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Technology Stocks : Apple Inc.

AAPL 273.67

+0.6%

3:59 PM EST

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To: Marc Newman who wrote (22335)	1/13/1999 9:20:00 PM
From: Jonathan Bird	Read Replies (3) of 213177

My guess is that Apple decided to not count 10 or 20 K rev B iMacs that are in the channel, saving them for this quarter. It is my understanding that falsifying financial statements in this way would be illegal. Perhaps not something you should guess about. 20K revB iMac would only make a pennies difference anyway. The two days of inventory number sounds amazing, but in my opinion it is misleading. I surmise that the reason inventories were so low at the end of the qtr was because apple had run out of the old G3s a week or so beforehand. I can't imagine they could ever sustain efficient operations with two days of inventory on a regular basis. The bad part about reporting this artificial number is that next time they report it's gonna look like things got worse, when really it was just an irregularity due to product transitioning. Jon Bird

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