Adobe 1998 Annual Report Download - page 13

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PART II
Item 5. Market for Registrant’s Common Stock and Related Stockholder Matters
The Company’s common stock is traded on The Nasdaq National Market under the symbol ‘‘ADBE.’’
On December 31, 1998, there were 1,694 holders of record of the Company’s common stock. Because
many of such shares are held by brokers and other institutions on behalf of stockholders, the Company is
unable to estimate the total number of stockholders represented by these record holders. The following
table sets forth the high and low sales price per share of the Company’s common stock, and the cash
dividends paid per share, for the periods indicated.
Cash
Price Range Dividend
High Low Per Share
Fiscal 1998:
First Quarter ............................................ $44.75 $33.50 $0.05
Second Quarter .......................................... 51.88 39.94 0.05
Third Quarter ........................................... 45.13 24.06 0.05
Fourth Quarter .......................................... 48.00 23.63 0.05
Fiscal Year ............................................. 51.88 23.63 0.20
Fiscal 1997:
First Quarter ............................................ $44.13 $34.63 $0.05
Second Quarter .......................................... 49.00 32.50 0.05
Third Quarter ........................................... 45.25 34.00 0.05
Fourth Quarter .......................................... 53.13 39.75 0.05
Fiscal Year ............................................. 53.13 32.50 0.20
The Company has paid cash dividends on its common stock each quarter since the second quarter of
1988. In March 1997, the Company established the venture stock dividend program under which the
Company may, from time to time, distribute as a dividend-in-kind shares of its equity holdings in investee
companies to Adobe stockholders. In 1997, the Company dividended one share of Netscape Communica-
tions Corporation (‘‘Netscape’’) common stock for each 100 shares of Adobe common stock held by
stockholders of record on July 31, 1997. An equivalent cash dividend was paid for holdings of less than
2,500 Adobe shares and for fractional Netscape shares. Also, on December 1, 1997, the Company
dividended one share of Siebel Systems, Incorporated (‘‘Siebel’’) common stock for each 300 shares of
Adobe common stock held by stockholders of record on October 31, 1997. An equivalent cash dividend
was paid for holdings of less than 7,500 Adobe shares and for fractional Siebel shares. The declaration of
future dividends, whether in cash or in-kind, is within the discretion of the Board of Directors of the
Company and will depend upon business conditions, the Company’s results of operations, the financial
condition of the Company, and other factors.
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