American Power Conversion Announces 2-for-1 Stock Split
WEST KINGSTON, R.I., Feb. 10 /PRNewswire/ -- American Power Conversion (Nasdaq: APCC) announced today that its Board of Directors approved a 2-for-1 split of its stock. The stock split is subject to approval by the Company's shareholders of an amendment to APC's articles of organization to increase the number of authorized shares of common stock. This vote will take place at the Company's Annual Meeting of Shareholders to be held on May 7, 1999. Assuming approval is given, shareholders of record as of May 7, 1999 will be eligible for the split which has a payable date of May 28, 1999.
"After reporting record revenues for our eleventh consecutive year since going public in 1988, it is gratifying to be able to provide our shareholders with this stock split," said Rodger B. Dowdell Jr., APC president and CEO. "This will be the sixth time in the same time period that APC has provided its shareholders with a stock split."
As of December 31, 1998, APC had approximately 96 million common shares outstanding.
About American Power Conversion
Founded in 1981, American Power Conversion (Nasdaq: APCC) is a worldwide leader in the designing, manufacturing, and marketing of power protection and management solutions for Nonstop Networking(TM). APC's comprehensive range of products include surge suppressors, uninterruptible power supplies (UPS), power conditioning equipment, and related software for computer and computer- related equipment. APC, which is headquartered in West Kingston, Rhode Island, reported sales of $1.126 billion for the year ended December 31, 1998. All trademarks are the property of their owners. Additional information about APC and its global end-to-end solutions can be found by accessing the APC World Wide Web site at www.apcc.com or by calling 800-877-4080.
CONTACT: Investors: Donald M. Muir, chief financial officer, 800-788-2208, ext. 2105, or Deborah K. Grey, investor relations manager, 800-788-2208, ext. 2994, dgrey@apcc.com, or Media: Jodi Kennedy, director of media relations, 800-788-2208, ext. 2158, jkennedy@apcc.com all of American Power Conversion/
SOURCE American Power Conversion |
