Apple announces $32 million profit

Apple announces $32 million profit

Apple Computer has posted a net profit of US$32 million for its fiscal 2002 third quarter ended June 29, 2002.

These results compare to a net profit of $61 million in the year ago quarter. Revenues for the quarter were $1.43 billion, down 3 per cent from the year ago quarter, and gross margins were 27.4 per cent, down from 29.4 per cent in the year ago quarter. International sales accounted for 42 per cent of the quarter's revenues.

Apple shipped 808,000 Macintosh units during the quarter, down 2 per cent from the year ago quarter, according to Apple.

"Even in this extended worldwide downturn, Apple is continuing to be profitable and continuing to innovate," said Steve Jobs, Apple's CEO. "We're working hard to attract new customers with our 'Switchers' advertising campaign and our 31 retail stores, and we're continuing to invest in a strong slate of new products, some of which we'll talk more about at Macworld New York tomorrow."

"Despite the slowdown in the market, our operational efficiency was excellent," said Fred Anderson, Apple's CFO. "Our balance sheet is very strong, with $4.3 billion in cash, and we achieved a very efficient cash conversion cycle of -36 days. We expect September quarter revenues to be approximately flat with the June quarter, and expect a slight profit for the quarter before any non-recurring items."

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