PIER 1 IMPORTS &lt;PIR> DECLARES STOCK SPLIT

  Pier 1 Imports Inc said its
  board declared a three-for-two split of its common stock and
  its 25 cents preferred stock, and declared a regular quarterly
  dividend of two cents per share on the pre-split shares of
  common stock outstanding.
      Pier 1 also declared a 12.5 pct annual dividend increase
  for the post-split common shares. The split will be effected in
  the form of a 50 pct stock dividend on both classes.
      The company said shareholder approval is required for an
  increase in authorized shares of common stock to 100 mln from
  25 mln.
      It said approval is also needed for an increase in
  authorized shares of preferred stock from one million to five
  million. It said voting will be conducted at its annual
  shareholder meeting on June 24.
      Pier 1 said there are currently 19.1 million shares of
  common stock and 960,000 shares of 25 cts preferred stock
  outstanding.
      The split shares will be distributed on June 29 to
  shareholders of record May 13. The two cts per share quarterly
  cash dividend will be payable May 29 to shareholders of record
  May 13.
      "The increase in shares outstanding will broaden the base
  of stock ownership in the company, and the dividend increase
  reflects the directors' positive outlook for the future
  prospects of Pier 1 Imports," said Clark Johnson, president and
  chief executive officer.
  

