Apple today posted a net loss of US$8 million, or $.02 per share, for its fiscal 2003 first quarter ended December 28, 2002. These results compare to a net profit of $38 million, or $.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. The quarter’s results included a $17 million after-tax restructuring charge and a $2 million after-tax accounting transition adjustment. Excluding these non-recurring items, Apple’s net profit for the quarter would have been $11 million, or $.03 per share.
