Clayton Homes splits stock 5 for 4, stockholders re-elect board of directors.KNOXVILLE, Tenn.--(BUSINESS WIRE)--Nov. 14, 1996--The Board of Directors of Clayton Homes Inc. (NYSE NYSE See: New York Stock Exchange :CMH CMH Center of Military History CMH Commission on Macroeconomics and Health CMH Chief of Military History CMH Children's Memorial Hospital CMH Ceramic Metal Halide (General Electric light source) CMH Congressional Medal of Honor ) today announced a stock dividend in the form of a 5-for-4 split of the company's common stock and declared a cash dividend of 2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on the shares to be outstanding after the split. This represents a 25 percent increase in the amount of dividend previously paid. "These actions illustrate the company's continued strong performance and reflect returns which we are pleased to pass on to our shareholders," Clayton Homes Chairman James L. Clayton said. The stock split -- Clayton's 12th since going public in 1983 -- takes effect Dec. 11, 1996, for shareholders of record on Nov. 27. The cash dividend is payable Jan. 22, 1997 to shareholders of record on Jan. 8. These actions took place at the company's annual shareholders' meeting held at the Knoxville Museum of Art The Knoxville Museum of Art is located at 1050 World's Fair Park in Knoxville, Tennessee. The museum includes five galleries, as well as a Sculpture Terrace, an Exploratory Gallery, a computer-interactive ARTcade, and two large outdoor garden areas. . Clayton Homes' eight-member Board of Directors was also re-elected at the meeting. They are: James L. Clayton, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Clayton Homes Inc.; B. Joe Clayton, CEO of Clayton Automotive Group; James D. Cockman, chairman and CEO of American Culinary Equipment Inc. and past chairman of Sara Lee's Foodservice Division; Wallace C. Doud, retired vice president for commercial and industry relations of IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) Corporation; Dan W. Evins, chairman and CEO of Cracker Barrel Old Country Store Inc.; Wilma H. Jordan, co-chairman of The Jordan-Edmiston Group Inc.; Dr. Warren Neel, dean of the University of Tennessee The University of Tennessee (UT), sometimes called the University of Tennessee at Knoxville (UT Knoxville or UTK), is the flagship institution of the statewide land-grant University of Tennessee public university system in the American state of Tennessee. College of Business Administration; and Joseph H. Stegmayer, president and COO of Clayton Homes Inc. Clayton Homes is a leading producer of manufactured homes and the industry's largest retailer. It also operates more than 60 manufactured-home communities and provides a variety of financial services to home buyers. Clayton Homes, which operates in 28 states, is headquartered in Knoxville, Tenn., and employs more than 6,000 people nationwide. Clayton Homes had revenues of $929 million and net income of $107 million in fiscal 1996. CONTACT: Clayton Homes Inc., Knoxville Joe Stegmayer, 423/595-4700 |
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