Best Buy 2008 Annual Report Download - page 32

Purchases of Equity Securities by the Issuer
PART II
and Affiliated Purchasers
Item 5. Market for Registrant’s Common
From time to time, we repurchase our common stock in
Equity, Related Stockholder Matters and
the open market pursuant to programs approved by our
Issuer Purchases of Equity Securities.
Board. We may repurchase our common stock for a
Market Information variety of reasons, such as acquiring shares to offset
Our common stock is traded on the New York Stock dilution related to equity-based incentives, including stock
Exchange under the ticker symbol BBY. The table below options and our employee stock purchase plan, and
sets forth the high and low sales prices of our common optimizing our capital structure.
stock as reported on the New York Stock Exchange — In June 2007, our Board authorized a $5.5 billion share
Composite Index during the periods indicated. repurchase program. The program, which became
Sales Price effective on June 26, 2007, terminated and replaced a
High Low $1.5 billion share repurchase program authorized by our
Fiscal 2008 Board in June 2006. There is no expiration date governing
First Quarter $50.19 $44.70 the period over which we can make our share repurchases
Second Quarter 49.44 41.85 under the June 2007 share repurchase program.
Third Quarter 51.98 42.39 In accordance with our June 2007 share repurchase
Fourth Quarter 53.90 41.92 program, on June 26, 2007, we entered into an
Fiscal 2007 accelerated share repurchase (‘‘ASR’’) program authorized
First Quarter $59.50 $50.49 by the Board. The ASR program consisted of two
Second Quarter 55.51 43.51 agreements to purchase shares of our common stock from
Third Quarter 58.49 44.53 Goldman, Sachs & Co. (‘‘Goldman’’) for an aggregate
Fourth Quarter 56.69 45.08 purchase price of $3.0 billion. The ASR program
concluded in February 2008.
Holders
During the fourth quarter of fiscal 2008, we received from
As of April 25, 2008, there were 3,540 holders of record Goldman and retired 10.1 million shares under the ASR
of Best Buy common stock. program. Total aggregate shares delivered to us under the
ASR program totaled 65.8 million shares at an average
Dividends purchase price of $45.59 per share. At the end of fiscal
2008, $2.5 billion of the $5.5 billion of the share
In fiscal 2004, our Board initiated the payment of a
repurchase program authorized by our Board in June
regular quarterly cash dividend. A quarterly cash dividend
2007 was available for future share repurchases.
has been paid in each subsequent quarter and have
historically increased each year. Effective with the quarterly We consider several factors in determining when to make
cash dividend paid in the third quarter of fiscal 2007, we share repurchases including, among other things, our cash
increased our quarterly cash dividend per common share needs and the market price of our stock. We expect that
by 25% to $0.10 per common share per quarter. Effective cash provided by future operating activities, as well as
with the quarterly cash dividend paid in the third quarter of available cash and cash equivalents and short-term
fiscal 2008, we increased our quarterly cash dividend per investments, will be the sources of funding for our share
common share by 30% to $0.13 per common share per repurchase program. Based on the anticipated amounts to
quarter. The payment of cash dividends is subject to be generated from those sources of funds in relation to the
customary legal and contractual restrictions. remaining authorization approved by our Board under the
June 2007 share repurchase program, we do not expect
Future dividend payments will depend on our earnings,
that future share repurchases will have a material impact
capital requirements, financial condition and other factors
on our short-term or long-term liquidity.
considered relevant by our Board.
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