EMC 2003 Annual Report Download - page 67

Revenues $1,301,978 $1,387,538 $1,259,438 $1,489,398
Gross profit 501,045 556,401 473,629 587,767
Net income (loss) (76,859) 808 21,261 (63,916)
Net income (loss) per share, diluted $ (0.03) $ 0.00 $ 0.01 $ (0.03)
Quarterly financial data for the fourth quarter of 2003 includes an after-tax restructuring and other special charge of $38.5 million or $0.02 per diluted
share.
Quarterly financial data for the fourth quarter of 2002 includes an after-tax restructuring and other special charge of $116.7 million or $0.05 per diluted
share.
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EMC CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
S. Subsequent Event
Acquisition of VMware, Inc.
In December 2003, we entered into a definitive agreement to acquire all of the outstanding stock of VMware, Inc. ("VMware") in a cash transaction
valued at approximately $625 million. VMware's technology enables multiple operating systems to run simultaneously and independently on the same Intel-
based server or workstation and move live applications across systems without any business disruptions. The acquisition was completed on January 8, 2004.
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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our principal executive officer and principal financial
officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange
Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this Annual Report on Form 10-K. Based on such evaluation, our
principal executive officer and principal financial officer have concluded that as of such date, our disclosure controls and procedures were designed to ensure
that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in applicable SEC rules and forms and were effective.
Changes in Internal Control Over Financial Reporting. There was no change in our internal control over financial reporting (as defined in
Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended December 31, 2003 that has materially affected, or is
reasonably likely to materially affect, our internal control over financial reporting.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
We will furnish to the SEC a definitive Proxy Statement not later than 120 days after the close of the fiscal year ended December 31, 2003. Certain
information required by this item is incorporated herein by reference to the Proxy Statement. Also see "Executive Officers of the Registrant" in Part I of this
Annual Report on Form 10-K.
We have a code of ethics that applies to all of our employees and non-employee directors. This code (available on our website) satisfies the requirements
set forth in Item 406 of Regulation S-K and applies to all relevant persons set forth therein. We intend to disclose on our website at www.emc.com
amendments to, and, if applicable, waivers of, our code of ethics.
ITEM 11. EXECUTIVE COMPENSATION
The information required by this item is incorporated herein by reference to the Proxy Statement.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The information required by this item is incorporated herein by reference to the Proxy Statement.