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Apple Reports Third Quarter Profit of $61 Million

Apple Reports Third Quarter Profit of $61 Million

CUPERTINO, California-July 17, 2001-Apple today announced financial
results for its fiscal 2001 third quarter ended June 30, 2001. For the
quarter, the Company posted a net profit of $61 million, or $.17 per
diluted share. These results compare to a net profit of $200 million, or
$.55 per diluted share, achieved in the year ago quarter. Revenues for the
quarter were $1.475 billion, down 19 percent from the year ago quarter, and
gross margins were 29.4 percent, compared to 29.8 percent in the year ago
quarter. International sales accounted for 44 percent of the quarter’s

The quarter’s results included a $7 million favorable after-tax impact
resulting from net equity investment gains, offset by an after-tax charge
of $7 million related to the purchase of in-process research and
development associated with the acquisition of PowerSchool, Inc. These
non-recurring items had a net neutral impact on the reported results.

Apple shipped 827 thousand Macintosh units during the quarter.

“”””””””We had a great education quarter, with significant year over year growth,
and a great iBook quarter, shipping over 182,000 of our new wildly popular
consumer and education notebooks,”””””””” said Steve Jobs, Apple’s CEO. “”””””””Perhaps
the most strategic event of the quarter was the launching of Apple Retail
Stores, with the very successful openings of our first two stores, and
plans to open 23 more in 2001.””””””””

“”””””””We’re delivering solid profitability while maintaining lean channel
inventories in a weak economic environment,”””””””” said Fred Anderson, Apple’s
CFO. “”””””””Our balance sheet remains very strong, with over $4.2 billion in
cash, and we are targeting a slight sequential increase in revenues and
earnings per share in the September quarter.””””””””

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.

Apple will provide live streaming of its Q3 2001 financial results
conference call utilizing QuickTime, Apple’s standards-based technology
for live and on-demand audio and video streaming. The live webcast will
begin at 2 p.m. PDT on Tuesday, July 17, 2001 at and will also be available
for replay. The QuickTime player is available free for Macintosh and
Windows users at

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 programs, 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 2000 fiscal year, and the Company’s Form 10-Q for the
quarter ended June 30, 2001, to be filed with the SEC.

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