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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 12, 1998
BEST BUY CO., INC.
(Exact name of registrant as specified in its charter)
MINNESOTA
(State or other jurisdiction of incorporation)
1-9595 41-0907483
(Commission File Number) (IRS Employer Identification Number)
7075 Flying Cloud Drive 55344
Eden Prairie, Minnesota (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: 612/947-2000
Not applicable
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On October 12, 1998, Best Buy Co., Inc. announced that its Board of
Directors has authorized the repurchase of up to $100 million of the
Company's Common Stock.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
The following is filed as an Exhibit to this Report.
Exhibit No. Description of Exhibit
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99 Press Release issued October 12, 1998
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BEST BUY CO., INC.
(Registrant)
Date: October 12, 1998 By: /s/ ROBERT C. FOX
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Name: Robert C. Fox
Title: Senior V.P.-Finance & Treasurer
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For Immediate Release
For more information: Susan Hoff
VP - Corp. Comm. & IR
(612) 947-2443
[email protected]
BEST BUY ANNOUNCES SHARE REPURCHASE PROGRAM
MINNEAPOLIS, OCTOBER 12, 1998 - Best Buy Co., Inc. today announced that its
Board of Directors has authorized the repurchase of up to $100 million of the
Company's common stock. The Company may purchase shares under this program from
time to time through open market purchases over the next twelve months, based
upon appropriate market conditions. As of the most recent quarter end, the
Company had just over 100 million common shares outstanding.
"We believe that current market conditions have made our stock an exceptional
value and investment opportunity," said Chairman and CEO Richard M. Schulze.
"With the recent retirement of substantially all of our debt financing, we are
confident that our financial position and liquidity allows us to repurchase
shares, thereby enhancing shareholder value, while continuing with our announced
expansion plans for 40 new stores next year. This stock repurchase program
demonstrates our belief in the continued progress and future of our Company."
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" provisions of the Private Securities
Litigation Reform Act of 1995. 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 identified 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.
Minneapolis-based Best Buy Co., Inc. is the nation's largest volume specialty
retailer of name brand consumer electronics, personal computers, entertainment
software and appliances. The Company is ranked 199 on the Fortune 500. Best Buy
operates 292 stores in 32 states. For more information, access the Company's Web
site at www.bestbuy.com.
