Apple Reports Second Quarter Profit of $40 Million
Press release from the issuing company
CUPERTINO, Calif., April 17 -- Apple today announced financial results for its fiscal 2002 second quarter ended March 30, 2002. For the quarter, the Company posted a net profit of $40 million, or $.11 per diluted share. These results compare to a net profit of $43 million, or $.12 per diluted share, in the year ago quarter. Revenues for the quarter were $1.5 billion, up 4 percent from the year ago quarter, and gross margins were 27.4 percent, compared to 26.9 percent in the year ago quarter. International sales accounted for 45 percent of the quarter's revenues.
Apple shipped 813 thousand Macintosh units during the quarter, up 8% from the year ago quarter.
"We've experienced incredible demand for the new flat screen iMac and shipped 220,000 this quarter. Feedback from customers using them has been off the charts -- we've clearly got a winner here," said Steve Jobs, Apple's CEO. "Looking forward, we're making great progress on our transition to Mac OS X, we have some remarkable new products in development, and we plan to open an additional 20 Apple retail stores by the end of this calendar year."
"We're pleased to have delivered solid results while executing a challenging product transition," said Fred Anderson, Apple's CFO. "Our balance sheet remains very strong with $4.3 billion in cash. We are targeting June quarter revenues to be up sequentially to about $1.6 billion and EPS to be flat to up slightly compared with the March quarter."
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