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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): FEBRUARY 22, 1999
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 February 22, 1999, Best Buy Co., Inc., announced a 2-for-1 stock
split, payable in the form of a 100% stock dividend. Shareholders of record
on Thursday, March 4, 1999, will receive one additional share for every share
held, to be issued on Thursday, March 18, 1999. After the split, the company
will have approximately 200 million shares outstanding.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS
99 Press Release issued February 22, 1999.
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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: February 22, 1999 By: /s/ELLIOT S. KAPLAN
-----------------------------------
Elliot S. Kaplan, Secretary
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EXHIBIT 99
PRESS RELEASE
FOR IMMEDIATE RELEASE
For more information: Susan Hoff
VP - Corp Comm & IR
(612) 947-2443
[email protected]
BEST BUY ANNOUNCES 2-FOR-1 STOCK SPLIT
MINNEAPOLIS, FEBRUARY 22, 1999 - Best Buy Co., Inc. (NYSE: BBY) announced
today that at the regularly scheduled meeting on Friday, February 19, 1999,
the Company's Board of Directors approved a 2-for-1 stock split payable in
the form of a 100% stock dividend.
Shareholders of record on Thursday, March 4, 1999, will receive one
additional share for each share held, to be issued Thursday, March 18, 1999.
This is the sixth split since Best Buy went public in 1985. The last split,
also a 2-for-1, was in May 1998.
"We believe the Board's approval of the stock split communicates a high level
of confidence in the Company and its long-term prospects," said Best Buy's
Founder, Chairman and CEO Richard M. Schulze.
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.
Founded in 1966, Best Buy Co., Inc. (NYSE: BBY) 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 with annual revenues of $9 billion. Best Buy operates 311
stores in 36 states and its common stock is traded on the New York Stock
Exchange, symbol BBY. Visit the Company's Web site at www.bestbuy.com for
more information.
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