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Apple Reports Q4 Results; Returns to Profit, Sales up 19%

Thursday, October 16, 2003

Press release from the issuing company

CUPERTINO, Calif., Oct. 15 -- Apple today announced financial results for its fiscal 2003 fourth quarter ended September 27, 2003. For the quarter, the Company posted a net profit of $44 million, or $.12 per diluted share. These results compare to a net loss of $45 million, or $.13 per diluted share, in the year-ago quarter. Revenues for the quarter were $1.715 billion, up 19 percent from the year-ago quarter, and gross margins were 26.6 percent, up from 26.4 percent in the year-ago quarter. International sales accounted for 38 percent of the quarter's revenues. The quarter's results include an after-tax investment gain of $6 million, a favorable accounting transition adjustment of $3 million related to Apple's stock repurchase agreement, and a gain on settlement of the stock repurchase agreement of $6 million. Without these items, net income would have been $29 million, or $.08 per share. Management believes that presentation of results excluding these items provides meaningful supplemental information regarding the Company's operational performance. Apple shipped 787 thousand Macintosh units during the quarter, up 7 percent from the year-ago quarter, as well as 336 thousand iPod units, up 140 percent from the year-ago quarter. "It was a great new product quarter for Apple," said Steve Jobs, Apple's CEO. "We launched the Power Mac G5, the fastest personal computer in the world, new PowerBooks and new iPods. Plus, we're delivering Panther, the next major release of Mac OS X, later this month and we'll have some exciting news regarding our music efforts tomorrow." "We are very pleased to have exceeded our revenue and profit targets for the fourth quarter," said Fred Anderson, Apple's CFO. "Our balance sheet remains strong and our working capital management is among the best in the industry. Looking ahead to the first quarter of fiscal 2004, we expect a sequential increase in revenues to about $1.9 billion and a slight sequential increase in GAAP earnings relative to the September quarter." For the year, the Company reported net income of $69 million on revenues of $6.21 billion compared to net income of $65 million on revenues of $5.74 billion in 2002. Apple ignited the personal computer revolution in the 1970s with the Apple II and reinvented the personal computer in the 1980s with the Macintosh. Apple is committed to bringing the best personal computing experience to students, educators, creative professionals and consumers around the world through its innovative hardware, software and Internet offerings.




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