Eastman Declares Two-for-One Stock Split and Increases Quarterly Cash Dividend 11 Percent
KINGSPORT, Tenn. Aug. 5, 2011 – The Board of Directors of Eastman Chemical Company (NYSE: EMN) has declared a two-for-one split of the company’s common stock and increased the quarterly cash dividend on the company’s common stock by 11 percent to $0.52 per share on a pre-split basis.
“The actions announced today reflect the solid performance of our businesses and the financial strength of our company,” said Jim Rogers, chairman and CEO. “Both the stock split and the cash dividend increase, the second in less than a year, demonstrate the Board’s confidence in our ability to deliver continued strong cash flows and earnings growth.”
The stock split will be in the form of a 100 percent stock dividend to be distributed Oct. 3, 2011 to stockholders of record as of Sept. 15, 2011. Stockholders will be issued one additional share of common stock for each share held. Eastman’s common stock will begin trading on a split-adjusted basis on Oct. 4, 2011.
The cash dividend is payable Oct. 3, 2011 to stockholders of record as of Sept. 15, 2011, and will be paid on the pre-split shares. Since December 2010, the Board has increased the quarterly cash dividend by 18 percent.
For more information about the announced stock split and dividend increase, go to www.investors.eastman.com, FAQs.
Forward-Looking Statements: This news release includes forward-looking statements concerning current expectations for future cash flows and earnings. Such expectations are based upon certain preliminary information, internal estimates, and management assumptions, expectations, and plans, and are subject to a number of risks and uncertainties inherent in projecting future conditions, events, and results. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from such expectations are and will be detailed in the company's filings with the Securities and Exchange Commission, including the Form 10-Q filed for second quarter 2011 available on the Eastman web site at www.eastman.com in the Investors, SEC filings section.