Gannett Directors Approve Two-For-One Stock Split, Increase Quarterly Dividend
ARLINGTON, Va. — The Board of Directors of Gannett Co., Inc. today approved a two-for-one stock split of the Company’s common stock and an increase in its quarterly dividend. The stock split and the dividend increase will be effective in October.
The stock split provides for a 100 percent stock distribution on October 6, 1997, with shareholders of record on September 12, 1997 receiving one additional share for each share held.
The directors in a regular session today declared a quarterly dividend of 38 cents per share, up from 36 cents, payable on the pre-split shares on October 1, 1997 to shareholders of record on September 12, 1997. The dividend increase will raise the annual cash payment from $1.44 to $1.52 per share before distribution of the two-for-one split and to 76 cents per share after distribution.
In a statement the company said the stock split and dividend increase reflect for our shareholders the continued successful growth of their company. That growth has been reflected in the substantial increase in our stock price.
The stock split is the sixth for Gannett since it went public in October, 1967. Previously the company implemented a three-for-two split in 1969, a two-for-one split in 1972, a three-for- two split in 1981, a three-for-two split in 1984, and a two-for-one split in 1987.
The dividend increase is the 29th increase since Gannett became a public company in 1967.
Gannett is a nationwide news and information company that publishes 89 daily newspapers, including USA TODAY, and USA WEEKEND, a newspaper magazine. Gannett also operates 18 television stations, five radio stations, cable television systems in five states and alarm security services.