Apple Reports First Quarter Results
Jan 16, 2003
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Apple Computer, based in Cupertino, CA, U.S., yesterday said it posted a net loss of $8 million, or U.S. $0.02 per share, for its fiscal 2003 first quarter that ended December 28, 2002. These results compare to a net profit of $38 million, or $0.11 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. International sales accounted for 43 percent of the quarter's revenues.

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, the Company's net profit for the quarter would have been $11 million, or $0.03 per share.

Apple shipped 743,000 Macintosh® units during the quarter, about even with the year-ago quarter.

"We have a very strong new product pipeline for 2003, which we kicked off by introducing the two most advanced notebook computers in the industry last week at Macworld," said Steve Jobs, Apple's CEO. "We're going to keep investing through this downturn and continue to move our products and distribution channels ever further ahead of our competitors, so that when the economy rebounds we will be positioned for growth."

"We were extremely pleased with our ability to achieve our revenue target for the first quarter while reducing channel inventories by 11 percent within the quarter," said Fred Anderson, Apple's CFO. "Continued strong asset management enabled us to increase cash to over $4.4 billion. Looking ahead to the second quarter of 2003, we expect revenue to be relatively flat with the December quarter, and expect a slight profit for the quarter."

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