Printer Friendly

APPLE COMPUTER REPORTS NEW PRODUCT SUCCESS CONTRIBUTES TO INCREASED REVENUES AND EARNINGS

 APPLE COMPUTER REPORTS NEW PRODUCT SUCCESS CONTRIBUTES TO
 INCREASED REVENUES AND EARNINGS
 CUPERTINO, Calif., Jan. 16 /PRNewswire/ -- Apple Computer Inc. (NASDAQ: AAPL) reported today revenues and net income for its first fiscal quarter, which ended Dec. 27, 1991.
 Net revenues for the first quarter of fiscal 1992 were $1.863 billion, an 11.2 percent increase from the $1.676 billion reported in the first quarter of the prior year. Net income for the first quarter was $166.0 million, a 10.3 percent increase from the prior year's first quarter net income of $150.5 million.
 "Strong demand for Apple's new PowerBook computer products contributed to revenue growth and market share gains during our first quarter. Apple shipped well over 100,000 PowerBooks in this first fiscal quarter," said John Sculley, chairman and chief executive officer. "At the same time we have made great strides in managing our financial model. While gross margins have declined significantly from one year ago, operating margins have increased over the same quarter one year ago. During a time of difficult economic and industry challenges, we have sustained momentum for our products, while changing our infrastructure to remain competitive."
 Earnings in the first quarter of fiscal 1992 were $1.36 per share, an increase of 6 percent from the $1.28 per share earned in the first quarter of fiscal 1991. Gross margin was 43.7 percent of sales in the first quarter of fiscal 1992 compared to 51.4 percent of sales in the prior year period.
 In the first quarter of fiscal 1992 international sales were 45 percent of net sales, unchanged from one year ago.
 "During the first quarter, Apple launched six new CPUs and two new printers, as well as a number of networking and communications products," Sculley continued. "We saw immediate acceptance of our PowerBooks in the notebook market where we had not participated before. We extended the price/performance capabilities of our product line with the introduction of the Quadra series, which has been well received.
 "Within our existing products, the Macintosh LC computer in particular continues to be a strong-selling product, with higher than expected education demand. Apple now has the broadest portfolio of products in its history.
 "Both domestic and international businesses contributed to revenue and unit increases during the quarter. Prevailing foreign currency exchange rates, while less favorable than one year ago, have benefited our results as compared to the prior quarter.
 "We have placed a priority on managing our financial model through changes driven by our market share strategy. Our operating expense dollars have declined 12.9 percent as compared to the first quarter one year ago, more than offsetting the reduction in gross margins over that same period. Expense control and cost reduction efforts during this most recent quarter have resulted in the lowest total operating expense ratio as a percentage of sales in over six years of Apple's history.
 "Apple continues to build and diversify opportunities for growth through the introduction of new 'hit' products, and by laying the groundwork for future directions in new technologies and markets. Recently, we have outlined initiatives in consumer electronic markets and for our multimedia technology.
 "The combined effects of the global economic picture, and a competitive industry environment are continuing challenges to which we must respond. We will continue to closely manage our current business, while putting in place plans for future growth opportunities."
 APPLE COMPUTER INC.
 CONSOLIDATED STATEMENTS OF INCOME (Unaudited)


(In thousands, except per
 share amounts) Three Months Ended
 Dec. 27, Dec. 28,
 1991 1990
 Net sales $ 1,862,612 $ 1,675,506
 Costs and expenses:
 Cost of sales 1,049,331 814,862
 Research and development 131,065 140,065
 Selling, general and
 administrative 419,562 492,187
 Total costs and expenses 1,599,958 1,447,114
 Operating income 262,654 228,392
 Interest and other income, net 5,117 14,364
 Income before income taxes 267,771 242,756
 Provision for income taxes 101,753 92,247
 Net income $ 166,018 $ 150,509
 Earnings per common and
 common equivalent share $ 1.36 $ 1.28
 Cash dividends paid per
 common share $ .12 $ .12
 Common and common equivalent
 shares used in the
 calculations of earnings
 per share 122,132 117,925
 APPLE COMPUTER INC.
 CONSOLIDATED BALANCE SHEETS (Unaudited)
 (In thousands) Dec. 27, Dec. 28,
 1991 1990
 Assets
 Current assets:
 Cash and short-term investments $ 988,498 $ 983,714
 Accounts receivable 973,497 853,457
 Inventories 643,347 408,508
 Prepaid income taxes 242,475 141,209
 Other current assets 223,733 157,121
 Total current assets 3,071,550 2,544,009
 Net property, plant, and equipment 456,130 436,252
 Other assets 217,784 176,997
 Total Assets $ 3,745,464 $ 3,157,258
 Liabilities and Shareholders' Equity
 Current liabilities $ 1,270,754 $ 1,072,273
 Deferred income taxes 551,942 539,912
 Shareholders' equity 1,922,768 1,545,073
 Total $ 3,745,464 $ 3,157,258
 Apple, the Apple logo, and Macintosh are registered trademarks and PowerBook is a trademark of Apple Computer Inc.
 -0- 1/16/92
 /CONTACT: Christopher Escher, 408-974-2202, or Mary Ann Cusenza, 408-974-4178, both of Apple Computer Inc./
 (AAPL) CO: Apple Computer Inc. ST: California IN: CPR SU: ERN


RM -- SJ003 -- 0707 01/16/92 16:36 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 16, 1992
Words:882
Previous Article:ALLNET REFUTES NEW YORK DEPARTMENT OF CONSUMER AFFAIRS REPORT
Next Article:ANNE ARUNDEL COUNTY (MD) $65 MILLION G.O. BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
APPLE COMPUTER REPORTS INCREASED REVENUES AND EARNINGS
APPLE COMPUTER REPORTS RECORD REVENUES AND EARNINGS
APPLE COMPUTER REPORTS RECORD $2 BILLION FIRST QUARTER
APPLE COMPUTER INC. REPORTS SECOND QUARTER REVENUES AND EARNINGS
APPLE'S SECOND HALF EARNINGS TO BE LOWER THAN EXPECTED
APPLE COMPUTER REPORTS THIRD QUARTER RESULTS
APPLE COMPUTER INC. REPORTS RECORD REVENUE AND UNIT SHIPMENTS FOR FOURTH FISCAL QUARTER
APPLE COMPUTER ANNOUNCES Q2 EARNINGS; SHIPS 145,000 POWER MACINTOSH COMPUTERS
APPLE Q3 REVENUE AND INCOME RISE
APPLE COMPUTER ANNOUNCES Q3 RESULTS; REVENUES UP 20% EARNINGS BEFORE RESTRUCTURE ADJUSTMENTS UP 67%

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters