K-Swiss Shares Rise on Earnings, Stock Split News
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K-Swiss Inc. shares rose last week on news that the company’s fourth-quarter earnings had more than doubled and the firm plans a 2-for-1 stock split and a 50% dividend increase.
Shares of K-Swiss, a maker of athletic shoes, have more than doubled in value in the past year, the company said.
K-Swiss said net income for the fourth quarter rose to $3.72 million, or 65 cents a share, from $1.3 million, or 22 cents a share, in the same quarter of 1997. The company had been expected to earn 54 cents, the average estimate of four analysts surveyed by First Call Corp.
Sales climbed 68% to $40 million, a company statement said.
K-Swiss’s board declared a 2-for-1 stock split of Class A and Class B shares, effective March 26 for shareholders of record March 15.
The board approved an increase in the annual dividend from 4 cents per share to 6 cents. The first quarterly payment of the higher dividend, 1.5 cents, will be made April 15 to holders of record March 31.
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