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Apple Reports Fourth Quarter Results, Profits Fall 61%

Press release from the issuing company

CUPERTINO, Calif., Oct. 17 -- Apple today announced financial results for its fiscal 2001 fourth quarter ended September 29, 2001. For the quarter, the Company posted a net profit of $66 million, or $.19 per diluted share. These results compare to a net profit of $170 million, or $.47 per diluted share, achieved in the year ago quarter. Revenues for the quarter were $1.45 billion, down 22 percent from the year ago quarter, and gross margins were 30.1 percent, compared to 25.0 percent in the year ago quarter. International sales accounted for 41 percent of the quarter's revenues. The quarter's results included a $1 million favorable after-tax impact resulting from realized investment gains. Excluding these gains, the Company's net profit for the quarter would have been $65 million, or $.18 per diluted share. Apple shipped 850 thousand Macintosh units during the quarter. "We accomplished a lot in FY 2001, even though it was a challenging year for us and our industry,'' said Steve Jobs, Apple's CEO. "We gained market share in education, and iBook sales to education tripled last quarter; we launched Mac OS X, and released the stunningly fast 10.1 update in September; we opened our first Apple retail stores, and are on track to open 25 stores across the U.S. by the end of 2001.'' "We're pleased to have delivered solid results while maintaining lean channel inventories in a very challenging environment,'' said Fred Anderson, Apple's CFO. "Our balance sheet remains very strong, with over $4.3 billion in cash. Given the uncertain global political environment and weak economy, we are targeting December quarter revenues of at least $1.4 billion and EPS of at least $.10.'' For the year, the Company reported a net loss of $25 million on revenues of $5.36 billion, compared to net earnings of $786 million on $7.98 billion in revenues in 2000. 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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