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http://www.insanely-great.com/news.php?id=663
Q3 results disappoint
By ron carlson, Insanely Great Mac
July 16th 2002
Apple hit its revised targets for the quarter
Apple has announced financial results for its fiscal 2002 third quarter ended June 29,
2002. For the quarter, the Company posted a net profit of $32 million, or $.09 per
diluted share. These results compare to a net profit of $61 million, or $.17 per
diluted share, in the year ago quarter. Revenues for the quarter were $1.43 billion,
down 3 percent from the year ago quarter, and gross margins were 27.4 percent, down
from 29.4 percent in the year ago quarter. International sales accounted for 42
percent of the quarter''s revenues.
Apple shipped 808,000 Macs during the quarter, down 2 percent from the year ago
quarter.
"Even in this extended worldwide downturn, Apple is continuing to be profitable and
continuing to innovate," said Steve Jobs, Apple''s CEO. "We''re working hard to
attract new customers with our ''Switchers'' advertising campaign and our 31 retail
stores, and we''re continuing to invest in a strong slate of new products, some of
which we''ll talk more about at Macworld New York tomorrow."
"Despite the slowdown in the market, our operational efficiency was excellent," said
Fred Anderson, Apple''s CFO. "Our balance sheet is very strong, with $4.3 billion in
cash, and we achieved a very efficient cash conversion cycle of -36 days. We expect
September quarter revenues to be approximately flat with the June quarter, and expect
a slight profit for the quarter before any non-recurring items."
Those interested in hearing the blow-by-blow details can click here to listen to the
QT archive of the event.
Analysis: We knew it was coming and still it''s disappointing. Pro systems reportedly
contributed 20 percent of the sales shortfall. That PowerMac sales tanked should be no
mystery to anyone -- we''re all waiting for DDR. By what stretch of the imagination
this could be a surprise to Apple?
Poor iMac and PowerBook sales are a surprise given the historic strength of these two
lines at this time. Then again, with the economy down, buyers are looking for superior
value and perhaps 800MHz just doesn''t fit the bill.
Post your comments at:
http://www.insanely-great.com/news.php?id=663
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