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PIONEER HI-BRED INTERNATIONAL DECLARES DIVIDEND

 PIONEER HI-BRED INTERNATIONAL DECLARES DIVIDEND
 DES MOINES, Iowa, June 16 /PRNewswire/ -- The board of directors of


Pioneer Hi-Bred International, Inc. (NASDAQ-NMS: PHYB), today declared a regular quarterly cash dividend of 33 cents per share, up four cents per share from the rate paid for the previous thirteen quarters. The board also approved a three-for-one stock split-up to be effected in the form of a 200 percent stock dividend.
 Both the cash and the stock dividends will be paid to shareholders of record June 26, 1992. The cash dividend will paid July 8, 1992. The company indicated that the additional shares should be issued and distributed by July 17.
 The 33 cents per share dividend will be paid on the original shares only. No dividends will be paid on the new shares for this quarter. The indicated rate per share for subsequent quarters would be 11 cents per share after the split-up.
 Thomas N. Urban, chairman and president, said that the company's dividend policy is to annually pay out 40 percent of a four-year rolling average of earnings. "We now believe our 1992 earnings will reach current estimates and that requires us to increase dividends to conform to that policy," he noted.
 In the past, Pioneer has typically split its shares when they reached a market value of $50 per share. The last such split was declared in 1982. "We felt that a three-for-one split will make it easier for more people to invest in Pioneer shares and thereby broaden our shareholder base," he commented.
 In other action, the Pioneer board authorized the repurchase of an additional 3 million of the post-split shares. No time limit was set. Management was already authorized to buy back the 518,700 shares (after the three-for-one split-up) remaining in a previous repurchase authorization. Urban said that the repurchase plan will help the company to increase its return on equity to 20 percent by 1995.
 Management was also authorized to apply for listing on the New York Stock Exchange.
 -0- 6/16/92
 /CONTACT: James Ansorge of Pioneer Hi-Bred, 515-245-3578/
 (PHYB) CO: Pioneer Hi-Bred International, Inc. ST: Iowa IN: SU: DIV


TQ -- NY077 -- 0782 06/16/92 15:40 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
Words:364
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