Apple beats estimates:
APPLE REPORTS FOURTH QUARTER PROFIT OF $106 MILLION
CUPERTINO, Calif., Oct. 14 /PRNewswire/ -- Apple Computer, Inc. (Nasdaq: AAPL) today announced results for the quarter and fiscal year ended September 25, 1998. For the quarter, the Company posted earnings of $106 million, or $.68 per diluted share, compared to a loss of $161 million, or $(1.26) per share, in the prior year quarter. Revenues and gross margins for the quarter were $1.6 billion and 27 percent, respectively, compared to $1.6 billion and 20 percent in the prior year. Unit shipments in the quarter increased 28 percent year-over-year, and ending inventory dropped to $78 million or six days of inventory. "Apple grew faster than the industry this quarter for the first time in nearly five years," said interim CEO Steve Jobs. "Apple is regaining operational excellence -- exiting the quarter with only six days of inventory, surpassing Dell Computer's most recently reported level of eight days." "Apple's financial position continues to get stronger," said CFO Fred Anderson. "Cash and short-term investments rose by over $300 million during the quarter, resulting in an $840 million year-over-year increase -- from $1.46 billion to $2.3 billion."
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