects," "intends," "future," and similar
expressions to identify forward-looking statements. These risks and
uncertainties are described in the Company's prospectus dated July 1, 2003, and
in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2003,
as filed with the Securities and Exchange Commission.
SOURCE: Ceradyne, Inc.
CONTACT: Ceradyne, Inc. |
