DXP Enterprises, Inc. (NASDAQ:DXPE) announced today that its
Board of Directors has declared a split of the company’s
common stock on a two-for-one basis to be paid in the form of a special
dividend of one share of common stock for each share of common stock
outstanding.
The stock split will be effected through a stock dividend entitling each
shareholder of record to receive one additional share of common stock
for every one share owned. Additional shares issued as a result of the
stock dividend will be distributed after close of trading on September
30, 2008 (the “Payable Date”),
to shareholders of record as of the close of business September 22, 2008
(the “Record Date”).
Upon completion of the stock dividend, the number of shares outstanding
will be approximately 12.9 million.
David Little, Chairman and CEO of DXP Enterprises, said, “The
increased number of shares resulting from the stock dividend should
enhance trading liquidity and potentially broaden our ownership base by
making an investment in DXP Enterprises more accessible, although there
can be no assurance that either of these will happen. The Board of
Directors has decided that a stock dividend is appropriate at this time
because of our demonstrated sustained growth and our expectation that
this will continue.”
DXP Enterprises, Inc. is a leading products and service distributor
focused on adding value and total cost savings solutions to MRO and OEM
customers in virtually every industry since 1908. DXP provides
innovative pumping solutions, integrated supply and MROP (maintenance,
repair, operating and production) services that emphasize and utilize DXP’s
vast product knowledge and technical expertise in pumps, bearings, power
transmission, seals, hose, safety, fluid power, electrical and
industrial supplies. DXP’s breadth of MROP
products and service solutions allows DXP to be flexible and customer
driven, creating competitive advantages for our customers.
DXP’s innovative pumping solutions provide
engineering, fabrication and technical design to meet the capital
equipment needs of its global customer base. DXP provides solutions by
utilizing manufacturer authorized equipment and certified personnel.
Pump packages require MRO and OEM equipment such as pumps, motors and
valves, and consumable products. DXP leverages its MROP inventories and
technical knowledge to lower the total cost and maintain the quality of
the pump package.
SmartSource, a DXP integrated supply program, allows a more efficient
way to manage the customer’s supply chain
needs for MROP products. The program allows the customer to transfer all
or part of its supply chain needs to DXP, so the customer can focus on
its core business. SmartSource effectively lowers costs by outsourcing
purchasing, accounting, and on-site supply management to DXP, which
reduces the duplication of effort by the customer and supplier. DXP’s
broad range of first-tier products provides an efficient measurable
solution to reduce cost and streamline procurement and sourcing
operations.
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor”
for forward-looking statements. Certain information included in
this press release (as well as information included in oral statements
or other written statements made by or to be made by the Company)
contains statements that are forward-looking. Such
forward-looking information involves important risks and uncertainties
that could significantly affect anticipated results in the future; and
accordingly, such results may differ from those expressed in any
forward-looking statement made by or on behalf of the Company. These
risks and uncertainties include, but are not limited to; ability to
obtain needed capital, dependence on existing management, leverage and
debt service, domestic or global economic conditions, and changes in
customer preferences and attitudes. For more information, review the
Company's filings with the Securities and Exchange Commission.
DXP Enterprises, Inc.
Senior Vice President, Finance & CFO
Mac
McConnell, 713-996-4700
www.dxpe.com
