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http://www.insanely-great.com/news.php?id=1126
Apple reports Q4 results
By ron carlson, Insanely Great Mac
October 16th 2002
Revenues were flat and volume off 14 percent but excluding 'non-recurring items' does
show a small profit
Apple has announced financial results for its fiscal 2002 fourth quarter ended
September 28, 2002. For the quarter, the Company posted a net loss of $45 million, or
$0.13 per share. These results compare to a net profit of $66 million, or $0.19 per
diluted share, in the year-ago quarter. Revenues for the quarter were $1.44 billion,
flat with the year ago quarter, and gross margins were 26.4 percent, down from 30.1
percent in the year-ago quarter. International sales accounted for 35 percent of the
quarter�s revenues.
The quarter�s results included several non-recurring items: the write-down of certain
equity investments totaling $49 million net of tax; a restructuring charge of $4
million net of tax; an in-process R&D charge of $1 million net of tax; and the
reversal of a portion of a previous executive compensation expense resulting in a
favorable impact of $2 million. Excluding these non-recurring items, the Company�s net
profit for the quarter would have been $7 million, or $0.02 per share.
Apple shipped 734,000 Macintosh units during the quarter, down 14 percent from the
year-ago quarter.
�Though our industry continues to struggle, we had some bright spots this quarter�Mac
OS X v10.2 Jaguar is a big hit and on track to have 5 million users by the end of this
year, our �Switchers� campaign is very well received and is attracting a lot of new
customers, and our retail stores sold over $100 million and hosted 2.25 million
visitors this quarter,� said Steve Jobs, CEO. �Looking forward, we do not expect our
industry to pick up anytime soon, though we�re hoping to help put a lot of iPods,
iMacs and iBooks under trees this holiday season. With the stability of our rock-solid
balance sheet, Apple will continue to invest through this downturn to create the
industry�s most innovative products and best buying experience.�
�We were extremely pleased with our ability to achieve our revenue target for the
fourth quarter while reducing channel inventory to a normal level,� said Fred
Anderson, CFO. �Continued strong asset management enabled us to maintain a solid
balance sheet with over $4.3 billion in cash. Looking ahead to the first quarter of
2003, we expect revenue to be up slightly from the September quarter and expect a
slight profit for the quarter before non-recurring items.�
For the year, the company reported net earnings of $65 million on revenues of $5.74
billion, compared to a net loss of $25 million on revenues of $5.36 billion in 2001.
Apple has provided live streaming of its Q4 2002 financial results conference call --
requires QT 6 -- which is available here.
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