AUSTIN, Texas - (Business Wire) Dell’s strong core assets, along with an expanding product portfolio and capabilities, are positioning the company well to meet customer requirements for information technology, especially in enterprise computing, Michael Dell, chairman and CEO, and Brian Gladden, Dell chief financial officer, told shareholders today at the company’s annual shareholder meeting. Mr. Dell described the company’s focus on enhancing its core business and extending its expertise in delivering enterprise solutions while continuing to drive a consistent and disciplined operating agenda that balances liquidity, profitability and growth. Dell believes it can apply expanded capabilities more efficiently than ever through its new, global business units focused on customer needs in four distinct areas: large enterprises, public institutions, small and medium businesses, and consumers.
Mr. Gladden described how Dell has protected its strong balance sheet and financial flexibility, improved its working capital focus, and significantly reduced its cost structure, while prioritizing profitability. He reiterated Dell’s commitment to reach its target of more than $4 billion in annualized savings by the end of fiscal 2011.
Mr. Gladden also told shareholders that Dell is working to recapture leadership through improved product design and next-generation enterprise solutions, while evaluating investments that shift the company’s portfolio to higher-margin offerings.
In formal business at today’s meeting, shareholders:
- Elected 10 company directors: James W. Breyer; Donald J. Carty; Michael S. Dell; William H. Gray, III; Sallie L. Krawcheck; Judy C. Lewent; Thomas W. Luce, III; Klaus S. Luft; Alex J. Mandl; and, Samuel A. Nunn, Jr.
- Rejected a shareholder proposal regarding reimbursement of certain proxy expenses incurred in connection with a stockholder-proposed director nomination;
- Approved an advisory shareholder proposal to adopt simple majority voting for amending certain provisions of the company’s bylaws; and,
- Ratified PricewaterhouseCooper’s LLP as Dell’s independent auditor for fiscal 2010.
Presentations and other materials for the shareholders’ meeting can be found at: www.dell.com/investors.
About Dell
Dell Inc. (NASDAQ: DELL) listens to customers and delivers innovative technology and services they trust and value. Uniquely enabled by its direct business model, Dell is a leading global systems and services company and No. 33 on the Fortune 500. For more information, visit www.dell.com, or to communicate directly with Dell via a variety of online channels, go to www.dell.com/dellshares. To get Dell news direct, visit www.dell.com/RSS.
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Statements in this press release that relate to future results and events (including statements about our future financial and operating performance, anticipated customer demand, and future cost reductions) are forward-looking statements based on Dell's current expectations. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors, including: weakening global economic conditions and instability in financial markets; our ability to reestablish a cost advantage over our competitors; our ability to generate substantial non-U.S. net revenue; our ability to accurately predict product, customer and geographic sales mix and seasonal sales trends; information technology and manufacturing infrastructure failures and breaches in data security; our ability to effectively manage periodic product transitions; disruptions in component or product availability; our reliance on vendors for quality product components, including reliance on several single-source or limited-source suppliers; our ability to access the capital markets; risks relating to our internal controls; unfavorable results of legal proceedings; our acquisition of other companies; our ability to properly manage the distribution of our products and services; the success of our cost-cutting measures; effective hedging of our exposure to fluctuations in foreign currency exchange rates and interest rates; counterparty default risks; obtaining licenses to intellectual property developed by others on commercially reasonable and competitive terms; our ability to attract, retain and motivate key personnel; loss of government contracts; expiration of tax holidays or favorable tax rate structures; changing environmental laws; and the effect of armed hostilities, terrorism, natural disasters and public health issues. For a discussion of those and other factors affecting our business and prospects, see Dell’s periodic filings with the Securities and Exchange Commission. We assume no obligation to update forward-looking statements.
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