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http://www.insanely-great.com/news.php?id=1538
Apple reports small after charges
By ron carlson, Insanely Great Mac
January 15th 2003
The is dead! Long live the Mac! (subtext: Your shares will continue in the toilet, but
keep flaming PC scum)
Apple has announced financial results for its fiscal 2003 first quarter ended Dec 28,
2002. For the quarter, the mothership posted a net loss of $8 million, or $0.02 per
share. These results compare to a net profit of $38 million, or $0.11 per diluted
share, in the year-ago quarter. Revenues for the quarter were $1.47 billion, up 7
percent from the year-ago quarter and gross margins were 27.6 percent, down from 30.7
percent in the year-ago quarter. International sales accounted for 43 percent of the
quarter?s revenues.
The quarter?s results included a $17 million after-tax restructuring charge due
largely to the closure of the company's Singapore factory and a $2 million after-tax
accounting transition adjustment. Excluding these non-recurring items, the Company?s
net profit for the quarter would have been $11 million, or $.03 per share.
Apple shipped 743,000 units during the quarter, about even with the year-ago quarter.
The product line breaks down roughly as follows:
? 298,000 iMacs;
? 58,000 CRT iMacs;
? 106,000 eMacs;
? 134,000 flat-panel iMacs of which the 17-inch model was by far the best seller
? iBook "continues to sell well, stimulated by the aggressive $999 pricing;"
? PowerBook volume back over 100,000 units
? 158,000 units -- "PowerMac sales continue disappoint." The biggest challenge for the
company going forward is getting PowerMac sales back over 200,000 units.
Lastly, Anderson noted several highly encouraging signs coming out of Apple's retail
efforts. These include the fact the same-store sales are in the neighborhood of $13
and that CompUSA locations with Apple-badged (ie trained, supported) sales people saw
sale increase well over 40 percent.
Editor's note: Overall there weren't a lot of surprises here. iPod sales, particularly
the fact that over half were the Windoze model, would perhaps be one exception. Also,
that Apple seems to ahead of the curve vis-a-vis retail given the current bleak
economy looks promising.
As to the Performa-ization of Apple's product line, given the lack of compelling pro
desktops and the growing consumer preference for portables, the expansion of the
notebook line seems in line with announced and forward revenues -- at least to this
punter.
The lack of compelling pro iron is obviously taking its toll and an announcement from
Apple are needed in the 60 to 90 day time frame.
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