Petsmart 2001 Annual Report Download - page 12

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General Corporation Law, which prohibits the Company from engaging in a ""business combination'' with an
""interested stockholder'' for a period of three years after the date the person became an interested stockholder,
unless the business combination is approved in a prescribed manner. The application of Section 203 could
have the eÅect of delaying or preventing a change of control of the Company.
Possible Volatility of Stock Price; Absence of Dividends Since the initial public oÅering of the Company's
Common Stock, the market price of the Common Stock has been subject to signiÑcant Öuctuation. The
market price of the Common Stock may continue to be subject to signiÑcant Öuctuations in response to
operating results and other factors. In addition, the stock market in recent years has experienced price and
volume Öuctuations that often have been unrelated or disproportionate to the operating performance of
companies. These Öuctuations, as well as general economic and market conditions, may adversely aÅect the
market price of the Common Stock.
PETsMART has never paid cash dividends on its Common Stock. The Company currently intends to
retain earnings for use in its business and therefore does not anticipate paying cash dividends in the foreseeable
future.
11