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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) December 20, 1996
GENERAL ELECTRIC COMPANY
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(Exact name of registrant as specified in its charter)
New York 1-35 14-0689340
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
3135 Easton Turnpike, Fairfield, Connecticut 06431
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(Address of principal executive offices) (Zip Code
Registrant's telephone number, including area code (203) 373-2211
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Item 5. Other Events
The registrant announced that on December 19, 1996, GE's Board of
Directors voted to increase the Company's quarterly dividend, increase and
extend its share repurchase program, and recommend a two-for-one split of GE
stock. These Board actions:
* Increased the Company's quarterly dividend by 13% to 52 cents per
share. The dividend declared on December 19 is payable on January
27, 1997, to share owners of record at the close of business on
December 31, 1996.
* Increased GE's share repurchase program from $9 billion to $13
billion and extended the program through 1998.
* Recommended for approval at the April 23, 1997 Annual Share
Owners Meeting a two-for-one split of GE's common stock.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
Exhibits:
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(99) Press release, dated December 19, 1996, issued by General
Electric Company
SIGNATURES
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.
GENERAL ELECTRIC COMPANY
By Philip D. Ameen
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Vice President and Comptroller
Date: December 20, 1996
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Exhibit 99
GE Increases Quarterly Dividend by 13%;
Share Repurchase Program Increased to $13 Billion;
Recommends Two-for-One Stock Split
Fairfield, Conn. -- December 19, 1996 -- GE's Board of Directors voted
today to increase the Company's quarterly dividend, increase and extend its
share repurchase program, and recommend a two-for-one split of GE stock. These
Board actions:
o Increased the Company's quarterly dividend by 13% to 52 cents per
share. This increase from 46 cents per share marks the 21st
consecutive year of increased dividends by GE. The dividend
declared today is payable on January 27, 1997 to share owners of
record at the close of business on December 31, 1996.
o Increased GE's share repurchase program from $9 billion to
$13 billion and extended the program through 1998.
o Recommended for approval at the April 23, 1997 Annual Share Owners
Meeting a two-for-one split of GE's common stock. The stock split
will be GE's second in the past three years and fourth in the past
14 years.
"Today's Board actions demonstrate our confidence in both the short-
and long-term outlook for the Company," GE Chairman John F. Welch said. "The
strong performance and future outlook of our diverse mix of leading global
businesses -- combined with their high level of cash generation -- enables the
Company to increase dividends in line with earnings and extend the share
repurchase program at a $3-3.5 billion annual rate through 1998. GE's strong
cash generation also allows the Company to build for the future by continuing
its record levels of internal investment and making complementary acquisitions
for its businesses."
Under the share repurchase program initiated in December 1994, GE has
purchased $6.3 billion of GE stock -- 92 million shares -- on the open market
during the past 24 months. Today's $4 billion addition extends the share
repurchase program to allow GE to continue its daily stock purchases at an
annual rate of $3-3.5 billion through 1998. GE expects that the repurchase
program will increase the Company's earnings-per-share growth rate and return on
equity. The share repurchase plan has been reviewed with rating agencies and GE
expects confirmation of the Company's AAA rating.
To facilitate the stock split, the Board also recommended for approval
by share owners an increase in the Company's authorized common stock from 2.2
billion to 4.4 billion shares with a par value of $0.16 per share, versus the
current par value of $0.32. The split and the share increase would become
effective after approval at the Company's Annual Share Owners Meeting on April
23, 1997.
