Qualcomm Incorporated (Nasdaq: QCOM) today announced that its Board of Directors has declared a two-for-one stock split and approved a 40 percent increase in the company’s quarterly cash dividend.
The two-for-one stock split of the company's common stock will be in the form of a 100 percent stock dividend. The stock dividend will be distributed on August 13, 2004 to stockholders of record on July 23, 2004. The stock dividend will represent a tax-free distribution to stockholders.
The quarterly cash dividend will increase from $0.10 to $0.14 per share of common stock, pre-split, or from $0.05 to $0.07 per share of common stock, post-split. The new dividend rate will be effective for the quarterly dividend payable on September 24, 2004 to stockholders of record at the close of business on August 27, 2004. This dividend will increase the annual dividend rate to $0.56 per share of common stock, pre-split, or $0.28 per share of common stock, post-split.
“The successful growth and worldwide adoption of CDMA technology has significantly increased the cash flow and earnings of Qualcomm. We are pleased to share this success with our stockholders, and we have declared a two-for-one stock split because it is important for Qualcomm to broaden the marketability and distribution of our stock to all investors,” said Irwin Mark Jacobs, chairman and chief executive officer of Qualcomm.
Qualcomm Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on the Company’s CDMA digital technology. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 500 Index and is a 2003 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.