Apple reports US$45 million fourth quarter net loss

Apple today announced financial results for its fiscal 2002 fourth quarter ended September 28, 2002. For the quarter, the Company posted a net loss of $45 million, or $.13 per share. These results compare to a net profit of $66 million, or $.19 per diluted share, in the year-ago quarter. Revenues for the quarter were $1.44 billion, flat with the year ago quarter, and gross margins were 26.4 percent, down from 30.1 percent in the year-ago quarter. International sales accounted for 35 percent of the quarter’s revenues.

The quarter’s results included several non-recurring items: the write-down of certain equity investments totaling $49 million net of tax; a restructuring charge of $4 million net of tax; an in-process R&D charge of $1 million net of tax; and the reversal of a portion of a previous executive compensation expense resulting in a favorable impact of $2 million. Excluding these non-recurring items, the Company’s net profit for the quarter would have been $7 million, or $.02 per share.

Apple shipped 734 thousand Macintosh units during the quarter, down 14 percent from the year-ago quarter.

“Though our industry continues to struggle, we had some bright spots this quarter

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