SOUTH MILWAUKEE, Wis., April 30, 2008 (PRIME NEWSWIRE) -- Bucyrus International, Inc. (Nasdaq:BUCY) today announced that its Board of Directors approved a two-for-one split of Bucyrus' common stock in the form of a 100% stock dividend. The stock split will be effective May 27, 2008 for stockholders of record on May 13, 2008.
The Board of Directors also declared a quarterly dividend of $.025 per share on Bucyrus common stock. The quarterly dividend is payable on May 27, 2008 to stockholders of record on May 13, 2008. The quarterly dividend will be paid on a post-stock split basis.
"Bucyrus has consistently delivered excellent results, both financially and operationally. Today's stock split announcement reflects the Board of Directors' recognition of our strong stock price performance over the past year," said Timothy W. Sullivan, Bucyrus' chief executive officer and president. The two-for-one stock split is Bucyrus' second stock split in the past two years. The previous stock split was a three-for-two split of the common stock effective March 29, 2006.
Bucyrus stockholders also approved today an amendment to the Bucyrus Amended and Restated Certificate of Incorporation increasing the number of authorized shares of common stock from 75 million to 200 million.
About Bucyrus International Inc.
Bucyrus International, Inc. is a world leader in the design and manufacture of high productivity mining equipment for the surface and underground mining industries. Bucyrus' surface equipment is used for mining coal, copper, iron ore, oil sands and other minerals and Bucyrus' underground equipment is used primarily for mining coal. In addition to machine manufacturing, Bucyrus manufactures high quality OEM parts and provides world-class support services for their machines. The corporate offices of Bucyrus International, Inc. are located in South Milwaukee, Wisconsin, USA.