Preferred Stock - Finance Records
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Topic: Preferred Stock


  
 Preferred stock - Wikipedia, the free encyclopedia
Cumulative Preferred Stock - This type of stock is almost like a corporate bond in the sense that the company is obliged to pay the dividend if it makes a profit.
Variable preferreds are rare exceptions: their changing dividends depend on prevailing interest rates, or varying as a percentage of net income.
Some preferred shares have special voting rights to approve certain extraordinary events (such as the issuance of new shares or the approval of the acquisition of the company) or to elect directors, but most preferred shares provide no voting rights associated with them.
http://en.wikipedia.org/wiki/Preferred_stock   (642 words)

  
 Preferred Stock Valuation
Peferred stock is defined as equity with priority over common stock with respect to the payment of dividends and the distribution of assets in a liquidation.
Preferred stock is similar to common stock in that it entitles its owners to receive dividends which the firm must pay out of after-tax income.
Also, the claims of the preferred stockholders against the assets of the firm are fixed as are the claims of the debtholders.
http://nalu.hpu.edu/mlane/BusinessFinanceOnline/SV/PreferredStock.html   (278 words)

  
 Preferred Stock
Preferred stock is attractive to corporations because they can exclude most of the dividends received in the calculation of their taxable income.
Preferred stock is a hybrid security, meaning it is not a stock or a bond.
Preferred stock is also inferior to debt, because when a company files for bankruptcy, all the bondholders receive their claim before preferred stockholders receive their claims, if anything is available.
http://www.henssler.com/radio/111601/u-tipweek.asp   (513 words)

  
 Learning Center - Preferred Stock
Preferred stock represents an investment in equity with some characteristics of debt investments.
Preferred stock represents a kind of blend between equity and debt.
Participating preferred provides for a feature that allows an additional dividend to be paid after the initial fixed dividend and after common shareholders have been paid a dividend.
http://www.briefing.com/generalinfo/features/learningcenter/edu_preferred_stock.htm   (462 words)

  
 Investing in Preferred Stock : TD Waterhouse Investing & Share Dealing
Preferred stock is an equity investment that carries some of the characteristics of debt securities (such as bonds).
Preferred stock dividends are guaranteed and generally higher than those paid on common stock.
If you are a holder of cumulative preferred stock and you did not receive a past dividend payment for whatever reason, then you are entitled to receive payment of those dividend arrears before any dividend is paid to common stockholders.
http://www.tdwaterhouse.co.uk/investing/shares/preferred.cfm   (621 words)

  
 Preferred Stock
Another benefit of investing into preferred stock is that in the event of liquidation preferred shareholders are paid off before the common shareholder.
In addition, the dividends paid from investing in preferred stocks are of a different type and generally considered a greater investment than that of common stock.
Because of this characteristic, these stocks typically don't fluctuate as often as a company's common stock and it is sometimes called a fixed income security.
http://www.stockmarketinvestinginfo.com/smi_preferredstock.html   (330 words)

  
 Common stock - Wikipedia, the free encyclopedia
Common stock that has been re-purchased by the corporation is known as treasury stock and is available for a variety of corporate uses.
Dividends paid to the stockholders must be paid to preferred shares before being paid to common stock shareholders.
Common stock typically has voting rights in corporate decision matters, though perhaps different rights from preferred stock.
http://en.wikipedia.org/wiki/Common_stock   (156 words)

  
 preferred stock Definition
Preferred shareholders always receive their dividends first and, in the event the company goes bankrupt, preferred shareholders are paid off before common stockholders.
The main benefit to owning preferred stock is that the investor has a greater claim on the company’s assets than common stockholders.
Also unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so.
http://www.investorwords.com/3778/preferred_stock.html   (309 words)

  
 Preferred Stock
Preferred issues trade like bonds, meaning that their prices move more in response to fluctuations in interest rates than in response to what happens to the companies that issue them.
Traditionally, most preferred shares were bought by corporations, which until 1994 did not pay taxes on 70 percent of dividends from these shares.
They are equity shares that rank ahead of common stock in their right to receive dividends and, if the issuer fails, to share in proceeds from its liquidation.
http://www.efmoody.com/investments/preferred.html   (487 words)

  
 Intro - Stock Market Investing Guide
Before investing a substantial amount of money into stock market, an individual must be well aware of the risks and benefits involved in this kind of investing.
The sophisticated term for issuing stock to raise money is equity financing.
As a result, for the overwhelming majority of the investing public, long term exposure to common stocks through individual companies, mutual funds, or index based investments is usually a good idea.
http://www.stockmarketinvestinginfo.com   (671 words)

  
 Preferred Vs. Common Stock
Since the cumulative preferred owner is entitled to all past and present dividends, he or she is paid before common shareholders once payment is resumed.
Preferred stock pays a fixed dividend that is specified and set down in advance.
Preferred stock is generally issued at its par value.
http://www.ameritrade.com/educationv2/fhtml/stocksfunds/prevscom.fhtml   (1274 words)

  
 Dollars & Sense - Preferred stock can exceed 7%
Preferreds rank between bonds and common stock in terms of your claim on the assets of a company if it goes bankrupt.
Preferred stock owners get a dividend, and if the company doesn’t pay you a dividend it “owes” you the dividend (cumulative).
Preferred stock is generally rated similarly to bonds.
http://www.weac.org/News/2002-03/jan03/dollars&sense.htm   (781 words)

  
 Preferred Securities
Many preferred securities pay quarterly income distributions at a fixed rate and provide the issuer with the option to defer and accumulate dividend payments for a period of time, generally not exceeding five years.
Preferred securities tend to perform more like traditional fixed income securities because regular income distributions are the principal source of return, as opposed to capital appreciation.
However, all preferred securities have preference/seniority to common stock when it comes to the payment of dividends, and issuers generally retain the right to retire securities through redemption provisions.
http://financialservicesinc.ubs.com/Home/PWSmain/0,1093,SE80-L1857-L21315-EN1315,00.html   (534 words)

  
 ICBA - Advocacy - Letters to Regulators - FCS Preferred Stock Proposed Rule
If FCA proceeds with final rulemaking on preferred stock offerings, we recommend that the FCA make the appropriate changes to address the concerns we have raised in regard to FCS preferred stock and require FCS entities to discontinue their various cash management accounts, which we again note are inconsistent with the Act.
Preferred stock should not be included in an institution's permanent capital unless it is perpetual preferred stock that has no maturity and no requirements for future redemption.
Therefore, any preferred stock issued by FCS institutions should have a maturity of at least 5 years and should not be eligible for retirement before 5 years from the date of issuance.
http://www.icba.org/advocacy/commentlettersdetail.cfm?itemnumber=673&sn.itemnumber=1711   (2773 words)

  
 Entrepreneur: Uncommon valor - preferred stock
If a company's assets are liquidated, preferred stockholders are usually paid before common stockholders, but after debt holders, making preferred stock more attractive to safety-conscious investors than common stock (though less secure than bonds).
Unlike common stock, however, preferred stock may pay a set dividend - similar to bonds that pay a set interest payment.
The primary reason it is so attractive to institutional investors is that 70 percent of the dividends received from preferred stock are exempt from federal taxes.
http://www.findarticles.com/p/articles/mi_m0DTI/is_n4_v25/ai_19325220   (1459 words)

  
 Check out preferred stock when looking for greater yield (Page 1 of 2)
Another reason that preferreds are popular with some investors is preferred owners' principal, interest and dividends would be paid ahead of that of owners of common shares, in the event of a corporate bankruptcy.
Some of these investors might be interested in preferred stocks, which may provide a way to earn 6 percent or 7 percent annually but, as you might expect, are riskier than CDs.
"Many preferreds are really prepackaged debt of the company that issues them and aren't true preferred stock.
http://www.bankrate.com/brm/news/investing/20050720a1.asp   (713 words)

  
 Nonqualified Preferred Stock
Offering materials describing the risks of the preferred stock that are developed in connection with the exchange transaction should afford taxpayers a presumption concerning either the likelihood or remoteness of a change of control.
In order to eliminate tax deferral on receipt of certain preferred stock received in connection with specified corporate transactions, the Taxpayer Relief Act of 1997 amended a number of provisions of the Internal Revenue Code.
The treatment of NQPS as boot does not, moreover, enable the issuer to reclassify the stock as debt for which an interest expense deduction is permitted on payment of dividends.
http://www.taxnews.com/tnn/tei/tei_doc_public.nsf/85256396005ac84685256244005d3a03/28714aa21a812d0485256a730060f4ee   (2726 words)

  
 An Analysis of Preferred Stock
This new type of preferred stock, which now dominates the preferred equity market, is actually an investment in a shell subsidiary of a parent company that owns only the subordinated debt of the parent.
In particular, preferred stock is similar to debt in terms of typically promising a fixed payment (or dividend) and being callable, so that the value of the prepayment rights on the stock (estimated using iterations as explained in earlier articles in this column) must be subtracted from the present value of the purely fixed-income features.
For traditional preferred, the claim in bankruptcy is after all the creditors have paid off in full, and so the expected payoff in default will be less than for debt instruments (and is often very close to zero, since the creditors are often not paid off in full in bankruptcy).
http://www.fenews.com/fen35/case_stud_fixed_income/case_studies_in_fixed_income.html   (1061 words)

  
 Conglomerate Blog: Business, Law, Economics & Society
That is, dividends to the preferred are not required to be paid first, unless the charter requires that result.
If it means that "preferred stock" can receive no dividends when the common stock does, then the decision seems to conflict with the statute, because the first sentence must mean something.
IIRC, if preferred stock does carry a coupon there is real risk that it will create original issue discount and your world will come to an end.
http://www.theconglomerate.org/2005/05/must_preferred_.html   (819 words)

  
 Certificate of Incorporation - Exhibit A - Part I - Class A Preferred Stock
From and after the Redemption Date, dividends on shares of Class A Preferred Stock called for redemption will cease to accrue, such shares will no longer be deemed to be outstanding and all rights in respect of such shares of the Corporation shall cease, except the right to receive the redemption price.
After payment of the full amount to which they are entitled as provided by the foregoing provisions of this Section 4(A), the holders of shares of Class A Preferred Stock shall not be entitled to any further right or claim to any of the remaining assets of the Corporation.
Payment of the redemption price shall be made by the Corporation in cash or shares of Common Stock or a combination thereof, as permitted by paragraph (C) of this Section 6.
http://www.exxonmobil.com/Corporate/InvestorInfo/Corp_II_COI_1.asp   (1250 words)

  
 Preferred Shares
Preferred shares are stock in a company which have a defined dividend, and a prior claim on income to the common stock holder.
Many have equated preferred shares with a form of fixed income security due to its defined dividend stream.
Should the company wind up operations, preferred shareholders are paid any obligations owed to them.
http://www.finpipe.com/equity/prefshar.htm   (192 words)

  
 Incorporate in Delaware: Incorporate in Delaware online. Delaware registered agent only $50 per year. Delaware LLC.
If you decide to place a par-value on your stock (under $100 per share), your annual franchise tax can be figured by a complicated formula based on your company's gross assets at the end of the year and the number of issued shares (not authorized shares).
With par-value stock, in order to qualify for the lowest initial taxes (include in our service fee), you must have no more than $75,000 in total equity valuation.
One popular method of preserving voting control for the insiders when raising investment capital is the use of Preferred Stock, in addition to Common Stock.
http://www.delawareinc.com/101/index.cfm?pageid=10071#3   (839 words)

  
 Khimaira WebHosting Solutions Business Manual -Preferred Stock vs. Common Stock
Dividends on preferred stock are paid before those for common stock, and if a company fails, preferred stockholders get their share of leftover assets before common shareholders.
While common stock gets no special consideration in payment of dividends or the distribution of assets, it is those shareholders who exercise control over company management.
Whereas preferred stock can be an income vehicle, common stock is more a means of investment.
http://www.khimaira.com/stock.htm   (277 words)

  
 Dull Is Good: Preferred Stock - Forbes.com
Both funds have most of their holdings in utilities' and banks' preferred stock, and are closed-end funds, which means that they trade inter-day, like stock, and don't have a minimum investment requirement.
This compares to a $1.59 annual expense cost per $100 assets for the average stock fund and 97 cents for the average bond fund.
The Preferred Income Fund currently trades at a 10% premium to its net asset value.
http://www.forbes.com/2002/11/18/cz_tm_1118sf.html   (779 words)

  
 USATODAY.com - Most preferred stock wouldn't get tax help
Preferred shares pay fixed dividends set at the time they are sold to the public and offer a stable return.
These shares, called hybrid preferreds, are treated as debt and give companies a tax break.
There's no potential tax break for individual investors, though, because payments made by companies on hybrid preferred shares are considered interest, not dividends, and are not included in Bush's plans.
http://www.usatoday.com/money/perfi/taxes/2003-01-09-dividends-cover-preferred_x.htm   (501 words)

  
 preferred stock - definition of preferred stock - what does preferred stock mean? What is preferred stock?
Most preferred stockpays a fixed dividend that is paid prior to the common stock dividend, stated in a dollar amount or as a percentage of par value.
Preferred stock has characteristics of both common stock and debt.
A security that shows ownership in a corporation and gives the holder a claim, prior to the claim of common stockholders, on earnings and also generally on assets in the event of liquidation.
http://www.advfn.com/money-words_term_3778_preferred_stock.html   (374 words)

  
 stock trading - Preferred Stock
Preferred stock is an equity security that typically offers a fixed or floatingdividend An investor generally buys shares of a preferred stock with the
Preferred stock comes in various shapes and sizes, depending on the intent Indeed, the disclosure document in a preferred-stock venture financing often
Capital stock having priority over a corporation's commonstock in the distribution of dividends and often of assets.
http://www.traders101.com/PreferredStock   (1021 words)

  
 Journal of Accountancy: IRS rules on auction-rate preferred stock
Internal Revenue Service revenue ruling 90-27 resolves the questions of whether auction-rate preferred stock is debt or equity and whether a corporate holder of the stock is entitled to a dividends-received deduction.
The ruling concludes equity treatment is proper--even though investors view aution-rate preferred stock as an alternative to commercial paper or other short-term debt.
The problem is the holding period credit is not earned for days on which the holder is insulated from market risk or possesses an option (or equivalent rights) to sell the stock.
http://www.findarticles.com/p/articles/mi_m6280/is_n6_169/ai_8621254   (376 words)

  
 Risks of preferred stock - PittsburghLIVE.com
Still, if you're considering buying preferred stocks, be forewarned: While these stock may have been a good, albeit conservative, investment in the past, today they are looking increasingly more risky.
On the surface, though, these stocks look like a pretty basic investment, as they are purchased through a broker and listed on the stock exchanges.
Their fixed quarterly dividends usually far exceed dividends from common stocks.
http://www.pittsburghlive.com/x/tribune-review/business/s_194391.html   (315 words)

  
 Preferred_Stock_Strategies
Many of these stocks were issued at $25 or $10 face value, are callable at that price on certain dates
An extreme example of a preferred selling at a discount would be hypothetical stock ABCPRA
stocks and hybrid preferreds and links to their underlying companies
http://www.lawinvesting.com/Preferred_Stock_Strategies.html   (388 words)

  
 Path to Investing — Stocks: Common & Preferred Stock
The dividends paid on preferred stocks are fixed and guaranteed.
If the company grows or realizes a profit, your income from the stock may increase, or the share price may climb.
Some stocks flourish during boom times, while others may help insulate your portfolio’s value against turbulent or depressed markets.
http://pathtoinvesting.org/categories/choosinginvestments/stocks/stocks_021.htm   (280 words)

  
 PREFERRED STOCK
And, in the event of a company's liquidation, preferred stockholders would receive payment for their shares before owners of common stock received any payment.
Another difference between preferred and common stock is that preferred stock may not entitle the shareholders to vote in any company elections.
Preferred stock owners always receive their dividends before the company pays any dividends to common stockholders.
http://www.theeducatedinvestor.com/newtut/data/-456558988.html   (254 words)

  
 Venture Capital Preferred Stock Purchase Agreement (Pro-company oriented) by Allbusiness.com
The outstanding shares of Common Stock are duly authorized, validly issued, fully paid and non-assessable.
The Company has furnished the Purchasers with its unaudited balance sheet as of ____________ (the "Current Balance Sheet") and its unaudited statement of operations and statement of cash flows for the ______ period ended _________, ____ (collectively, the "Financial Statements").
____________ shares of authorized preferred stock, par value $.001 per share ("Preferred Stock"), ____________ shares of which are designated Series A Preferred Stock, of which no shares are issued and outstanding prior to the Closing Date.
http://www.allbusiness.com/forms/venturecapital/302.html   (1486 words)

  
 FranklinCovey Announces Preferred Series A Stock Recapitalization
The proposed recapitalization of the Company is subject to the approval of a majority of both the outstanding Common Stock and the outstanding Preferred Stock, which may or may not be obtained.
The Proxy Statement will be preliminarily filed with the SEC, as is required on such transactions, and may be reviewed by the SEC prior to its finalization and mailing to shareholders.
The Company's Chairman and CEO, who is a partner of Series A Preferred shareholder, voluntarily signed an agreement with the Company waiving any incremental benefit he might otherwise receive as a result of the proposed recapitalization transaction.
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/11-29-2004/0002551715&EDATE=   (1752 words)

  
 Unocal Announces Additional Common Stock and Preferred Repurchases
To the extent that the full $265 million authorized to redeem the outstanding preferred securities is not spent because the holders convert their securities into common stock, the board has authorized that the unspent funds be utilized for further repurchases of Unocal common stock.
Common stock repurchases The Unocal board of directors authorized the repurchase of up to $200 million of the outstanding Unocal common stock.
The common shares are expected to be repurchased from time to time through open market transactions or privately negotiated transactions at the discretion of company management, depending on financial and market conditions and as otherwise permitted under applicable laws.
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/12-03-2004/0002564201&EDATE=   (774 words)

  
 what is a preferred stock
Preferred stock is stock on which a fixed dividend must be paid before common dividends are distributed...
Certain corporate transactions involving the use of nonqualified preferred stock will not result in tax deferral after changes in IRC sections 351, 1036,......(Continue Reading)
Investors can avail of the equities issued by the largest US corporations, insurance companies and utilities by purchasing preferred stocks.
http://www.bryancrosby.ca/what-is-a-preferred.html   (404 words)

  
 Realty Times: Homeseekers.com Secures Preferred Stock Financing
Each share of Preferred Stock will be entitled to immediate voting rights of 20 shares of Common Stock, representing a current voting interest of approximately 68% based on the currently issued and outstanding shares of Common Stock of the Company.
The Preferred Stock will pay a cumulative dividend of 15% in cash or common stock based on the $4.00 per share cash price, as declared by the Board of Directors of the Company.
HomeSeekers.com (NASDAQ: HMSK), a leader in online real estate technology and services, has entered into a Securities Purchase Agreement with E-Home.com, Inc.
http://realtytimes.com/rtnews/printrtpages/20010608_bithmsk.htm   (432 words)

  
 TheManageMentor - Knowledge Universe - Finance - Poison Pills: Keeping Predators At Bay
The company was vulnerable because of its weak stock price, its dominance of the domestic phone market and its easy access to credit.
A “Poison Pill” also known as “Shareholders Rights Plan” is designed primarily to make it difficult, time-consuming and expensive for a hostile acquirer to consummate offers that may not offer fair value to all shareholders.
The plan would protect shareholders in the event of a takeover bid by an outside company.
http://www.themanagementor.com/kuniverse/kmailers_universe/finance_kmailers/mgr/takeovers1.htm   (807 words)

  
 Stock Valuation
We assume that they are both rational people and both know something about the company and its future plans and profit potential.
Both the buyer and seller agree to exchange the stock at that price.
So, if we want to get a 10% rate of return on our money, and we assume that the company will grow forever at 5% per year, then we would be willing to pay $21.00 for this stock.
http://www.teachmefinance.com/stockvaluation.html   (351 words)

  
 Preferred Stock - Piper Jaffray
Preferred stock typically requires a smaller initial investment when compared with other fixed-income investments.
Typically yields two to four percentage points higher than dividend yields on common stock of the same issuer.
Along with a wide choice of individual bonds, Piper Jaffray offers the fixed-income investor preferred stock.
http://www.piperjaffray.com/info3.aspx?id=177   (122 words)

  
 PreferredsOnline - Your source for information and quotes on preferred stock, convertible preferred stock, and ...
Often paying more than bonds, and providing more liquidity than many bonds since they are exchange traded, preferred securities can be an important part of your investment decisions.
PreferredsOnline with our proprietary Relative Value Indicator and benchmark indexes can help: First, research preferred stocks, convertible preferred stocks, preferred funds, REIT preferred funds, and baby bonds - exchange traded $25 par value corporate bonds, with our continuously updated service covering over 3,000 North American preferred stock securities.
Savvy investors and securities professionals rely on PreferredsOnline and BondsOnline regularly for information, education and direction in making bond and fixed income investment decisions.
http://www.epreferreds.com   (290 words)

  
 MyWorkTools.com - Legal - Preferred Stock Purchase Agreement Tool Preview
Developing a Preferred Stock Purchase Agreement is mandatory should your pre-public company wish to grant capital stock to investors in exchange for a specified dollar amount.
This Word document, filed with a U.S. state by a corporation's founders, describes the purpose, place of business, and other details of a corporation.
MyWorkTools.com - Legal - Preferred Stock Purchase Agreement Tool Preview
http://www.myworktools.com/tp_cache/t10/tool_1074.html   (380 words)

  
 VentureBlog: What's Left To Say About Participating Preferred Stock?
As an initial matter, If I learned anything from being company and investors counsel on hundreds of millions of dollars in venture financings, it is that you can not say anything unequivocally about the appropriateness of a particular finance term.
And now there is a debate raging online about the use and appropriateness of Participation in Preferred Stock.
I like that because company building should be a collaborative process and when an entrepreneur's and investor's interests aren't aligned, unproductive tensions inevitably arise between the two.
http://www.ventureblog.com/articles/indiv/2004/000818.html   (701 words)

  
 Glossary: Preferred Stock
The dividend paid on a share of preferred stock is fixed in that that does not fluctuate with the profitability of the company.
Furthermore, the dividend need not be paid if the company lacks the financial ability to do so.
Unlike common stock, preferred stock generally does not confer voting rights on the preferred shareholders.
http://www.corporateboardminutes.com/glossary/preferredstock.shtml   (215 words)

  
 Preferred Stock Trading Strategies
Or more precisely - you against all the other traders, bargaining at every moment of the trading day for long and short positions as well as when to close the position maximizing profits while not waiting too long and losing the profits back to the market.
TraderMax, coFounder of SwingTradingTips is an avid trader and market researcher typically performing over 1000 trades each year since 2002.
It is near these two levels you will want to buy long or sell short opening your positions.
http://www.swingtradingtips.com/strategy.html   (1110 words)

  
 QuantumOnline.com Home Page
The credit ratings and other detailed comparison information on the preferred and income securities are on the Income Tables (not on the stock lists).
Before searching for preferred and income securities by ticker symbol, you should read our "Preferred Ticker Symbols and Names" page under the Information menu which will help explain the very confusing system of ticker symbols used with preferred and income securities.
The basic goal of our website is to make it as easy as possible for income investors to easily find good income investments via the QuantumOnline website.
http://www.quantumonline.com   (511 words)

  
 Flanders Financial
We’re in the business of helping you, our clients, invest your money and secure your financial needs.
Retirement Concepts with CD's, Stocks, Bonds, Mutual Funds, and Annuities
http://www.flanders1db.com   (381 words)

  
 Preferred Stock - Definition
The alternative to investing in preferred stock is to invest in common stock.
With Sharebuilder, you can invest for just $4 per trade, with no minimum investments!
Many preferred stocks pay dividends of 6% or more.
http://www.teenanalyst.com/glossary/p/preferredstock.html   (109 words)

  
 Pfizer For Investors Financial Report 2003 14. Preferred Stock
Each share is convertible, at the holder's option, into 2,547.87 shares of our common stock with equal voting rights.
Home > Who We Are: For Investors > Financial Reports > Financial Report 2003
The Company may redeem the preferred stock, at any time or upon termination of the Preferred ESOP, at its option, in cash, in shares of common stock or a combination of both at a price of $40,300 per share.
http://www.pfizer.com/are/investors_reports/annual_2003/financial/p2003fr45.htm   (270 words)

  
 Accounting.Com: Common Stock and Preferred Stock
400,000 shares of $100 par value, 10.5% cumulative, preferred stock were authorized, and 140,000 shares were issued on January 1, 2003, at $132 per share.
Of the total amount of dividends declared during 2005, how much will be received by preferred shareholders?
1,200,000 shares of no-par common stock were authorized; 350,000 shares were issued on January 1, 2003, at $23 per share.
http://www.accounting.com/forum2/forum_posts.asp?TID=2361&get=last   (268 words)

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