Johannesburg, 09 Mar 1999
EMC Corporation today announced that its Board of Directors has approved a two-for-one stock split in the form of a 100% stock dividend. Implementation of the stock split is subject to stockholder approval of an increase in the number of shares of authorized common stock at the company`s Annual Meeting of Stockholders to be held on Wednesday, May 5, 1999. If this proposal is approved by the stockholders, the record date for the stock split will be May 14, 1999, and the distribution date will be May 28, 1999.
Michael C. Ruettgers, EMC President and CEO, said, "The recognition of EMC`s technology and market leadership in the rapidly growing market for intelligent information storage has led to a significant increase in the market price for our common stock over the past year. The split will decrease the price per share and make EMC stock more accessible to a broader audience of investors looking for technology companies with high growth rates and profitability, sustained market leadership and proven track records of success."
The stock split would be EMC`s fifth since 1992. EMC`s most recent stock split, a two-for-one, was in November 1997. EMC stock began trading publicly in 1986. A stockholder who bought 1,000 shares of EMC stock for $16,500 at the company`s initial public offering in April 1986 and held the stock would own 18,000 shares today valued at $1.89 million (based on the closing price of $105 on February 24, 1999).
During the 1990s, EMC`s stock has been the second-highest performing among all public companies traded on U.S. exchanges, having risen 38,645% since January 1, 1990 (based on the closing price of $105 on February 24, 1999).
EMC Corporation, a Fortune 500 company based in Hopkinton, Massachusetts, is the world`s technology and market leader in the rapidly growing market for intelligent enterprise storage systems, software and services. The company`s products store, retrieve, manage, protect and share information from all major computing environments, including UNIX, Windows NT and mainframe platforms. The company has offices worldwide, trades on the New York Stock Exchange under the symbol EMC, and is a component of the S&P 500 Index. For further information about EMC and its storage solutions, EMC`s corporate web site can be accessed at http://www.EMC.com.
This release contains "forward-looking statements" as defined under the Federal Securities Laws. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to:
a failure by any supplier of high density DRAMs, disk drives or other components to meet EMC`s requirements for an extended period of time;
delays in the development of new technology and the transition to new products;
the historic and recurring uneven pattern of the Company`s sales by which a disproportionate percentage of a quarter`s total sales occur in the last month and weeks and days of each quarter;
the uneven pattern of the Company`s sales, making it extremely difficult to predict near-term demand and adjust production capacity accordingly;
competitive factors, including but not limited to pricing pressures, in the computer storage market;
economic trends in various geographic markets and fluctuating currency exchange rates;
the relative and varying rates of product price and component cost declines;
deterioration or termination of the agreements with certain of the Company`s OEMs or resellers;
risks associated with acquisitions;
Year 2000 issues;
other one-time events and other important factors disclosed previously and from time to time in EMC`s other filings with the U.S. Securities and Exchange Commission.
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