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.