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Apple Reports Third Quarter Profit of $61 Million, Down 70%

Press release from the issuing company

CUPERTINO, Calif., July 17 - Apple today announced financial results for its fiscal 2001 third quarter ended June 30, 2001. For the quarter, the Company posted a net profit of $61 million, or $.17 per diluted share. These results compare to a net profit of $200 million, or $.55 per diluted share, achieved in the year ago quarter. Revenues for the quarter were $1.475 billion, down 19 percent from the year ago quarter, and gross margins were 29.4 percent, compared to 29.8 percent in the year ago quarter. International sales accounted for 44 percent of the quarter's revenues. The quarter's results included a $7 million favorable after-tax impact resulting from net equity investment gains, offset by an after-tax charge of $7 million related to the purchase of in-process research and development associated with the acquisition of PowerSchool, Inc. These non-recurring items had a net neutral impact on the reported results. Apple shipped 827 thousand Macintosh units during the quarter. "We had a great education quarter, with significant year over year growth, and a great iBook quarter, shipping over 182,000 of our new wildly popular consumer and education notebooks,'' said Steve Jobs, Apple's CEO. "Perhaps the most strategic event of the quarter was the launching of Apple Retail Stores, with the very successful openings of our first two stores, and plans to open 23 more in 2001.'' "We're delivering solid profitability while maintaining lean channel inventories in a weak economic environment,'' said Fred Anderson, Apple's CFO. "Our balance sheet remains very strong, with over $4.2 billion in cash, and we are targeting a slight sequential increase in revenues and earnings per share in the September quarter.'' 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. Apple will provide live streaming of its Q3 2001 financial results conference call utilizing QuickTime(TM), Apple's standards-based technology for live and on-demand audio and video streaming. The live webcast will begin at 2 p.m. PDT on Tuesday, July 17, 2001 at http://www.apple.com/quicktime/qtv/earningsq301/ and will also be available for replay. The QuickTime player is available free for Macintosh and Windows users at www.apple.com/quicktime .

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