Apple had loss of $53.1 million in latest period; declining profit margins, revamp charges hurt; sales increased just 12%

Article Abstract:

Apple Computer Inc reports a loss of $53.1 million for the fiscal 3rd qtr ended Jun 28, 1991. The net loss for the quarter was 44 cents a share, compared with /earnings of~ 96 cents a share, or $119.8 million, in the 3rd qtr of 1990. The company posted an after-tax charge of $138.9 million, half of which was for downsizing, including layoffs, in the US and Europe. Apple plans to continue its restructuring until approximately Jul 1991 or Jan 1992. Twenty-nine million dollars is set aside to cover costs associated with a trademark infringement lawsuit brought by the Beatles in connection with Apple's name. According to Daniel Benton, an analyst with Goldman, Sachs & Co, Apple went further with charge-offs than industry observers expected. Analysts thought Apple would only report charges associated with the recent firing of 10 percent of its 15,600 employees. What Apple has done, says Benton, reveals a sense of urgency for the computer maker.

Sales, Organization Structure, Reorganization, Profit Margin, Third Quarter, Losses

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Apple reports sharply higher first-period net

Article Abstract:

Apple has reported a net income increase of 21 per cent and revenue growth of 12 per cent as a result of strong sales of the new Macintosh microcomputer line. Sales of Macintoshes have increased as much as 50 per cent since the company restructured the line and cut price in half. The Macintosh Classic is experiencing strong sales, and the company reports that hundreds of thousands are back ordered. The Macintosh LC is also popular, and the company expects a supply shortage. Analysts believe that Apple has achieved a 12 per cent slice of the microcomputer market.

Supply and demand, Computer Industry, Stock, Financial Report, First Quarter, Apple Macintosh Classic (680X0-based system)

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