Dell: Key Priorities, Increased Competitiveness Accelerating Growth
* Dell Continues To Grow Units Faster Than the Industry
Dell’s enhanced product portfolio and competitiveness are driving renewed growth worldwide, Michael Dell, chairman and CEO, and Brian Gladden, Dell chief financial officer, told shareholders today at the company’s annual shareholder meeting.
Mr. Dell reviewed progress the company is making in its five growth priorities, including, the fastest growth in the industry during Q1 in consumer units and becoming the No. 1 choice of consumers for desktops and laptops in a survey by the Frost & Sullivan analyst firm; growth worldwide in notebooks; industry-leading growth in servers and storage products for data centers; 58 percent revenue growth year over year in the fiscal first quarter in emerging countries; and, the most shipments of desktops, laptops and servers to small and medium businesses globally in a single quarter of Dell’s history.
“Preliminary industry data shows we continue to grow units faster than the industry in the second calendar quarter,” Mr. Dell said. “Renewed product innovation and leadership with all products and services have accelerated our growth across the world. From the desktop to the datacenter, from consumers to our biggest corporate customers, we are listening and positioning Dell to win as the next billion people come online in the Connected Era.”
Mr. Gladden told shareholders that Dell also continues to improve its cost competitiveness as it works toward a target of $3 billion in annualized savings by the end of fiscal 2011.
“Operationally, our focus remains on growing faster than the industry; increasing revenue, profitability and cash flow,” Mr. Gladden said.
“Over the past four quarters, we have generated $4.2 billion in cash flow from operations; $3.4 billion in operating income; and, $62.5 billion in revenue. Going forward, we are committed to driving liquidity, profitability and growth and we believe we are making decisions that will deliver the best long-term results and greatest shareholder value.”
In formal business at today’s meeting, shareholders:
* Re-elected 11 company directors: Donald J. Carty; Michael S. Dell; William H. Gray, III; Sallie L. Krawcheck; Alan (A.G.) Lafley; Judy C. Lewent; Thomas W. Luce, III; Klaus S. Luft; Alex J. Mandl; Michael A. Miles; and, Samuel A. Nunn, Jr.
* Rejected a shareholder proposal regarding reimbursement of proxy expenses;
* Rejected a shareholder proposal regarding an advisory vote on executive compensation;
* Approved a proposal regarding an executive annual incentive bonus plan; and,
* Ratified PricewaterhouseCooper’s LLP as Dell’s independent auditor for fiscal 2009.
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