Apple Profits, Revenues Rise
UPDATED: Apple on Wednesday said its Q4 profits and revenue climbed on sales of new desktops and consumer devices. The Apple retail stores also made their first profit.Apple Computer Inc. on Wednesday reported its fourth-quarter financials, revealing a net profit of $44 million and revenues of $1.72 billion. This exceeded Apples guidance and represents a dramatic change from the year-ago quarter, when the company posted a net loss of $45 million and revenues of $1.39 billion. Without an after-tax gain of $6 million and $9 million related to stock repurchases, net income would have been $29 million. However, the company said that its net loss of a year ago was largely due to non-recurring items: a restructuring charge of $4 million, an R&D charge of $1 million and a write-down of equity investments costing $49 million (a change in compensation that was worth $2 million toward the black). Without these charges, Apple actually profited $7 million for that quarter of 2002. Chief Financial Officer Fred Anderson said in an analyst briefing that Power Mac desktop sales were 221,00 units, up from "about" 126,000 prior to the introduction of the Power Mac G5. Anderson declined to give a breakdown by SKU "for competitive reasons," but did say that there was "strength at the high end" and that demand for the entry-level Power Mac G4 remained strong.
PowerBook sales were also strong, coming in at 176,000 units. Anderson said that the new 15-inch PowerBook was "well received" and that a softness in iBook sales could be partially the result of "cannibalization" from sales of the 12-inch PowerBook.