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BBS in a Box 5
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BBS in a Box -Volume V (BBS in a Box) (April 1992).iso
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Apple Q3 '91 Earnings Press
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Apple Q3 '91 Earnings Press Release
MOVED OVER PR NEWSWIRE AT 1:39 PM, PDT, WEDNESDAY, JULY 17, 1991.
Contact:
Christopher Escher
Apple Computer, Inc.
Public Relations
(408) 974-2202
Mary Ann Cusenza
Apple Computer, Inc.
Investor Relations
(408) 974-4178
Apple Computer, Inc. Reports
Third Quarter Results
CUPERTINO, California July 17, 1991 Apple Computer, Inc. reported
today that in its third fiscal quarter unit shipments of its popular
Macintosh personal computers grew by more than 60 percent, and that
net revenues increased by 12 percent, compared to the third quarter a
year ago. Apple also announced that it has taken a one time charge
of $224.0 million, or $138.9 million after tax, for restructuring,
cost reduction, and other activities that are now underway at the
company. As a result of these charges, the company reported a net
loss for the quarter of $53.1 million.
"Apple's market share is growing as we continue to post significant
increases in unit shipments and revenue," said John Sculley, chairman
and chief executive officer. "Now, we are taking important steps to
lower our costs because success in this industry in the future will
depend on increasingly cost effective operations in addition to
technological and market leadership. Our restructuring activities,
and the costs associated with them, while difficult in the short run,
will provide important competitive benefits as we move forward."
Apple's net revenues for the quarter grew to $1.529 billion, compared
with $1.365 billion in the year ago period. International revenues
accounted for 44 percent of total revenues, compared with 42 percent
during the third quarter of fiscal 1990. Gross margin for the
quarter was 45.8 percent compared with 54.0 percent in the year ago
period.
The net loss per share for the quarter was $.44, including $1.16 per
share for restructuring and other expenses. The company reported
earnings per share of $.96 in the third quarter a year ago.
"During the quarter we took a number of actions aimed at positioning
Apple even more competitively for the future," Sculley continued.
"We are reducing our operating expenses as a percentage of sales, and
intend to do even more of this through our restructuring activities.
We announced our intention to work together with IBM on important new
technology initiatives in the areas of enterprise computing, AIX and
A/UX development, object-oriented software platforms, RISC
technology, and multimedia. And, throughout the quarter we
continued to implement important changes in our distribution
channels, including the authorization of high-volume superstores in
the United States.
"The personal computer industry is undergoing fundamental changes
that will shape the global information economy far into this decade.
We are committed to redesigning Apple's infrastructure and financial
model so that they are both sustainable advantages within the
dynamics of this changing industry. While we face a number of
important challenges in the near term--including sluggish industry
demand for all PC's from both European and US business customers, and
a strengthening of the U.S. dollar--we remain focused on our strategy of
gaining market share and becoming a more important player in the
industry."
Apple's restructuring, cost reduction, and other activities will be
implemented on an ongoing basis over the next 12 to 18 months. These
activities include work force reductions, consolidation and
relocation of some distribution and administrative activities, the
elimination of certain leased facilities, and litigation costs
unrelated to the restructuring.
-30-
Apple, the Apple logo and Macintosh are registered trademarks of
Apple Computer, Inc. IBM and AIX are registered trademarks of International
Business Machines Corporation.
APPLE COMPUTER, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per
share amounts) Three Months Ended Nine Months Ended
June 28, June 29, June 28, June 29,
1991 1990 1991 1990
Net sales $ 1,528,604 $ 1,364,760 $ 4,801,788 $ 4,204,345
Costs and expenses:
Cost of sales 828,354 628,188 2,461,823 1,953,988
Research and development151,628 124,171 438,143 345,717
Selling, general and
administrative 413,420 430,160 1,351,683 1,299,470
Restructuring costs
and other 224,043 -- 224,043 33,673
1,617,445 1,182,519 4,475,692 3,632,848
Operating income (loss) (88,841) 182,241 326,096 571,497
Interest and other income,
net 3,268 14,094 42,617 45,586
Income (loss) before
income taxes (85,573) 196,335 368,713 617,083
Income tax provision
(benefit) (32,518) 76,571 140,110 240,664
Net income (loss) $ (53,055) $ 119,764 $ 228,603 $ 376,419
Earnings (loss) per
common and
common equivalent share $ (.44) $ .96 $ 1.91 $ 2.96
Cash dividends paid per
common share $ .12 $ .11 $ .36 $ .33
Common and common equivalent
shares used in the
calculations of earnings
per share 119,820 124,479 119,960 126,978
APPLE COMPUTER, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands) June 28, June 29,
1991 1990
Assets
Current assets:
Cash and short-term investments $ 889,744 $ 1,043,777
Accounts receivable 767,095 705,508
Inventories 733,347 291,914
Prepaid income taxes 205,423 145,546
Other current assets 232,725 152,229
Total current assets 2,828,334 2,338,974
Net property, plant, and equipment 445,136 378,704
Other assets 181,991 171,858
$ 3,455,461 $ 2,889,536
Liabilities and Shareholders' Equity
Current liabilities $ 1,286,811 $ 886,888
Deferred income taxes 502,303 495,801
Shareholders' equity 1,666,347 1,506,847
$ 3,455,461 $ 2,889,536
News Break
News Beat
Apple News Beat
17-Jul-91