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Alcoa Raises Dividend by 20%; Eliminates Variable Dividend
PITTSBURGH--(BUSINESS WIRE)--Jan. 11, 2002--The Board of Directors
of Alcoa today declared a quarterly common stock dividend of 15 cents
per share, payable February 25, 2002 to shareholders of record at the
close of business on February 8, 2002.
The new dividend represents a 20% increase in the quarterly
dividend from the prior 12.5 cents per common share. The Board also
approved eliminating the variable dividend that was equal to 30% of
Alcoa's annual earnings that exceed $1.50 per basic share in a
calendar year. Basic earnings per share for 2001 did not meet the
$1.50 threshold, so there would have been no variable dividend this
year.
The directors also declared a quarterly dividend of 93.75 cents
per share on Alcoa's $3.75 cumulative preferred stock, payable
April 1, 2002 to shareholders of record on March 15, 2002. Dividends
for cumulative preferred stock were unaffected by the change in
policy.
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