
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, April 20, 1995                   TAG: 9504210051
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: GREG EDWARDS
DATELINE:                                 LENGTH: Short

ROANOKE ELECTRIC STEEL STOCK SPLITS

Roanoke Electric Steel Corp. said Wednesday its board of directors declared a 3-for-2 common stock split at its meeting Tuesday.

The stock split is payable May 1 to shareholders on that day, with shares to be distributed May 25. Each shareholder is to receive one additional share of common stock for each two shares held. Cash will be paid for fractional shares.

Roanoke Electric will issue approximately 2,677,200 shares of stock, making a total of 8,031,600 shares outstanding afterward.

Also, the company approved a 12.5 percent increase in the cash dividend rate. The cash dividend of 9 cents per share of common stock - payable May 25 to shareholders on May 1 - equates to a 36-cent per share annual rate, equivalent to 54 cents per share before the split. The presplit annual dividend was 48 cents per share.

The stock split is intended to broaden the market for the company's shares, and the increased dividend reflects strong earnings in 1994 and confidence in the company's growth, Chairman and Chief Executive Officer Donald Smith said. The company's earnings in the fiscal year ending Oct. 31 were $8.76 million, an 84.6 percent increase over a year earlier.

by CNB