DATE OF STOCK SPLIT ON THIS REPORT APRIL 10, 1997
Philip Morris Companies Inc. to split common stock
three-for-one; Authorizes new share repurchase program;
Declares quarterly dividend
Business Wire - February 26, 1997 09:58
FINANCIAL PHILIP-MORRIS MO FN NEW-YORK FOODS BEVERAGES RETAIL DIVIDEND
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NEW YORK--(BUSINESS WIRE)--Feb. 26, 1997--The board of directors of Philip Morris Companies Inc. (NYSE: MO) today approved a three-for-one split of the company's common stock, announced a new 3-year $8 billion share repurchase program and declared a regular quarterly dividend of $1.20 per share on the pre-split common stock. "Today's actions are consistent with the strategies we announced in 1994 to enhance shareholder value," said Geoffrey C. Bible, chairman of the board and chief executive officer. "Our business growth continues to generate strong earnings and cash flows, enabling us to deliver superior returns to our shareholders." To effect the three-for-one split, two additional shares of common stock will be distributed on April 10, 1997 for each share of common stock held of record on March 17, 1997. Including the split announced today, the company's common stock will have been split seven times since January 1, 1966, with the result that one share in 1966 is now the equivalent of 576 shares. The Board also authorized a new 3-year $8 billion share repurchase program. The company estimates that the current 3-year $6 billion program, begun in the fourth quarter of 1994, will be completed by the end of the first quarter of 1997. Under that program, the company has bought back 66.3 million shares at an average cost of $84.09 per share through February 25, 1997. The Board also declared a regular quarterly dividend on the pre-split common stock of $1.20 per common share ($0.40 a share after giving effect to the split), payable on April 10, 1997 to stockholders of record as of March 17, 1997. This dividend is equivalent to an annual dividend rate of $4.80 per pre-split share ($1.60 per new share). With 1996 revenues of $69 billion, Philip Morris Companies Inc. is the world's largest producer and marketer of consumer packaged goods. It has five principal operating companies: Kraft Foods, Inc.; Miller Brewing Company;Philip Morris International Inc.; Philip Morris U.S.A.; and Philip Morris Capital Corporation.Other major business units include Kraft Foods International, Inc., a subsidiary of Kraft Foods,Inc.; and Mission Viejo Company, the real estate subsidiary of Philip Morris Capital Corporation.
CONTACT: Philip Morris Companies Inc.
Nicholas M. Rolli, 212/880-3460 |
