Printer Friendly

ALLEGHENY LUDLUM INCREASES DIVIDEND, SPLITS STOCK

 PITTSBURGH, May 21 /PRNewswire/ -- Allegheny Ludlum Corporation (NYSE: ALS) today announced an increase in the regular dividend rate and a 2-for-1 stock split.
 Dividend Increase
 The board of directors today voted to increase the regular quarterly cash dividend from $.22 per share to $.24 per share of common stock. This represents a 9 percent increase. The second quarter dividend at the new rate is payable July 1, 1993, to shareholders of record at the close of business June 8, 1993.
 Today's dividend action marks the fifth increase in the quarterly cash dividend since Allegheny Ludlum became a public NYSE company in May 1987.
 Stock Split
 The board of directors also declared a 2-for-1 stock split, with the distribution and record dates being the same as for the second quarter dividend. On a pre-split annual basis, the dividend is increased from $.88 to $.96 per share. Following the split, the quarterly dividend rate will be $.12 per share which will reflect a new annual dividend rate of $.48 per share.
 In increasing the cash dividend, the board noted that the business upswing has been more favorable than anticipated, the future prospects look strong, and the company is in solid financial condition. "Today's dividend action by the board reflects our continuing concern for shareholder interests. It is in line with our stated goal to increase dividends at a rate in excess of the rate of inflation. The stock split should increase trading liquidity and make our stock even more appealing to investors," Robert P. Bozzone, Allegheny Ludlum's president and chief executive officer, said.
 In the period since becoming a public company in May 1987 through May 5, 1993, the total return on Allegheny Ludlum common stock, assuming reinvestment of regular cash dividends and a special cash dividend, has been 247 percent vs. 115 percent for the S&P 500.
 The 2-for-1 stock split announced today will increase the outstanding common stock of the company from 32,937,300 to approximately 65,874,600 shares. The stock was previously split 3-for-2 about three years ago in July 1990.
 This stock split will not change the stock exchange formula for the previously announced proposed merger with Athlone Industries (NYSE: ATH). That transaction, which is subject to a number of conditions and requires governmental regulatory clearance, provides that in the merger each outstanding share of Athlone stock is to be converted into Allegheny Ludlum stock at a rate determined by dividing $17.50 by the average of the closing prices of Allegheny Ludlum stock for the 15 day trading period ending two trading days prior to closing. In any case, after the split, Allegheny Ludlum Corporation will issue not more than 1.14604 nor less than .84726 of an Allegheny Ludlum share for each Athlone share. The change in the maximum and minimum per share amount is made solely to reflect the 2-for-1 split announced today.
 Allegheny Ludlum is a leading producer of a wide range of specialty materials including stainless steels, electrical steels and high technology alloys. The company's common stock trades on the New York Stock Exchange (Symbol: ALS).
 -0- 5/21/93
 /CONTACT: Bert Delano of Allegheny Ludlum, 412-394-2813/
 (ALS ATH)


CO: Allegheny Ludlum Corporation ST: Pennsylvania IN: MNG SU: DIV

CD-KC -- PG005 -- 1136 05/21/93 10:23 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 21, 1993
Words:548
Previous Article:SEC DECLARES EFFECTIVE VARLEN'S REGISTRATION STATEMENT RELATING TO OFFERING OF 6.5 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE 2003
Next Article:AMETEK DECLARES QUARTERLY DIVIDEND OF 17 CENTS PER SHARE
Topics:


Related Articles
EARNINGS UP AT ALLEGHENY LUDLUM
ATHLONE INDUSTRIES SIGNS LETTER OF INTENT FOR ACQUISITION
ALLEGHENY LUDLUM TO ACQUIRE ATHLONE INDUSTRIES
DEFINITIVE MERGER AGREEMENT ANNOUNCED BY ALLEGHENY LUDLUM AND ATHLONE
ALLEGHENY LUDLUM ANNOUNCES REVISED PAYABLE DATE FOR CASH DIVIDEND
ATHLONE REPORTS SIX MONTHS EARNINGS
ALLEGHENY LUDLUM ANNOUNCES CLOSING OF ACQUISITION OF ATHLONE INDUSTRIES
ALLEGHENY LUDLUM DECLARES REGULAR QUARTERLY DIVIDEND
ALLEGHENY LUDLUM ANNOUNCES STAINLESS STEEL PRICE INCREASE
ALLEGHENY LUDLUM INCREASES DIVIDEND AND EXPANDS SHARE REPURCHASE PROGRAM

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters