PACCAR Declares Extra Cash Dividend; Increases Quarterly Dividend

10 December 1999

PACCAR Declares Extra Cash Dividend; Increases Quarterly Dividend

    BELLEVUE, Wash.--Dec. 9, 1999--PACCAR's board of directors today declared an extra cash dividend of one dollar and 60 cents ($1.60) per share. The extra dividend payout totals approximately $125 million. PACCAR also increased its regular quarterly dividend 50 percent from twenty cents to thirty cents ($.30) per share, according to Mark C. Pigott, PACCAR chairman and chief executive officer.
    "PACCAR is a leader in the automotive industry and has generated profits for over 60 consecutive years with dividends paid every year since 1941. PACCAR has increased its regular quarterly dividend by 140 percent in the last five years," Pigott said.
    "PACCAR is a pioneer in the implementation of e-commerce throughout its business framework, and has invested in innovative manufacturing/distribution solutions that reinforce the competitive capabilities of the company. The extra cash dividend and the increase in the regular quarterly dividend recognize our success and demonstrate confidence in the company's future," Pigott added.
    The extra cash dividend will be paid on January 5, 2000 to stockholders of record at the close of business on December 21, 1999. The regular quarterly dividend for the first quarter will be paid on March 3, 2000 to stockholders of record at the close of business on February 18, 2000.
    In November, PACCAR earned the #1 position in PC Week's 1999 Fast-Track 500 listing. The company has vigorously expanded its information technology (IT) capabilities and formed two new divisions, Paccar.com and e-Paccar as part of the company's aggressive e-commerce strategy. A month earlier, PACCAR won the prestigious 1999 Leadership and Excellence in the Application and Development of Integrated Manufacturing (LEAD) award from the Society of Manufacturing Engineers (SME) for "innovative and leading edge manufacturing techniques." Most recently, J.D. Power awarded Peterbilt the #1 ranking in the industry for its new Class 6-7 medium-duty truck.
    In October, PACCAR reported record sales and earnings of $6.4 billion and $403.7 million ($5.12 per diluted share), respectively, for the first nine months of 1999. This year's third quarter was the 11th quarter in a row in which PACCAR's profits exceeded the comparable quarter a year earlier.
    PACCAR, an $8 billion company, is a leader in the design, development and manufacture of high quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt, DAF and Foden nameplates. It also provides financial services and distributes truck parts related to its principal business and manufactures industrial winches under the Braden, Gearmatic and Carco nameplates. PACCAR shares are traded on the NASDAQ Exchange, symbol PCAR, and its homepage can be found at www.paccar.com.