Apple Is Back In The Black, Posts $61 Million Profit

After taking a pounding for the last couple of quarters, largely for the failure of the Cube and the dwindling interest in the current iMac, Apple posted a $61 million profit for the past quarter. That profit amounts to $.17 cents/diluted share, strong results in a generally slow personal computer industry. According to Apple:

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 quarteris revenues.

The quarteris 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, Appleis 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."

"Weire delivering solid profitability while maintaining lean channel inventories in a weak economic environment," said Fred Anderson, Appleis 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."

We expect more information on sales and especially the performance of the retail Apple Stores during tomorrowis MACWORLD keynote. Stay tuned to The Mac Observer for full analysis of todayis financial announcements.

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