ATLANTA, Nov. 18 /PRNewswire/ -- The Home Depot (NYSE: HD), the world's largest home improvement retailer, today announced that its Board of Directors has authorized a stock split of three shares of its outstanding $0.05 par value Common Stock for each two shares outstanding. The stock split announced today will be The Home Depot's thirteenth stock split since the Company went public in 1981. To effect the split, the Board of Directors declared a stock dividend of 1.5 shares of Common Stock for each share of Common Stock outstanding, payable December 30, 1999, to stockholders of record on December 2, 1999. In lieu of issuing fractional shares in connection with the split, the Company has elected to provide for a cash payment. The Board of Directors also declared a 50% increase in the quarterly cash dividend to $0.06 per pre-split share payable December 16, 1999, to stockholders of record at the close of business on December 2, 1999. On a post-split basis, the dividend is equivalent to $0.04 per share. This is the second dividend increase this year and the 50th consecutive quarter that the Company has paid a cash dividend. Founded in 1978, The Home Depot has been recognized for six consecutive years as America's Most Admired Specialty Retailer by Fortune magazine. Home Depot stock is publicly traded and is included in the Dow Jones Industrial Average and the Standard & Poor's Index.
SOURCE The Home Depot