PIER 1 IMPORTS <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.