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Technology Stocks : Apple Inc.

AAPL 273.40

-0.1%

Dec 26 9:30 AM EST

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To: Alomex who wrote (14169)	5/30/1998 3:25:00 PM
From: Kurt Starnes	Read Replies (3) of 213177

Sorry about my quick conclusion that the answer was as simple as the "Cash and Capital ..." Statement in the 10Q. I apologize. I have again studied the Balance Sheets from 10/16/97 as well as 3/27/98. I am not an accountant by a long shot, so keep that in mind. What I see is a company changing its financial structure and way of doing business. Starting at the top of the balance sheet, Cash (and all equivalents) is up $196M. Accounts receivable have been reduced $95M (with a $96M allowance). With the new leaner BTO approach AAPL has greatly reduced inventories by $147M from the last quarter. This represents a reduction in Current Assets as well, yes? If AAPL's goal is to become a 'just in time' box maker, wouldn't it make sense that assets like receivables and inventory should be reduced? Isn't the last iteration of the DELL model zero inventory and zero receivables? From 12/26/97 to 3/27/98 (in millions$) Total Current Assets: (160) PP&E: (38) AcmDpr&Amot: 24 Other Assets: 11 ------------------------------------------ Total Current Liabilities: (285) Long Term Debt: (22) Shareholders Equity: 144 Including Deferred tax liabilities. I just fail to see where the concern is? Maybe I have been staring too long into the new white PB logo? It seems like AAPL is trying to do business differently, and that the drop in assets is attributable to a transition to a different model. Just my 4-pence. Rah Rah, GO AAPL! Kurt P.S.: Is there a suggestion that AAPL is up to some creative accounting?

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