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BBS in a Box - Macintosh - Volume VII (BBS in a Box) (January 1993).iso
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Apple Reports Q1 92 Earnings
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1992-01-21
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Apple Reports Q1 92 Earnings
MOVED OVER PR NEWSWIRE AT 1:35 PM, PST, THURSDAY, JANUARY 16, 1992.
Contact:
Christopher Escher
Apple Computer, Inc.
Public Relations
(408) 974-2202
Mary Ann Cusenza
Apple Computer, Inc.
Investor Relations
(408) 974-4178
Apple Computer Reports New Product Success Contributes to
Increased Revenues and Earnings
CUPERTINO, California--January 16, 1992--Apple Computer, Inc.
reported today revenues and net income for its first fiscal quarter,
which ended December 27, 1991.
Net revenues for the first quarter of fiscal 1992 were $1.863
billion, an 11.2 percent increase from the $1.676 billion reported in
the first quarter of the prior year. Net income for the first
quarter was $166.0 million, a 10.3 percent increase from the prior
year's first quarter net income of $150.5 million.
"Strong demand for Apple's new PowerBook computer products
contributed to revenue growth and market share gains during our first
quarter. Apple shipped well over 100,000 PowerBooks in this first
fiscal quarter," said John Sculley, chairman and chief executive
officer. "At the same time we have made great strides in managing
our financial model. While gross margins have declined significantly
from one year ago, operating margins have increased over the same
quarter one year ago. During a time of difficult economic and
industry challenges, we have sustained momentum for our products,
while changing our infrastructure to remain competitive."
Earnings in the first quarter of fiscal 1992 were $1.36 per share, an
increase of 6 percent from the $1.28 per share earned in the first
quarter of fiscal 1991. Gross margin was 43.7 percent of sales in
the first quarter of fiscal 1992 compared to 51.4 percent of sales in
the prior year period.
In the first quarter of fiscal 1992 international sales were 45
percent of net sales, unchanged from one year ago.
"During the first quarter, Apple launched six new CPU's and two new
printers, as well as a number of networking and communications
products," Sculley continued. "We saw immediate acceptance of our
PowerBooks in the notebook market where we had not participated
before. We extended the price/performance capabilities of our
product line with the introduction of the Quadra series, which has
been well received.
"Within our existing products, the Macintosh LC computer in
particular continues to be a strong- selling product, with higher
than expected education demand. Apple now has the broadest portfolio
of products in its history.
"Both domestic and international businesses contributed to revenue
and unit increases during the quarter. Prevailing foreign currency
exchange rates, while less favorable than one year ago, have
benefited our results as compared to the prior quarter.
"We have placed a priority on managing our financial model through
changes driven by our market share strategy. Our operating expense
dollars have declined 12.9 percent as compared to the first quarter
one year ago, more than offsetting the reduction in gross margins
over that same period. Expense control and cost reduction efforts
during this most recent quarter have resulted in the lowest total
operating expense ratio as a percentage of sales in over six years of
Apple's history.
"Apple continues to build and diversify opportunities for growth
through the introduction of new 'hit' products, and by laying the
groundwork for future directions in new technologies and markets.
Recently, we have outlined initiatives in consumer electronic markets
and for our multimedia technology.
"The combined effects of the global economic picture, and a
competitive industry environment are continuing challenges to which
we must respond. We will continue to closely manage our current
business, while putting in place plans for future growth
opportunities."
Apple, the Apple logo, and Macintosh are registered trademarks and
PowerBook is a trademark of Apple Computer, Inc.
APPLE COMPUTER, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In thousands, except per
share amounts) Three Months Ended
December 27, December 28,
1991 1990
Net sales $ 1,862,612 $ 1,675,506
Costs and expenses:
Cost of sales 1,049,331 814,862
Research and development 131,065 140,065
Selling, general and
administrative 419,562 492,187
1,599,958 1,447,114
Operating income 262,654 228,392
Interest and other income, net 5,117 14,364
Income before income taxes 267,771 242,756
Provision for income taxes 101,753 92,247
Net income $ 166,018 $ 150,509
Earnings per common and
common equivalent share $ 1.36 $ 1.28
Cash dividends paid per
common share $ .12 $ .12
Common and common equivalent
shares used in the
calculations of earnings
per share 122,132 117,925
APPLE COMPUTER, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands) December 27, December 28,
1991 1990
Assets
Current assets:
Cash and short-term investments $ 988,498 $ 983,714
Accounts receivable 973,497 853,457
Inventories 643,347 408,508
Prepaid income taxes 242,475 141,209
Other current assets 223,733 157,121
Total current assets 3,071,550 2,544,009
Net property, plant, and equipment 456,130 436,252
Other assets 217,784 176,997
$ 3,745,464 $ 3,157,258
Liabilities and Shareholders' Equity
Current liabilities $ 1,270,754 $ 1,072,273
Deferred income taxes 551,942 539,912
Shareholders' equity 1,922,768 1,545,073
$ 3,745,464 $ 3,157,258
END
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