Apple Computer now a debt-free company

Apple CEO Steve Jobs today sent out a letter to Apple employees:

Team,

Today is a historic day of sorts for our company. When I arrived back at Apple in mid-1997, the company was burdened with $1 billion of debt. Through everyone’s hard work we turned Apple around, paid off the majority of our debt and began to amass a war chest of cash in the bank which has grown to about $4.8 billion! But there was still $300 million of remaining debt, which we decided to hold to maturity.

Today we used $300 million of our cash to pay off this remaining debt.

Apple is now a debt-free company

33 Comments

  1. Okay, celebration over.

    Now use about $500,000,000 to advertise Macs so that people wil buy it.
    Do Infomerciels, show how the prodcut works.
    Do spots on prime time Tv showing the UI.
    Sponsor a corporate switch over (200 computers + 10-20 servers)
    R&D a Ioffice and get some enterprise software out there.
    Buy out a Game Company and bring some games to Mac fast.

    All this will bring more ppl to the mac

    just my thoughts

  2. Now I wonder who is doing well in the computer business…. Apple or ack! Dell… Hmm Debt free vs. laying off jobs, crappy mp3 player, TV’s now? whats next are most other manufacturers goin to bust into refrigerators?

  3. I’m sure if Steve chose to he could easily be the democratic front runner… and be a wonderful father to rageous’ children at the same time –after all, he IS a proven multi-tasker…

  4. Not even Steve can save USA. Bush has collapsed the economy so badly. Goverments debt is huge amount of billions of $’s. Going down fast.

    So it is better that Steve does not run for President.
    Let Kerry take care of Bush.

  5. Drop the Bush bashing. If you don’t understand economics, you might try to blame him, but he didn’t cause the market to fall.

    1. Stock market corrections began Mid 2000, Clinton was still in office.
    2. Companies cut back cause the market and their investments shrunk.
    3. Companies become unable to hide their losses, and go bankrupt.
    4. Companies have less money, and need to lay people off to stay afloat.
    5. Many out of jobs, and wont work in another field while the economy recovers.
    6. Economy recovers.
    7. Companies have more money, pay off debts, and start to hire more people.
    8. People have Jobs, and give credit to next president for saving the country.

    This is how it works. There are jobs out there, its just to many feel they are better, and wont take a lower paying job till one becomes available in their field of experience. I look in the paper, and there are jobs, heck I found my current job during the recession, and I make more at it than I did at my last place. The positions are there, you just have to be better, faster, and smarter than the competition. No free rides for the slacker in a recession.

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