Best Buy Board Approves 3-for-2 Stock Split.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 15, 2002 Best Buy Co., Inc. (NYSE NYSE See: New York Stock Exchange :BBY BBY Best Buy (stock symbol) BBY Before Battle of Yavin (Star Wars) BBY BeBeyond (Chinese online community) ) today reported that at its regularly scheduled meeting on Friday, April 12, the Company's board of directors approved a three-for-two stock split payable in the form of a 50-percent stock dividend. Shareholders of record as of Friday, April 26, 2002, will receive one additional share for every two shares held. The payment date will be Friday, May 10, 2002. This is the seventh split in the Company's common stock since Best Buy went public in 1985. The most recent split (a two-for-one split) occurred in March 1999. "Our board elected to split the stock due to its confidence in our future, as well as a desire to offer investors a more attractive entry price for our shares," said Best Buy Founder, Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard M. Schulze Richard M. "Dick" Schulze is the Founder and Chairman of Best Buy. He was born and raised in St. Paul, Minnesota where he graduated from Central High School, afterwards attending Marquette University (he did not graduate[1]). He subsequently spent time in the U.S. . The share price of the Company's common stock on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. rose by more than 150 percent during calendar 2001 and by more than 2,700 percent in the past five years. On April 5, 2002, the Company had approximately 213,188,000 shares outstanding. Statements made in this news release, other than those concerning historical financial information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are based on management's beliefs and assumptions regarding information currently available, and are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The Company's actual results could differ materially from those expressed in the forward-looking statements. Factors that could cause results to vary include, among others, those expressed in the Company's filings with the Securities and Exchange Commission. The Company has no obligation to publicly update or revise any of the forward-looking statements that may be in this news release. About Best Buy Co., Inc. Minneapolis-based Best Buy Co., Inc. is North America's No. 1 specialty retailer of consumer electronics, personal computers, entertainment software and appliances. The Company operates retail stores and web sites under the names: Best Buy (BestBuy.com), Future Shop (FutureShop.ca), Magnolia Hi-Fi (MagnoliaHiFi.com), Media Play (MediaPlay.com), On Cue (OnCue.com), Sam Goody Sam Goody is a music and entertainment retailer in the United States and formerly in the United Kingdom. It is owned and operated by Musicland, which itself is owned by former rival Trans World Entertainment which also runs Suncoast Motion Picture Company and, until January 2006, (SamGoody.com) and Suncoast (Suncoast.com). The Company reaches consumers through over 1,900 retail stores in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, Puerto Rico and the U.S. Virgin Islands. |
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