EMC 2003 Annual Report Download - page 13

We have never paid cash dividends on our common stock. While subject to periodic review, the current policy of our Board of Directors is to retain cash
and investments primarily to provide funds for our future growth. Additionally, from time to time, we use cash to repurchase our common stock.
ISSUER PURCHASES OF EQUITY SECURITIES IN THE FOURTH QUARTER OF 2003
Period
Total
Number of
Shares
Purchased (1)
Average Price
Paid per Share
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
Maximum Number
(or Approximate
Dollar Value) of
Shares that May
Yet Be Purchased
Under the Plans or
Programs
October 1, 2003 –
October 31, 2003 2,100,000 $ 13.11 2,100,000 237,917,700
November 1, 2003 –
November 30, 2003 – – – 237,917,700
December 1, 2003 –
December 31, 2003 – – – 237,917,700
Total 2,100,000 $ 13.11 2,100,000 237,917,700
All shares were purchased in open-market transactions pursuant to a previously announced authorization by our Board of Directors in October 2002 to
repurchase 250.0 million shares of our common stock. In addition, in May 2001, our Board authorized the repurchase of up to 50.0 million shares of
our common stock, which shares were repurchased in 2001 and 2002.
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ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
FIVE YEAR SELECTED CONSOLIDATED FINANCIAL DATA
EMC Corporation
(in thousands, except per share amounts)
Year Ended December 31,
2003 2002 2001 2000 1999 (1)
Summary of Operations:
Revenues $ 6,236,808 $5,438,352 $7,090,633 $ 8,872,816 $6,715,610
Operating income (loss) (2) 401,157 (493,831) (697,841) 2,256,903 1,241,094
Net income (loss) (2) 496,108 (118,706) (507,712) 1,782,075 1,010,570
Net income (loss) per weighted average share, basic (2)(3) $ 0.22 $ (.05) $ (0.23) $ 0.82 $ 0.49
Net income (loss) per weighted average share, diluted (2)(3) $ 0.22 $ (.05) $ (0.23) $ 0.79 $ 0.46
Weighted average shares, basic (3) 2,211,544 2,206,294 2,211,273 2,164,180 2,061,101
Weighted average shares, diluted (3) 2,237,656 2,206,294 2,211,273 2,245,203 2,219,065
Balance Sheet Data:
Working capital $ 2,140,775 $2,175,598 $2,743,828 $ 3,986,404 $2,922,481
Total assets 14,092,860 9,590,447 9,889,635 10,537,799 7,064,701
Long-term obligations (4) 132,634 6,963 17,202 14,457 686,609
Stockholders' equity $10,884,721 $7,226,002 $7,600,820 $ 8,177,209 $4,951,786
The selected consolidated financial data for 1999 include the full year effects of the acquisition of Data General on October 12, 1999, which was
accounted for as a pooling-of-interests.
In 2003, we incurred restructuring costs and other special charges totaling approximately $66,000 pre-tax ($56,000 after-tax). All pre-tax amounts were
included in operating income. In 2002, we incurred restructuring costs and other special charges totaling approximately $100,000 pre-tax ($82,000
after-tax). The pre-tax amounts consist of $91,000 included in operating loss and $9,000 included in other expense, net. In 2001, we incurred
restructuring costs and other special charges totaling approximately $825,000 pre-tax ($675,000 after-tax). The pre-tax amounts consist of $719,000
included in operating loss and $106,000 included in other expense, net. In 1999, we incurred restructuring, merger and other special charges totaling
approximately $224,000 pre-tax ($170,000 after-tax). All pre-tax amounts were included in operating income.
All share and per share amounts have been restated to reflect the stock splits effective May 28, 1999 and June 2, 2000 for all periods presented.
Includes long-term convertible debt and capital leases, excluding current portion.
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