Pacific Sunwear of California Inc. announced today that the company's board of directors had declared a three-for-two stock split.
“We have been very pleased with the momentum of our business this year, with a strong same store sales increase of 13.6% in the first half,” stated Greg Weaver, chairman and CEO. “Today we are pleased to announce a three-for-two stock split which is our sixth three-for-two stock split in the past seven years,” concluded Weaver.
The record date for the split is Aug. 25, 2003. Shareholders of record as of that date will receive one new share of common stock for every two shares they owned on the record date. The additional shares will be mailed on or about Sept. 5, 2003.
Cash will be paid in lieu of issuing fractional shares based on the closing price of the company's common stock on Aug. 25, 2003 (as adjusted for the stock split). Pacific Sunwear currently has approximately 51.5 million shares outstanding, and after giving effect to the stock split, will have approximately 77.3 shares outstanding.
