Best Buy 2005 Annual Report Download - page 35

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Part II 2005, we increased our quarterly cash dividend from
Item 5. Market for Registrant’s Common Equity, $0.10 to $0.11 per common share effective with the
Related Stockholder Matters and Issuer quarterly cash dividend paid in the third quarter of fiscal
Purchases of Equity Securities. 2005. The payment of cash dividends is subject to
customary legal and contractual restrictions.
Market Information
Future dividend payments will depend on the Company’s
Our common stock is traded on the New York Stock earnings, capital requirements, financial condition and
Exchange under the ticker symbol BBY. The table below other factors considered relevant by our Board of
sets forth the high and low sales prices of our common Directors.
stock on the New York Stock Exchange during the periods
indicated. Purchases of Equity Securities by the Issuer and
Sales Price Affiliated Purchasers
High Low In June 2004, our Board of Directors authorized a
Fiscal 2005 $500 million share repurchase program. The new
First Quarter $56.25 $45.15 program, which became effective on June 24, 2004,
Second Quarter 54.63 43.87 terminated and replaced the $400 million share
Third Quarter 62.20 45.86 repurchase program authorized by our Board of Directors
Fourth Quarter 60.72 50.87 in fiscal 2000. During the fourth quarter of fiscal 2005,
Fiscal 2004 we purchased and retired 467,000 shares at a cost of
First Quarter $38.77 $25.55 $26 million. Since the inception of the $500 million share
Second Quarter 52.08 38.60 repurchase program in fiscal 2005, we purchased and
Third Quarter 62.15 46.21 retired 2.3 million shares at a cost of $118 million. We
Fourth Quarter 62.70 48.50 consider several factors in determining when to make
share repurchases including, among other things, our
Holders cash needs and the market price of the stock. At the end
of fiscal 2005, $382 million of the $500 million originally
As of April 25, 2005, there were 2,672 holders of record authorized by our Board of Directors was available for
of Best Buy common stock. future share repurchases. Cash provided by future
operating activities, available cash and cash equivalents,
Dividends as well as short-term investments, are the expected
In the third quarter of fiscal 2004, our Board of Directors sources of funding for the share repurchase program.
declared the Company’s first-ever cash dividend, including In April 2005, our Board of Directors authorized the
the initiation of a regular quarterly cash dividend of purchase of up to $1.5 billion of our common stock from
$0.10 per common share. A special dividend payment of time to time through open market purchases. This share
$0.30 per common share was paid in the fourth quarter repurchase program has no stated expiration date. The
of fiscal 2004. In addition, the first regular quarterly cash $1.5 billion share repurchase program terminated and
dividend of $0.10 was paid in the fourth quarter of fiscal replaced the $500 million share repurchase program
2004, and a quarterly cash dividend has been paid in authorized by our Board of Directors in June 2004.
each subsequent quarter. In the second quarter of fiscal
19