PIER 1 IMPORTS <PIR> DECLARES STOCK SPLIT
Pier 1 Imports Inc said its
board declared a three-for-two split of its common stock and
its 25 cents preferred stock, and declared a regular quarterly
dividend of two cents per share on the pre-split shares of
common stock outstanding.
    Pier 1 also declared a 12.5 pct annual dividend increase
for the post-split common shares. The split will be effected in
the form of a 50 pct stock dividend on both classes.
    The company said shareholder approval is required for an
increase in authorized shares of common stock to 100 mln from
25 mln.
    It said approval is also needed for an increase in
authorized shares of preferred stock from one million to five
million. It said voting will be conducted at its annual
shareholder meeting on June 24.
    Pier 1 said there are currently 19.1 million shares of
common stock and 960,000 shares of 25 cts preferred stock
outstanding.
    The split shares will be distributed on June 29 to
shareholders of record May 13. The two cts per share quarterly
cash dividend will be payable May 29 to shareholders of record
May 13.
    "The increase in shares outstanding will broaden the base
of stock ownership in the company, and the dividend increase
reflects the directors' positive outlook for the future
prospects of Pier 1 Imports," said Clark Johnson, president and
chief executive officer.
 Reuter
