Adobe 1999 Annual Report Download - page 17

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16
PART II
Item 5. Market for Registrant’s Common Stock and Related Stockholder Matters
Our common stock is traded on The Nasdaq National Market under the symbol ‘‘ADBE.’’ On
December 31, 1999, there were 1,653 holders of record of our common stock. Because many of such shares
are held by brokers and other institutions on behalf of stockholders, we are 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 our common stock and the cash dividends paid per share, for the periods
indicated, all of which are adjusted for the two-for-one stock split in the form of a stock dividend effected
October 1999.
Cash
Price Range Dividend
High Low Per Share
Fiscal 1999:
First Quarter .............................. $25.50 $18.38 $0.025
Second Quarter ............................ 40.53 22.72 0.025
Third Quarter .............................. 52.63 33.50 0.025
Fourth Quarter ............................. 79.00 47.53 0.025
Fiscal Year ................................ 79.00 18.38 0.10
Fiscal 1998:
First Quarter .............................. $22.38 $16.75 $0.025
Second Quarter ............................ 25.94 19.97 0.025
Third Quarter .............................. 22.57 12.03 0.025
Fourth Quarter ............................. 24.00 11.82 0.025
Fiscal Year ................................ 25.94 11.82 0.10
We have paid cash dividends on our common stock each quarter since the second quarter of 1988. In
March 1997, we established the venture stock dividend program under which we may, from time to time,
distribute as a dividend-in-kind shares of our equity holdings in investee companies to our stockholders.
On December 1, 1997, we dividended one share of Siebel Systems, Incorporated (‘‘Siebel’’) common
stock for each 600 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 15,000 Adobe shares and for fractional Siebel
shares.
Under the terms of our line of credit agreement and corporate headquarters lease agreement, we may
pay cash dividends unless an event of default has occurred or we do not meet certain financial ratios. The
declaration of future dividends, whether in cash or in-kind, is within the discretion of Adobe’s Board of
Directors and will depend upon business conditions, our results of operations, our financial condition, and
other factors.