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Ruettgers Addresses Record Gathering At Annual Meeting of
Stockholders
HOPKINTON, Mass.--(BUSINESS WIRE)--May 6, 1999--EMC Corporation (NYSE:EMC - news) today
announced implementation of a previously approved two-for-one stock split in the form of a 100% stock
dividend. At the Company's Annual Meeting of Stockholders, held on Wednesday, May 5, 1999, EMC
stockholders approved an increase in the number of shares of authorized common stock to enable EMC to
effect the split. The record date for the stock split will be May 14, 1999, and the distribution date will be May 28,
1999. Upon completion of the stock split, which was approved by the EMC Board of Directors and announced
in February, the number of shares of EMC common stock outstanding will be approximately 1,012,000,000
shares.
Addressing the largest audience that has ever assembled for an EMC Stockholders' Meeting, EMC President
and CEO Michael C. Ruettgers told stockholders, ''The opportunity for EMC Enterprise Storage just keeps
expanding. Every day, customers collect more information -- information they have to be able to store safely
and access quickly. Every minute the Internet grows bigger as more Web pages are created, more business is
transacted, and more digital fingerprints are left by Web visitors. If it's on-line today, it is increasingly on-EMC.
And there's no end in sight to this proliferating information. For example, we expect our customers to be
storing, on average, 12 times as much data in the year 2001 as they did in 1998.''
''Four years ago, we created open, intelligent enterprise storage systems that can gather data simultaneously
from mainframe, Unix and Windows NT systems, and make this information immediately accessible to users,''
Ruettgers continued. ''That's a capability that remains unmatched. On March 1, we extended the reach of our
core storage technology with the EMC Enterprise Storage Network, giving us a passport to consolidate all of
our customers' information. The accelerating growth of information, the expanding reach of our technology, and
the widening gap between EMC and the competition make us increasingly confident that we will attain our
corporate goal of $10 billion in revenue by the year 2001.''
The stock split will 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 36,000 shares after
the upcoming split, valued at $1,728,000 (based on the May 5, 1999, closing price as adjusted for the split). |
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