Apple Reports Second Quarter Profit of $233 Million
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Apple Reports Second Quarter Profit of $233 Million

Apple Reports Second Quarter Profit of $233 Million

Revenues up 27 percent; Profits up 72 percent

Consolidated Statements

CUPERTINO, California-April 19, 2000-Apple today announced financial
results for its fiscal 2000 second quarter ending April 1, 2000. For the
quarter, the Company posted a net profit of $233 million, or $1.28 per
diluted share. These results compare to a net profit of $135 million, or
$.84 per diluted share, achieved in the year-ago quarter. Revenues for the
quarter were $1.94 billion, up 27 percent from the year-ago quarter, and
gross margins were 28.2 percent, up from 26.3 percent in the year-ago
quarter. International sales accounted for 51 percent of the quarter's
revenues.

The quarter's results included a $73 million after-tax gain from the sale
of 1.5 million shares of ARM Holdings plc., which contributed $.40 to
earnings per diluted share. Without non-recurring items, the Company's net
profit was $160 million, an increase of 72 percent from the year-ago
quarter and earnings per diluted share increased 47 percent from the
year-ago quarter. Sales of 1,043,000 units drove year-over-year unit growth
of 26 percent.

"We are thrilled with the quarter-especially the strong demand for our
PowerMac G4s and new PowerBooks," said Steve Jobs, Apple's CEO. "In
addition, Apple continued to strengthen its leadership in desktop movies
with iMovie for consumers and Final Cut Pro for professionals."

"Strong demand for our professional products combined with superb
operational efficiency resulted in very strong earnings," said Fred
Anderson, Apple's CFO. "Apple finished the quarter with $3.6 billion in
cash and short-term investments."

Apple also announced today that its Board of Directors has approved a
two-for-one split of its common stock. Subject to shareholders approving an
increase in authorized shares at Apple's annual meeting tomorrow, each
shareholder of record at the close of business on May 19, 2000 will receive
one additional share for every outstanding share held on the record date,
and trading will begin on a split-adjusted basis on June 21, 2000.

Apple ignited the personal computer revolution in the 1970s with the Apple
II and reinvented the personal computer in the 1980s with the Macintosh.
Apple is committed to bringing the best personal computing experience to
students, educators, creative professionals and consumers around the world
through its innovative hardware, software and Internet offerings.

Except for the historical information contained herein, the statements in
this press release are forward-looking statements that involve risks and
uncertainties. Potential risks and uncertainties include, without
limitation, continued competitive pressures in the marketplace; the effect
competitive and economic factors and the Company's reaction to them may
have on consumer and business buying decisions with respect to the
Company's products; the ability of the Company to make timely delivery of
new products and successful technological innovations to the marketplace;
the continued availability of certain components and services essential to
the Company's business currently obtained by the Company from sole or
limited sources and the ability of the Company to successfully evolve its
operating system. More information on potential factors that could affect
the Company's financial results is included from time to time in the
Company's public reports filed with the SEC, including the Company's Form
10-K for the 1999 fiscal year, and the Company's Form 10-Q for the quarter
ended April 1, 2000, to be filed with the SEC.

 

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