SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------
FORM 8-K
CURRENT REPORT
-----------------------
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 18, 2000
TIFFANY & CO.
(Exact name of Registrant as specified in its charter)
Delaware 1-9494 13-3228013
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification
Number)
727 Fifth Avenue, New York, New York 10022
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 755-8000
Item 5. Other Events.
On May 18, 2000, Registrant issued the following press release
announcing a two-for-one stock split and a 33 percent increase in the quarterly
cash dividend rate.
NEW YORK, May 18, 2000 - The Board of Directors of Tiffany & Co. (NYSE-TIF)
today declared a two-for-one split of the Company's Common Stock, to be effected
in the form of a share distribution, and approved a 33 percent increase in the
quarterly cash dividend rate. William R. Chaney, Chairman, announced these
actions at the Company's Annual Meeting of Stockholders.
At the Annual Meeting, stockholders approved an increase in the Company's
authorized shares from 120 million shares to 240 million shares. Tiffany
currently has approximately 73 million shares outstanding, which will increase
to approximately 146 million shares after the stock split. The additional shares
issued resulting from the stock split will be distributed on July 20, 2000 to
stockholders of record on June 20, 2000.
The Board also declared a quarterly cash dividend of eight cents per share on
"pre-split" shares, to be paid on July 20, 2000 to stockholders of record on
June 20, 2000. The Company expects to pay future quarterly cash dividends at the
rate of four cents per share on all "post-split" shares. Tiffany's current
quarterly dividend rate is six cents per share on a pre-split basis.
Mr. Chaney, said, "The stock split, the fourth since our 1987 initial public
offering, is intended to make the purchase of our shares more accessible to
individual shareholders and to increase market liquidity. The increase in the
dividend rate, which is the fifth consecutive annual increase, reflects our
confidence in the opportunities ahead for Tiffany & Co."
Michael J. Kowalski, President and Chief Executive Officer, added, "Our
confidence was certainly justified by our first quarter results. Sales rose 26%,
based on comparable store sales growth of 28% in the U.S. and 15% in Japan, and
net earnings advanced 88%. Continuing our highly focused strategy of providing
superior products and customer service, building worldwide awareness and
carefully controlling our expansion, we believe we are uniquely positioned to
continue to gain market share, improve our operating effectiveness and continue
a record of consistent earnings growth."
Tiffany & Co. is the internationally renowned jeweler and specialty retailer.
Sales are made primarily through TIFFANY & CO. stores and boutiques in the
Americas, Asia-Pacific, Europe and the Middle East. Direct Marketing includes
Tiffany's corporate division, catalog and Internet sales. Additional information
can be found on Tiffany's Web site, www.tiffany.com, and on its shareholder
information line (800) TIF-0110.
# # #
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TIFFANY & CO.
BY: /s/ Patrick B. Dorsey
_____________________________________
Patrick B. Dorsey
Senior Vice President, General Counsel
Date: May 19, 2000 and Secretary