be on or about March 5, 2004. After giving effect to the stock split, there will be approximately 18,626,500 shares of common stock outstanding.
As part of its semi-annual cash dividend program, the Company's Board of Directors also announced the payment of a post-split cash dividend of $0.07 per share, to be payable on or about March 24, 2004 to stockholders of record as of the close of business on March 10, 2004. This represents a 5% increase from the previous dividend.
SS&C Chairman and CEO Bill Stone commented, "The Board's decision to approve this stock split is in response to our solid financial performance, our strong balance sheet and the increase in the market price for the Company's common stock. The split will reduce the price per share and is intended to broaden the stockholder base and increase the availability of shares for trading. The cash dividend, which we instituted last August, will be reviewed later this year to ensure we are paying out an appropriate percentage of our earnings."