K-Swiss Inc. stockholders have approved an increase of authorized shares of the Company's Class A and Class B Common Stock from 36 million and 10 million shares to 90 million and 18 million shares, respectively.
The Company also announced that its Board of Directors has declared a two-for-one split of the Company's Class A and Class B common stock for stockholders of record on December 22, 2003.
KSWS expects that its outstanding Class A common stock will begin to trade on a split-adjusted basis on December 31, 2003. On a split-adjusted basis, the company will have approximately 26,755,000 shares of Class A and 8,683,000 shares of Class B outstanding.
The Board of Directors also approved a doubling of the companys cash dividend effective with the 2003 fourth quarter dividend. On a split-adjusted basis, the cash dividend will be increased from the annual rate of $0.04 per share to $0.08 per share.