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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): APRIL 27, 1998
BEST BUY CO., INC.
(Exact name of registrant as specified in charter)
MINNESOTA 1-9595 41-0907483
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
7075 FLYING CLOUD DRIVE, EDEN PRAIRIE, MINNESOTA 55344
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 612\947-2000
NO CHANGE
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On April 27, 1998, Best Buy Co., Inc., announced a 2-for-1 stock split,
payable in the form of a 100% stock dividend. Shareholders of record on Monday,
May 11, 1998, will receive one additional share for every share held, to be
issued on Tuesday, May 26, 1998. After the split, the company will have
approximately 100 million shares outstanding.
On April 27, 1998, the company also announced that over 99% of the 6 1/2%
Convertible Monthly Income Preferred Securities of Best Buy Capital, L.P. had
been converted into the company's common stock as of the close of business on
Friday, April 24, 1998, the Conversion Expiration Date.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS
99 Press Release issued April 27, 1998.
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SIGNATURES
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: April 27, 1998 By: /s/Elliot S. Kaplan
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Elliot S. Kaplan, Secretary
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EXHIBIT 99
PRESS RELEASE
[LETTERHEAD]
BEST BUY ANNOUNCES 2-FOR-1 STOCK SPLIT AND
COMPLETION OF PREFERRED SECURITIES CONVERSION
MINNEAPOLIS, APRIL 27, 1998 - At the regularly scheduled meeting on Friday,
April 24, 1998, Best Buy's Board of Directors approved a 2-for-1 stock split,
payable in the form of a 100% stock dividend.
Shareholders of record on Monday, May 11, 1998, will receive one additional
share for each share held, to be issued Tuesday, May 26, 1998. After the split
and the conversion of its Preferred Securities, the Company will have
approximately 100 million shares outstanding.
"The Board is pleased to make this decision, which will make our stock more
accessible to employees and the public while expanding our shareholder base,"
said Founder, Chairman and CEO, Richard M. Schulze.
The Company is also pleased to announce that over 99% of its 6.5% Convertible
Monthly Income Preferred Securities were converted into Best Buy common stock as
of the close of business on Friday, April 24, the Conversion Expiration Date.
Preferred Securities which were not surrendered for conversion will no longer be
convertible into shares of Best Buy common stock and are subject to redemption
by Best Buy, for cash, at a price of $50 per Preferred Security. In addition,
due to the lower number of these securities remaining outstanding, holders
should expect they will no longer be listed for trading on the New York Stock
Exchange.
The conversion of the Preferred Securities into approximately 10.2 million
post-split shares of common stock brings Best Buy's shareholders' equity to
nearly $780 million, an increase of over $220 million. It also reduces the
Company's annual interest expense by approximately $15 million. The conversion
of these securities has already been assumed for diluted earnings per share
purposes.
Best Buy is a Fortune 200 company operating 288 stores in 32 states. The Company
is the nation's largest volume specialty retailer of name brand personal
computers and home office products, consumer electronics, entertainment software
and appliances. Best Buy's common stock is traded on the New York Stock
Exchange, symbol BBY.
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For more information:
Susan Hoff
VP Corporate Communications & Investor Relations
(612) 947-2443
[email protected]
