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Previous: AMERICAN EDUCATIONAL PRODUCTS INC, NT 10-K, 1998-03-31 |
Next: PROGRESS FINANCIAL CORP, 10-K405, 1998-03-31 |
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 1 TO FORM 10-K
ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED: DECEMBER 31, 1997 COMMISSION FILE NUMBER 1-9853
EMC CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
MASSACHUSETTS 04-2680009
(STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER
OF ORGANIZATION OR INCORPORATION) IDENTIFICATION NUMBER)
35 PARKWOOD DRIVE
HOPKINTON, MASSACHUSETTS 01748
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
(508) 435-1000
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
TITLE OF EACH CLASS: NAME OF EACH EXCHANGE ON WHICH REGISTERED:
------------------- -----------------------------------------
Common Stock, $.01 par value New York Stock Exchange
3 1/4% Convertible Subordinated New York Stock Exchange
Notes due 2002
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
----- -----
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
The aggregate market value of voting stock held by nonaffiliates of the
registrant was $15,839,114,391 as of January 31, 1998.
The number of shares of Common Stock, $.01 par value, outstanding as of
January 31, 1998 was 497,058,098.
DOCUMENTS INCORPORATED BY REFERENCE
The information required in response to Part III of Form 10-K is hereby
incorporated by reference to the specified portions of the registrant's Proxy
Statement for the Annual Meeting of Stockholders to be held on May 6, 1998.
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<PAGE>
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934, EMC CORPORATION HAS DULY CAUSED THIS REPORT TO BE SIGNED
ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY AUTHORIZED ON MARCH 30, 1998.
EMC CORPORATION
/s/ William J. Teuber, Jr.
By: _________________________________
WILLIAM J. TEUBER, JR.
VICE PRESIDENT AND CHIEF FINANCIAL
OFFICER (PRINCIPAL ACCOUNTING
OFFICER)
47
<PAGE>
The exhibits listed below are filed with or incorporated by reference in this
report.
<TABLE>
<C> <S>
27.1 Restated Financial Data Schedule (filed herewith).
27.2 Restated Financial Data Schedule (filed herewith).
27.3 Restated Financial Data Schedule (filed herewith).
27.4 Restated Financial Data Schedule (filed herewith).
27.5 Restated Financial Data Schedule (filed herewith).
</TABLE>
- --------
50
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BALANCE
SHEET AND STATEMENT OF OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> DEC-31-1997
<CASH> 954,595
<SECURITIES> 686,038
<RECEIVABLES> 788,869
<ALLOWANCES> 6,773
<INVENTORY> 404,660
<CURRENT-ASSETS> 2,627,026
<PP&E> 396,511
<DEPRECIATION> 89,632
<TOTAL-ASSETS> 3,490,109
<CURRENT-LIABILITIES> 505,870
<BONDS> 517,500
0
0
<COMMON> 4,968
<OTHER-SE> 2,371,333
<TOTAL-LIABILITY-AND-EQUITY> 3,490,109
<SALES> 2,862,646
<TOTAL-REVENUES> 2,937,860
<CGS> 1,571,012
<TOTAL-COSTS> 1,571,012
<OTHER-EXPENSES> 704,936
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 15,463
<INCOME-PRETAX> 718,037
<INCOME-TAX> 179,509
<INCOME-CONTINUING> 538,528
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 538,528
<EPS-PRIMARY> 1.09
<EPS-DILUTED> 1.04
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM STATEMENT OF
OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C> <C>
<PERIOD-TYPE> YEAR YEAR
<FISCAL-YEAR-END> DEC-31-1994 DEC-30-1995
<PERIOD-START> JAN-02-1994 JAN-01-1995
<PERIOD-END> DEC-31-1994 DEC-30-1995
<CASH> 240,506 379,628
<SECURITIES> 0 0
<RECEIVABLES> 367,463 557,535
<ALLOWANCES> 6,272 7,062
<INVENTORY> 251,096 330,160
<CURRENT-ASSETS> 901,805 1,318,955
<PP&E> 253,405 346,596
<DEPRECIATION> 80,389 127,695
<TOTAL-ASSETS> 1,317,500 1,745,729
<CURRENT-LIABILITIES> 301,464 359,360
<BONDS> 286,106 245,845
0 0
0 0
<COMMON> 4,035 4,650
<OTHER-SE> 721,589 1,135,651
<TOTAL-LIABILITY-AND-EQUITY> 1,317,500 1,745,729
<SALES> 1,377,492 1,921,275
<TOTAL-REVENUES> 1,377,492 1,921,275
<CGS> 660,034 1,002,876
<TOTAL-COSTS> 660,034 1,002,876
<OTHER-EXPENSES> 366,926 482,620
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 15,311 12,857
<INCOME-PRETAX> 355,384 450,821
<INCOME-TAX> 104,716 123,976
<INCOME-CONTINUING> 250,668 326,845
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 250,668 326,845
<EPS-PRIMARY> 0.65 0.73
<EPS-DILUTED> 0.55 0.67
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM STATEMENT OF
OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-START> JAN-01-1996 JAN-01-1996
<PERIOD-END> MAR-30-1996 JUN-29-1996
<CASH> 478,759 500,162
<SECURITIES> 127,382 0
<RECEIVABLES> 507,876 531,530
<ALLOWANCES> 7,415 7,750
<INVENTORY> 316,995 282,435
<CURRENT-ASSETS> 1,358,148 1,372,276
<PP&E> 234,244 244,215
<DEPRECIATION> 13,639 36,275
<TOTAL-ASSETS> 1,852,460 1,937,816
<CURRENT-LIABILITIES> 356,099 350,557
<BONDS> 229,598 229,498
0 0
0 0
<COMMON> 4,671 4,671
<OTHER-SE> 1,215,867 1,303,065
<TOTAL-LIABILITY-AND-EQUITY> 1,852,460 1,937,816
<SALES> 509,184 1,042,419
<TOTAL-REVENUES> 521,487 1,066,504
<CGS> 293,164 598,105
<TOTAL-COSTS> 293,164 841,977
<OTHER-EXPENSES> 117,081 3
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 3,059 6,056
<INCOME-PRETAX> 114,715 232,834
<INCOME-TAX> 30,170 61,235
<INCOME-CONTINUING> 84,545 171,599
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 84,545 171,599
<EPS-PRIMARY> 0.18 0.37
<EPS-DILUTED> 0.17 0.35
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM STATEMENT OF
OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 593,407
<SECURITIES> 0
<RECEIVABLES> 564,412
<ALLOWANCES> 6,866
<INVENTORY> 303,290
<CURRENT-ASSETS> 1,521,094
<PP&E> 256,210
<DEPRECIATION> 63,204
<TOTAL-ASSETS> 2,088,551
<CURRENT-LIABILITIES> 390,168
<BONDS> 229,498
0
0
<COMMON> 4,671
<OTHER-SE> 1,395,027
<TOTAL-LIABILITY-AND-EQUITY> 2,088,551
<SALES> 1,578,698
<TOTAL-REVENUES> 1,617,258
<CGS> 904,543
<TOTAL-COSTS> 1,279,834
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 9,101
<INCOME-PRETAX> 352,315
<INCOME-TAX> 90,369
<INCOME-CONTINUING> 261,946
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 261,946
<EPS-PRIMARY> 0.57
<EPS-DILUTED> 0.54
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM STATEMENT OF
OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C> <C>
<PERIOD-TYPE> YEAR 3-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1997
<PERIOD-START> JAN-01-1996 JAN-01-1997
<PERIOD-END> DEC-31-1996 MAR-30-1997
<CASH> 496,377 700,526
<SECURITIES> 344,481 515,069
<RECEIVABLES> 627,409 644,269
<ALLOWANCES> 7,368 7,517
<INVENTORY> 336,581 442,328
<CURRENT-ASSETS> 1,754,136 2,363,252
<PP&E> 276,387 294,459
<DEPRECIATION> 52,899 26,241
<TOTAL-ASSETS> 2,293,546 2,948,809
<CURRENT-LIABILITIES> 417,502 456,363
<BONDS> 142,720 517,500
0 0
0 0
<COMMON> 4,765 4,923
<OTHER-SE> 1,632,024 1,887,211
<TOTAL-LIABILITY-AND-EQUITY> 2,293,546 2,948,809
<SALES> 2,218,292 600,900
<TOTAL-REVENUES> 2,273,652 618,437
<CGS> 1,248,950 335,985
<TOTAL-COSTS> 1,248,950 481,700
<OTHER-EXPENSES> 528,161 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 11,967 1,402
<INCOME-PRETAX> 519,474 149,116
<INCOME-TAX> 133,245 38,248
<INCOME-CONTINUING> 386,229 110,868
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 386,229 110,868
<EPS-PRIMARY> 0.83 0.23
<EPS-DILUTED> 0.79 0.22
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM STATEMENTS
OF OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997
<PERIOD-START> JAN-01-1997 JAN-01-1997
<PERIOD-END> JUN-30-1997 SEP-30-1997
<CASH> 759,126 971,241
<SECURITIES> 409,424 361,607
<RECEIVABLES> 701,608 663,114
<ALLOWANCES> 7,612 7,519
<INVENTORY> 446,985 449,024
<CURRENT-ASSETS> 2,384,667 2,509,146
<PP&E> 318,769 338,583
<DEPRECIATION> 59,635 95,499
<TOTAL-ASSETS> 3,041,625 3,175,496
<CURRENT-LIABILITIES> 408,526 383,456
<BONDS> 517,500 517,500
0 0
0 0
<COMMON> 4,934 4,959
<OTHER-SE> 2,029,751 2,187,562
<TOTAL-LIABILITY-AND-EQUITY> 3,041,625 3,175,496
<SALES> 1,295,411 2,009,360
<TOTAL-REVENUES> 1,331,898 2,064,468
<CGS> 720,530 1,111,808
<TOTAL-COSTS> 1,034,331 1,604,233
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 6,042 10,748
<INCOME-PRETAX> 322,349 500,725
<INCOME-TAX> 82,682 128,436
<INCOME-CONTINUING> 239,667 372,289
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 239,667 372,289
<EPS-PRIMARY> 0.49 0.76
<EPS-DILUTED> 0.47 0.72
</TABLE>
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