Texas Instruments Board Declares 2-for-1 Stock Split
DALLAS (September 18, 1997) -- 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. |
