Printer Friendly

PHELPS DODGE SPLITS STOCK 2-FOR-1 AND INCREASES CASH DIVIDEND 10 PERCENT

PHELPS DODGE SPLITS STOCK 2-FOR-1 AND INCREASES CASH DIVIDEND 10 PERCENT
 PHOENIX, Arizona, May 6, 1992 /PRNewswire/ -- The Board of Directors of Phelps Dodge Corporation (NYSE: PD) today declared a 2-for-1 stock split and a 10 percent increase in the company's quarterly cash dividend, to 82.5 cents from 75 cents per share on the corporation's pre-stock split common shares. The stock split, in the form of a 100 percent stock dividend, and the cash dividend, are both payable June 8, 1992, to common shareholders of record at the close of business May 18, 1992.
 Douglas C. Yearley, Chairman, President and Chief Executive Officer of Phelps Dodge, said: "The company invested heavily in capital expenditures during the past three years and during that time did not increase the dividend. These investments and our efforts in the early 1980s to reshape the company have paid off with increased production volume, enhanced employee productivity and strong financial performance. Our financial condition is solid, the world copper market is reasonably stable and the Board is confident in the future of our company and in our strong cash flow position. The additional shares and cash will enable shareholders to participate in our growth while also increasing the liquidity and marketability of their investment.
 "These actions are further evidence of our ongoing commitment to long-term shareholder values. At the same time, we are maintaining sufficient financial flexibility to permit the company to fund planned capital expenditures for anticipated projects and to pursue aggressively other opportunities as they arise."
 Shareholders of record on May 18, 1992, will be mailed new certificates for their additional common shares beginning Monday, June 8, 1992. As a result of the stock split, the company's outstanding shares will increase from approximately 35 million to approximately 70 million.
 Phelps Dodge is the world's second largest producer of copper. The company is also one of the world's largest producers of carbon blacks, the leading North American fabricator of wheels and rims for medium and heavy trucks, a major manufacturer of magnet wire and specialty conductors, and has operations and investments abroad in mines and wire and cable manufacturing facilities. The company's operations are located throughout the United States and in 22 other countries.
 -0- 5/6/92
 /CONTACT: Thomas M. Foster of Phelps Dodge, 602-234-8139/
 (PD) CO: Phelps Dodge Corporation ST: Arizona IN: MNG SU:


CH -- SD002 -- 7134 05/06/92 12:59 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 6, 1992
Words:401
Previous Article:METROPOLITAN FINANCIAL DECLARES 2-FOR-1 STOCK SPLIT INCREASES CASH DIVIDEND
Next Article:KAUFMANN'S ANNOUNCES EXPANSION PLANS FOR ROSS PARK MALL STORE
Topics:


Related Articles
DUFF & PHELPS UPGRADES NOTES OF PHELPS DODGE
PHELPS DODGE CORPORATION INCREASES QUARTERLY DIVIDEND NINE PERCENT
PHELPS DODGE ANNOUNCES FIVE MILLION SHARE REPURCHASE PROGRAM
DCR REAFFIRMS DEBT RATING OF PHELPS DODGE
PHELPS DODGE CORPORATION INCREASES QUARTERLY DIVIDEND 11 PERCENT
Phelps Dodge Corporation Declares 1997 Third Quarter Dividend
Phelps Dodge Corporation Declares 1997 Fourth Quarter Dividend
Phelps Dodge Declares 1998 Second Quarter Dividend
Phelps Dodge Declares 1998 Third Quarter Dividend
DCR Places Phelps Dodge's Debt on Rating Watch -- Down.

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