Pier 1 2014 Annual Report Download - page 19

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ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES.
PART II
Item 5. Market for the Registrant’s Common
Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
Market Prices of Common Stock
The following table shows the high and low closing sale prices of the Company’s common stock on the New York Stock
Exchange (the “NYSE”), as reported in the consolidated transaction reporting system for each quarter of fiscal 2014 and 2013.
Market Price
Fiscal 2014 High Low
First quarter $25.20 $21.69
Second quarter 24.70 20.73
Third quarter 23.60 19.02
Fourth quarter 23.47 18.34
Fiscal 2013 High Low
First quarter $18.80 $15.21
Second quarter 18.25 15.24
Third quarter 21.10 18.04
Fourth quarter 22.79 19.08
Number of Holders of Record
The Company’s common stock is traded on the NYSE under the symbol “PIR.” As of April 23, 2014, there were approximately
7,000 shareholders of record of the Company’s common stock.
Dividends
The Company declared cash dividends of $0.05 per share in each of the first three quarters of fiscal 2014, and declared a cash
dividend of $0.06 per share in the fourth quarter of fiscal 2014, which totaled $21.7 million in cash dividends paid during fiscal
2014. The Company declared cash dividends of $0.04 per share in each of the first three quarters of fiscal 2013, and declared a
cash dividend of $0.05 per share in the fourth quarter of fiscal 2013, which totaled $18.0 million in cash dividends paid during
fiscal 2013. The Company did not pay any cash dividends in fiscal year 2012. On April 3, 2014, subsequent to year end, the
Company announced a $0.06 per share quarterly cash dividend on the Company’s outstanding shares of common stock.
The $0.06 per share quarterly cash dividend will be paid on May 7, 2014, to shareholders of record on April 23, 2014. The
Company’s dividend policy depends upon the earnings, financial condition and capital needs of the Company and other factors
deemed relevant by the Company’s Board of Directors.
As of March 1, 2014, the Company was not precluded from paying cash dividends or repurchasing the Company’s common
stock under the secured revolving credit facility. The Company’s secured revolving credit facility may limit certain investments
and, in some instances, limit payment of cash dividends and repurchases of the Company’s common stock. The Company will
not be restricted from paying dividends unless credit extensions on the line result in availability over a specified period of time that
is projected to be less than 17.5% of the lesser of either $350 million or the calculated borrowing base, subject to the Company
meeting a fixed charge coverage requirement when availability over the same specified period of time is projected to be less than
30% of the lesser of either $350 million or the calculated borrowing base. The Company expects to close a new $200 million
senior secured term loan facility on or about April 30, 2014. This facility is expected to include restrictions on the Company’s
PIER 1 IMPORTS, INC. 2014 Form 10-K 15