[MD1] Apple Reports First Fiscal Quarter Results
TweetFollow Us on Twitter

[MD1] Apple Reports First Fiscal Quarter Results

Apple Reports First Fiscal Quarter Results

CUPERTINO, California--Jan. 14, 1998--Apple Computer, Inc. today announced
financial results for its fiscal 1998 first quarter which ended Dec. 26,
1997. For the quarter, the Company generated revenues of $1.6 billion and
unit sales of 635,000. The Company recorded a quarterly net profit of $47
million, resulting in basic and diluted earnings per share of $.37 and
$.33, respectively. Apple recorded a net loss of $161 million, or $(1.26)
per share, in the September quarter, and recorded a net loss of $120
million, or $(.96) per share, in the year-ago quarter.

The Company achieved gross margins of 22 percent during the quarter,
compared to 20 percent in the September quarter and 19 percent in the
year-ago quarter. International sales accounted for 50 percent of the
Company's quarterly revenues.

The profitable results were buoyed by the successful introduction of the
Company's Power Macintosh G3 computers on November 10. Over 133,000 units
of the G3 systems shipped during the quarter, rendering the G3 launch the
most successful in the Company's history. The Company also continued to
drive down operating expenses of a recurring nature to $313 million,
compared to $353 million in the September quarter and $521 million in the
year-ago quarter.

"The December quarter results reflect the benefits of the disciplined focus
that Apple has undertaken in recent months," said Apple interim CEO Steve
Jobs. "We've concentrated on providing the powerful products our customers
want at competitive prices, and we continue to streamline our business and
work with industry partners to facilitate this focus. Returning Apple to
sustainable profitability is the Company's number one objective for fiscal
1998, and we believe we're making great progress toward that goal."

"We're extremely pleased with the quality of the quarter's earnings," said
Apple CFO Fred Anderson. "Not only did we achieve a solid operating profit,
but our improving asset management resulted in positive cash flow from
operations of $143 million."

Apple Computer, Inc. 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 now recommitted to its original mission - to bring
the best personal computing products and support to students, educators,
designers, scientists, engineers, businesspersons and consumers in over 140
countries around the world.

The statements in this release regarding sustainable profitability and
improving asset management are forward looking and subject to risk and
uncertainty, and future results could differ materially from our forecasts.
For a detailed discussion of factors that may affect the Company's
operating results, interested parties should review the Company's SEC
reports, including Apple's Annual Report on Form 10-K for the year ended
September 26, 1997, as well as the Form 10-Q for the quarter ended December
26, 1997, to be filed with the SEC.

Contacts:
Katie Cotton
(408) 974-7269
email: katiec@apple.com

Investor Relations Contact:
Nancy Paxton
(408) 974-5420
email: paxton1@apple.com

------------------------------------------------------------------

APPLE COMPUTER, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollars in millions, except per share amounts)

THREE MONTHS ENDED

December 26, December 27,

1997 1996

Net sales $1,578 $ 2,129

Costs and expenses:

Cost of sales 1,225 1,732

Research and development 79 149

Selling, general and administrative 234 372

1,538 2,253

Operating income (loss) 40 (124)

Interest and other income
(expense), net 7 4

Income (loss) before benefit from
income taxes 47 (120)

Provision (benefit) from income taxes -- --

Net income (loss) $47 $ (120)

==================================================================

Basic earnings (loss)
per common share $0.37 $ (0.96)

==================================================================

Diluted earnings (loss) per common $0.33 $ (0.96)
and common equivalent share

==================================================================

Common shares used in the
calculations of basic
earnings (loss) per share
(in thousands) 127,989 124,532

Common and common equivalent
shares used in the calculations
of diluted earnings (loss) per
share (in thousands) 139,839 124,532

=================================================================

APPLE COMPUTER, INC.
CONSOLIDATED BALANCE SHEETS
ASSETS
(In millions)

December 26, September 26,
1997 1997
(Unaudited)

Current assets:
Cash and cash equivalents $1,193 $1,230
Short-term investments 434 229
Accounts receivable, net of
allowance for doubtful
accounts of $96 ($99 at
September 26, 1997) 902 1,035

Inventories:
Purchased parts 99 141
Work in process 5 15
Finished goods 300 281

404 437

Deferred tax assets 233 259
Other current assets 207 234

Total current assets 3,373 3,424

Property, plant, and equipment:
Land and buildings 402 453
Machinery and equipment 416 460
Office furniture and equipment 100 110
Leasehold improvements 151 172

1,069 1,195

Accumulated depreciation and
amortization (640) (709)

Net property, plant, and equipment 429 486

Other assets 324 323

$4,126 $ 4,233

=================================================================

APPLE COMPUTER, INC.
CONSOLIDATED BALANCE SHEETS (Continued)
LIABILITIES AND SHAREHOLDERS' EQUITY
(Dollars in millions)

December 26, September 26,

1997 1997
(Unaudited)

Current liabilities:

Notes payable to banks $ 24 $ 25
Accounts payable 655 685
Accrued compensation and employee
benefits 92 99
Accrued marketing and
distribution 261 278
Accrued warranty and related 126 128
Accrued restructuring costs 144 180
Other current liabilities 367 423

Total current liabilities 1,669 1,818

Long-term debt 952 951
Deferred tax liabilities 261 264

Shareholders' equity:

Series A non-voting convertible
preferred stock,
no par value; 150,000 shares
authorized, issued and outstanding 150 150

Common stock, no par value;
320,000,000 shares authorized;
128,018,985 shares issued and
outstanding at December 26, 1997
(127,949,220 shares at
September 26, 1997) 499 498
Retained earnings 636 589
Other (41) (37)

Total shareholders' equity 1,244 1,200

$4,126 $ 4,233

 

Community Search:
MacTech Search:

Software Updates via MacUpdate

WhiteCap 6.7.1 - Visual plug-in for iTun...
WhiteCap is a sleek and sophisticated music visualizer and screensaver that features futuristic, wireframe mesh visuals with dynamic backgrounds and colors. WhiteCap contains thousands of visual... Read more
DiskMaker X 6.0 rc5 - Make a bootable OS...
DiskMaker X (was Lion DiskMaker) helps you to build a bootable drive from the official OS X installer app (the one you download from the Mac App Store). It detects the OS X Install program with... Read more
Lyn 1.9 - Lightweight image browser and...
Lyn is a fast, lightweight image browser and viewer designed for photographers, graphic artists, and Web designers. Featuring an extremely versatile and aesthetically pleasing interface, it delivers... Read more
MacFamilyTree 8.2.1 - Create and explore...
MacFamilyTree gives genealogy a facelift: modern, interactive, convenient and fast. Explore your family tree and your family history in a way generations of chroniclers before you would have loved.... Read more
LaunchBar 6.9 - Powerful file/URL/email...
LaunchBar is an award-winning productivity utility that offers an amazingly intuitive and efficient way to search and access any kind of information stored on your computer or on the Web. It provides... Read more
LaunchBar 6.9 - Powerful file/URL/email...
LaunchBar is an award-winning productivity utility that offers an amazingly intuitive and efficient way to search and access any kind of information stored on your computer or on the Web. It provides... Read more
MacFamilyTree 8.2.1 - Create and explore...
MacFamilyTree gives genealogy a facelift: modern, interactive, convenient and fast. Explore your family tree and your family history in a way generations of chroniclers before you would have loved.... Read more
Spotify 1.0.57.474. - Stream music, crea...
Spotify is a streaming music service that gives you on-demand access to millions of songs. Whether you like driving rock, silky R&B, or grandiose classical music, Spotify's massive catalogue puts... Read more
VOX 2.8.26 - Music player that supports...
VOX just sounds better! The beauty is in its simplicity, yet behind the minimal exterior lies a powerful music player with a ton of features and support for all audio formats you should ever need.... Read more
beaTunes 5.0.1 - Organize your music col...
beaTunes is a full-featured music player and organizational tool for music collections. How well organized is your music library? Are your artists always spelled the same way? Any R.E.M. vs REM?... Read more

Latest Forum Discussions

See All

This War of Mine gets a new ending and m...
This War of Mine just got a big new update, featuring free DLC that adds a new ending to the game, among other exciting changes. The update is celebrating the game's two-year release anniversary. Apart from the new ending, which will be quite... | Read more »
Summon eight new heroes in Fire Emblem H...
Nintendo keeps coming at us with Fire Emblem Heroes updates, and it doesn't look like that trend is stopping anytime soon. The folks behind the game have just announced the new War of the Clerics Voting Gauntlet, expected to start next Tuesday. [... | Read more »
The best deals on the App Store this wee...
iOS publishers are pulling out all the stops this week -- there's a huge number of seriously great games at discounted prices this week. Let's not waste any time and get right down to business. [Read more] | Read more »
The House of da Vinci (Games)
The House of da Vinci 1.0.0 Device: iOS Universal Category: Games Price: $4.99, Version: 1.0.0 (iTunes) Description: Enter The House of Da Vinci, a new must-try 3D puzzle adventure game. Solve mechanical puzzles, discover hidden... | Read more »
Solve the disappearance of history’s gre...
Blue Brain Games invites you to indulge in an immersive hands-on 3D puzzle adventure in similar vein to The Room series, with its debut release The House of Da Vinci. Set during the historic period of the Italian Renaissance (when Leonardo himself... | Read more »
Age of Rivals (Games)
Age of Rivals 3.3 Device: iOS Universal Category: Games Price: $.99, Version: 3.3 (iTunes) Description: Deep civilization-building strategy in a fast-paced card game! | Read more »
Panthera Frontier (Games)
Panthera Frontier 1.0 Device: iOS Universal Category: Games Price: $4.99, Version: 1.0 (iTunes) Description: | Read more »
Angry Birds Evolution beginner's gu...
Angry Birds changes things up a fair bit in its latest iteration, Angry Birds Evolution. The familiar sling-shot physics mechanics are still there, but the game now features team-based gameplay, RPG elements, and a new top-down view. With all of... | Read more »
Sega Forever is for the retro game fans
Sega is launching a new retro games service titled Sega Forever, in a move that's sure to delight games enthusiasts with a bit of nostalgia. Sega's releasing five classic games for free. The titles include Sonic the Hedgehog, Phantasy Star II,... | Read more »
The Little Acre (Games)
The Little Acre 1.0 Device: iOS Universal Category: Games Price: $2.99, Version: 1.0 (iTunes) Description: | Read more »

Price Scanner via MacPrices.net

ABBYY TextGrabber 6 for iOS Implements Instan...
ABBYY has announced the release of TextGrabber 6.0.0, an important feature update to the company’s productivity app developed for iOS and Android devices. TextGrabber 6.0 now offers Real-Time... Read more
vPhone, First Smartphone That Can’t Be Lost,...
Austin, Texas based Hypori has introduced the vPhone, a virtual smartphone that affords every business user the benefits of separate work and personal phones, conveniently delivered on a single... Read more
Save this weekend with 2016 refurbished MacBo...
Apple has dropped prices on Certified Refurbished 2016 15″ and 13″ MacBook Pros by as much as $590 off original MSRP. An Apple one-year warranty is included with each model, and shipping is free: -... Read more
New 27-inch 3.4GHz iMac on sale for $1699, sa...
MacMall has the new 2017 27″ 3.4GHz iMac (MNE92LL/A) in stock and on sale for $1699 including free shipping. Their price is $100 off MSRP. Read more
Clearance 2016 MacBook Pros available for up...
B&H Photo has clearance 2016 13″ and 15″ MacBook Pros in stock today and on sale for up to $400 off original MSRP. Shipping is free, and B&H charges NY & NJ sales tax only: - 15″ 2.7GHz... Read more
Apple Ranks 9th In comScore Top 50 U.S. Digit...
comScore, Inc. has released its monthly ranking of U.S. online activity at the top digital media properties for May 2017 based on data from comScore Media Metrix Multi-Platform. * Entity has... Read more
10.5-inch iPad Pros available for up to $20 o...
B&H Photo has the new 2017 10.5″ iPad Pros available for up to $20 off MSRP including free shipping plus NY & NJ sales tax only: - 64GB iPad Pro WiFi: $649 - 256GB iPad Pro WiFi: $749 - 512GB... Read more
Three Off-The-Beaten-Track iOS Apps That Dese...
One of the great things about using iPads and iPhones is the vast selection of apps available for most anything you want or need to do. The three outlined in this article have been in my core app... Read more
Apple No. 1 Spot In Gartner Top 100 Vendors i...
Gartner, Inc. has unveiled the top global 100 vendors in IT in 2016 based on their revenue across IT (excluding communication services) and component market segments. In the Gartner Global Top 100:... Read more
Clearance iMacs available for up to $300 off...
B&H Photo has clearance 21″ and 27″ Apple iMacs available starting at $949, each including free shipping plus NY & NJ sales tax only: - 27″ 3.3GHz iMac 5K: $1999 $300 off original MSRP - 27″... Read more

Jobs Board

*Apple* News Product Marketing Mgr., Publish...
…organizational consensus on strategy and vision for publisher tools, authoring, and Apple News Format.Carries this strategy and vision across the organization to Read more
*Apple* Retail - Multiple Positions - Apple,...
Job Description: Sales Specialist - Retail Customer Service and Sales Transform Apple Store visitors into loyal Apple customers. When customers enter the store, Read more
Security Data Analyst - *Apple* Information...
…data sources need to be collected to allow Information Security to better protect Apple employees and customers from a wide range of threats.Act as the subject matter Read more
Lead *Apple* Solutions Consultant - Apple I...
…integrity, and trust.Success Metrics/Key Performance Indicators:Quantitative* Year over Year growth in Apple Product and Beyond the Box sales in the assigned Point of Read more
*Apple* Solutions Consultant till v%u00E5r...
…ethics, integrity, and trust.Success Metrics/Key Performance Indicators:QuantitativeYear over Year growth in Apple Product and Beyond the Box sales in the assigned Point Read more
All contents are Copyright 1984-2011 by Xplain Corporation. All rights reserved. Theme designed by Icreon.