BMY declares a 2-1.
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Bristol-Myers Squibb Announces Two-For-One Stock Split And a 10% Increase in its Common Stock Dividend
- Company's Last Stock Split Was Effective February 1997 -
NEW YORK, Dec. 1 /PRNewswire/ -- Bristol-Myers Squibb Company (NYSE: BMY) today reported that its Board of Directors declared a two-for-one split of the Common Stock of the corporation in the form of a stock dividend. At the same meeting, the Board also declared a 10% dividend increase, resulting in a quarterly dividend of forty-three cents ($.43) per share on the company's Common Stock, on a pre-split basis. This increase represents the 27th consecutive year the company has raised the dividend on its Common Stock.
"Both the stock split and the significant dividend increase demonstrate our continued confidence in our company's future growth," said Charles A. Heimbold, Jr., chairman and chief executive officer. "We want to share our successes with our shareholders as we expect to see investments in research and development bear fruit with innovative pharmaceutical and personal care product entrants over the next several years."
On or about February 26, 1999, common shareholders of record at the close of business on February 5, 1999, will receive one additional share of Common Stock for each share already held. As of November 30, 1998, there were approximately one billion shares of Common Stock issued and outstanding.
The next quarterly dividend payable on February 1, 1999, to shareholders of record as of the close of business on January 8, 1999, will be paid on a pre-split basis.
The Directors also declared a dividend of $.50 per share on the $2.00 Convertible Preferred Stock of the corporation, payable March 1, 1999, to shareholders of record at the close of business on February 5, 1999.
Holders of the $2.00 Convertible Preferred Stock will be entitled to convert to Common Stock on the basis of two shares for each one share now available under the conversion ratio.
Mr. Heimbold continued: "Our strong financial position and solid balance sheet, coupled with an ongoing stock repurchase program, provide additional evidence of our company's ability to leverage its outstanding global performance for the sake of our shareholders and customers. We continue to invest in our future. Just this year, for example, we have increased our pharmaceutical R&D spending by 19%. And many of our most important product franchises are enjoying double-digit sales increases. We have more than 60 product lines each with more than $50 million in global annual sales."
Bristol-Myers Squibb is a diversified worldwide health and personal care company whose principal businesses are pharmaceuticals, consumer medicines, beauty care, nutritionals and medical devices.
SOURCE Bristol-Myers Squibb Company
CO: Bristol-Myers Squibb Company
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