Apple Posts Loss Oct 17, 2002

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Apple Computer Inc. reported its first net loss in nearly 2 years. The Cupertino, CA, U.S.-based company reported a net loss of U.S. $45 million, or $0.13 per share, in its fiscal fourth quarter ended in September, compared with a net profit of $66 million, or $0.19 per diluted share, a year earlier. Revenue was $1.44 billion compared with $1.45 billion a year earlier. Excluding one-time items, Apple posted an operating profit of $0.02 per share, in line with expectations.

Apple took a write-down on certain equity investments of $49 million after taxes in the fourth quarter and also booked an after-tax restructuring charge of $4 million, a $1 million charge on in-process research and development and a gain of $2 million on the reversal of a previous executive compensation expense. The company had last posted a net loss in the final quarter of calendar year 2000, but said it now expects to do better than its rivals in the crucial, year-end season. (Reuters)

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