Albany Molecular sets 2-for-1 stock split ALBANY, N.Y., Aug 7 (Reuters) - Chemistry research and development firm Albany Molecular Research Inc. (NasdaqNM:AMRI - news) on Monday said its board of directors approved a 2-for-1 stock split on the company's common stock.
The stock split, which will be paid out as a dividend, entitles each shareholder to receive a stock dividend of one additional share of Albany Molecular common stock.
The dividend will be paid on Aug. 24 to shareholders of record at the close of business on Aug. 8.
The Albany, N.Y.-based company also reported a 58 percent increase in its net income for the second quarter to $5.9 million, or 38 cents a share pre-stock split, from $3.7 million, or 25 cents pre-stock split.
Revenues for the quarter rose 51 percent to $16.6 million from $11.0 million in the same quarter last year. Shares of Albany Molecular rose 1-1/8 to close at 52-3/4 on the Nasdaq stock market.
The Company's transfer agent on August 24, 2000 will distribute the additional shares resulting from the stock split. The Company currently has approximately 14.9 million shares outstanding. Upon completion of the split, that number will increase to approximately 29.8 million shares.
my only statement re future split wasthey cannot do a 2for1 without a shareholder vote at authorize more shares. 50.0 mil minus 28.9 mil leaves 21.1 mil... not enough without increase vote by shareholders for a two for one. incidently, no response to my email?