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Apple Reports 1Q Results, Loses $195 Million

Press release from the issuing company

CUPERTINO, California—Apple today announced financial results for its fiscal 2001 first quarter ended December 30, 2000. For the quarter, the Company posted a net loss of $195 million, or $.58 per share. These results compare to a net profit of $183 million, or $.51 per diluted share, achieved in the year ago quarter. Revenues for the quarter were $1 billion, down 57 percent from the year ago quarter, and gross margins were -2.1 percent, compared to 25.9 percent in the year ago quarter. International sales accounted for 49 percent of the quarter’s revenues. The quarter’s results included a $49 million after-tax gain from the sale of 3.8 million shares of ARM Holdings plc. and 1 million shares of Akamai Technologies, Inc. The Company also adopted Statement of Financial Accounting Standards No. 133 during the quarter, resulting in an after tax gain of $12 million from the cumulative effect of the accounting change. In addition, application of SFAS No. 133 resulted in the recognition of a $9 million unrealized after-tax loss related to the Company’s investment in convertible securities of Samsung Electronics Co., Ltd. Without the investment gains and losses and the effect of SFAS No. 133 adoption, the net loss for the quarter would have been $247 million, or $.73 per share. Apple shipped 659 thousand Macintosh units during the quarter. “We took our medicine last quarter and brought our channel inventories back down to about five and a half weeks,” said Steve Jobs, Apple’s CEO. “We’re starting this year with a bang — shipping our new PowerBook G4 in January, our new 733 MHz Power Mac G4 in February, and Mac OS X in March.” “Our cash position remains very strong at over $4 billion, and we are planning a return to sustained profitability beginning this quarter,” said Fred Anderson, Apple’s CFO. “We now expect revenues for FY01 to be about $6 billion.” 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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