The Toro Company Announces Two-for-One Stock Split: Declares Regular Quarterly Cash Dividend

BLOOMINGTON, Minn., Mar 20, 2003 /PRNewswire-FirstCall via COMTEX/ -- The board of directors of The Toro Company (NYSE: TTC) announced it has approved a two-for- one stock split of its Common Stock, which will be effected in the form of a 100 percent stock dividend. Holders of Toro's Common Stock will receive one additional share of Common Stock for every share held on the record date of April 1, 2003, payable April 14, 2003. Additionally, Toro's board of directors declared a regular quarterly cash dividend on a pre-split basis of 12 cents per share (six cents per share on a post-split basis) payable April 14, 2003 to stockholder of record April 1, 2003. As of March 20, the company has 12,498,320 common shares outstanding. As a result of the split, the number of outstanding common shares will double.

Toro is a leading worldwide provider of outdoor maintenance and beautification products for home, recreation and commercial landscapes.

SOURCE Toro Company

CONTACT:          Investor Relations, Stephen P. Wolfe, Vice President, CFO,
                  +1-952-887-8076, or Stephen D. Keating, Director, +1-952-887-8526; or Media
                  Relations, Shelley Benedict, Toro Media Relations, +1-952-887-8930,
         , all of The Toro Company
                  /Company News On-Call: 

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Our Company

At The Toro Company, we take great pride in helping our customers enrich the beauty, productivity, and sustainability of the land. Founded in 1914, The Toro Company was built on a tradition of quality and caring relationships. Today, the company is a leading worldwide provider of innovative solutions for the outdoor environment including turf maintenance, snow and ice management, landscape, rental and specialty construction equipment, and irrigation and outdoor lighting solutions. Through a strong network of professional distributors, dealers and retailers in more than 125 countries, we proudly offer a wide range of products across a family of global brands to help golf courses, professional contractors, groundskeepers, agricultural growers, rental companies, government and educational institutions, and homeowners – in addition to many leading sports venues and historic sites around the world.