Wednesday, April 18, 2001, 1:50 EST
Advanced Marketing turns the page to reveal a 3-for-2 stock split
During regular trading today, Advanced Marketing Services (NYSE:MKT) announced a 3-for-2 stock split payable May 11 for shareholders of record as of April 27. The motion was first announced at Advanced Marketing Services' Board of Directors meeting, held earlier today.
Advanced Marketing Services currently has approximately 12.5 million shares outstanding, 5.4 million shares in the float, and 100 million shares are authorized for issuance. This marks the company's third 3-for-2 split, the last occurred on January 18, 2000.
Also announced today, the Board approved a 15% increase in the annual dividend rate. The current rate of $0.052 per share (pre- split) will increase to $0.04 per share on an annual basis. The first annual cash dividend will be paid on March 15, 2002 to shareholders of record March 1, 2002.
Today's announcements come on the heels of a new 52 week high of 25.35 and the recent launch of the Company's Advanced Global Distribution network. This addition is the first global book distribution network to target small and medium-sized publishers.
MKT shares closed down fractionally to 24.10 with average volume of 51,300.
About the Company:
Advanced Marketing Services, Inc. provides global customized services to book retailers and publishers. The Company distributes general interest books to the membership warehouse clubs and certain specialty retailers, certain e-commerce companies and traditional bookstores. General interest books include bestsellers; basic reference books, including computer and medical books; books regarding business and management; cookbooks; gift books, including art and coffee table books; calendars; travel books; regional books; mass market paperbacks; children's books, and Spanish-language books. (Company Press Release)
For further details, be sure to check out the complete profile located on the site. To view a chart on the stock, click on the link provided below.