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) July 8, 1997
THE PROCTER & GAMBLE COMPANY
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(Exact name of registrant as specified in its charter)
Ohio 1-434 31-0411980
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
One Procter & Gamble Plaza, Cincinnati, Ohio 45202
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (513) 983-1100
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ITEM 5. OTHER EVENTS
See Item 7 Exhibit.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
(99) Press Release Issued by Registrant on July 8, 1997
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be singed on its behalf by the
undersigned hereunto duly authorized.
THE PROCTER & GAMBLE COMPANY
/S/TERRY L. OVERBEY
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Terry L. Overbey, Secretary
July 8, 1997
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EXHIBIT INDEX
Exhibit No. Page No.
(99) Press Release Issued by Registrant
on July 8, 1997
Exhibit 99
FOR IMMEDIATE RELEASE
PROCTER & GAMBLE DECLARES TWO-FOR-ONE STOCK SPLIT
AND DIVIDEND INCREASE
Repurchase of Common Shares Will Continue
CINCINNATI, O., July 8, 1997--The Procter & Gamble Company board of
directors approved a two-for-one stock split in the form of a stock dividend,
effective August 22, 1997. The stock dividend will be made using shares already
authorized by previous shareholder action. Stock split shares will be mailed to
shareholders on or after September 19, 1997.
The board also voted today to increase the annual common stock dividend
from $1.80 to $2.02 per share. In line with this action, P&G directors declared
a quarterly dividend of $.505 per share payable on or after August 15, 1997 to
shareholders of record at the close of business on July 18, 1997. This marks the
42nd consecutive fiscal year in which per share dividends paid by P&G will have
increased. The company has been paying dividends without interruption since
incorporation in 1890. Following the split, the annual dividend on the company's
common stock will be $1.01.
Separately, P&G intends to continue repurchasing its outstanding common
stock through the 1997-98 fiscal year, with investments expected to be in the
range of $1.0 billion. In addition, the buyback program initiated in 1995 to
offset per share earnings dilution resulting from management compensation
programs will continue.
"We're delighted that the company's continued strong earnings and cash flow
performance has enabled us to announce these actions today that will enhance the
value of Procter & Gamble for its shareholders," said P&G Chairman and Chief
Executive John E. Pepper.
"The two-for-one stock split will make our market price more accessible to
individual investors. This should benefit our shareholders and the company by
creating a broader market for our stock," Pepper said.
Regarding the share repurchase program, Pepper added, "Like our
shareholders, we believe Procter & Gamble stock is a good investment compared to
other places we could put our surplus cash. The company's cash flow performance
is sufficiently strong that we expect to be able to proceed with desired
strategic acquisitions in addition to the stock repurchase program."
Looking ahead, Pepper said, "I believe the opportunities for growth in our
company are literally unprecedented. We intend to continue to deliver superior
shareholder return by doing a still better job of building leadership brands in
our existing businesses, and in entirely new businesses, and by driving to
leadership positions in the fastest growing markets of the world."
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P&G Contact: Elaine Plummer, 513-983-7756
Kristen A. Hall, 513-983-8435
P&G Web Site Address: http://www.pg.com
