Athletic footwear maker K-Swiss Inc. said it would split its shares 2 for 1 and double its dividend after the company's stock price and profit surged this year.
The Westlake Village-based company will split its Class A and Class B shares for investors of record Dec. 22. The annual dividend will rise to 8 cents a share, beginning with the fourth-quarter payment on Jan. 15 to shareholders of record Dec. 31.
K-Swiss has split its stock three times in the last five years and increased its dividend four times in that span. Shares of K-Swiss have more than doubled in value this year, and profit in the first three quarters rose 73% as the company gained market share for its products, which include K-Swiss sneakers and athletic wear and shoes licensed by the National Geographic Society.
The company also will boost the number of shares outstanding, increasing Class A shares to 90 million from 36 million and Class B shares to 18 million from 10 million.
Shares of K-Swiss rose $1.25 to $47.41 on Nasdaq.
