Brown Shoe announces split of stock & Qtly cash dividend

03 Mar '06
2 min read

Footwear Company Brown Shoe Company, Inc announced that its Board of Directors authorized a 3-for-2 split of the Company's Common Stock, to be effected in the form of a stock dividend of one share of the Company's Common Stock for every two shares outstanding.

Simultaneously, the Board approved a 20 percent increase in its quarterly cash dividend.

The cash dividend increase raises the pre-split quarterly cash dividend from $0.10 per share to $0.12 per share.

On a post-split basis, the cash dividend would equal $0.08 per share.

The record date for the stock split and the cash dividend is March 17, 2006.

Stockholders will receive one new share of common stock for every two shares they own and will receive cash in lieu of fractional shares, based on the closing price of the Company's common stock on the record date, as adjusted for the stock dividend.

Stockholders also will be paid a quarterly cash dividend of $0.12 per share on a pre-split basis.

Both the cash dividend and the stock dividend will be payable on April 3, 2006.

"The dividend increase demonstrates their commitment to maximizing shareholder value and reflects their strong cash flow and operating results," said Brown Shoe Chairman and CEO Ron Fromm.

"They believe this stock split provides an opportunity to broaden their base of investors by making their stock more accessible while improving its trading liquidity."

With this dividend, Brown Shoe will have paid cash dividends for 333 consecutive quarters.

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