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Apple Posts Profit of $61 million; Revenue Jumps 30 Percent

Apple Posts Profit of $61 million; Revenue Jumps 30 Percent

by , 5:45 PM EDT, July 14th, 2004

Apple made a profit of US$61 million in the third quarter, or US$0.16 per diluted share. Revenue was just over US$2 billion, up 30 percent from a year ago. Gross margins were up just over a point, to 27.8 percent. Also this quarter the company spent US$6 million in a one-time expenditure toward restructuring. Apple also enjoyed a 14 percent increase in CPU sales and a 183 percent increase in iPod sales over the year-ago quarter. From the press release:

Apple today announced financial results for its fiscal 2004 third quarter ended June 26, 2004. For the quarter, the Company posted a net profit of $61 million, or $.16 per diluted share. These results compare to a net profit of $19 million, or $.05 per diluted share, in the year-ago quarter. Revenue for the quarter was $2.014 billion, up 30 percent from the year-ago quarter. Gross margin was 27.8 percent, up from 27.7 percent in the year-ago quarter. International sales accounted for 39 percent of the quarter’s revenue.

The quarter’s results include an after-tax restructuring charge of $6 million. Excluding this charge, the Company’s net profit for the quarter would have been $67 million, or $.17 per diluted share.

Apple shipped 876 thousand Macintosh® units and 860 thousand iPods during the quarter, representing a 14 percent increase in CPU units and a 183 percent increase in iPods over the year-ago quarter.

“It was an outstanding quarter—our highest third quarter revenue in eight years,” said Steve Jobs, Apple’s CEO. “Our Mac-based revenue grew a healthy 19 percent, and our music-based revenue grew an incredible 162 percent. We’ve got a strong product portfolio, with some amazing new additions coming later this year.”

“We were very pleased with our 30 percent year-over-year revenue growth and our operating margin expansion,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the fourth quarter of fiscal 2004, we expect revenue of about $2.1 billion and earnings per diluted share of $.16 to $.17, including $.01 per diluted share in restructuring charges.”

The analyst conference call replay is available on QuickTime webcast.

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