graphic
News > Companies
Apple reports wider loss
October 15, 1997: 8:09 p.m. ET

Troubled computer maker posts 19 cents a share operating loss
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Trouble-plagued Apple Computer Inc. said Wednesday its net loss for the fiscal fourth quarter exceeded Wall Street's consensus estimates.
     For the quarter ended Sept. 26, the Cupertino, Calif.-based computer maker reported a loss of $161 million, or $1.26 a share, compared with a net profit of $25 million, or 20 cents a share, in the same quarter a year ago.
     Revenue declined 30 percent to $1.6 billion.
     Included in the current quarter's results are a $62 million charge to increase its restructuring reserves, as well as a $75 million write-off related to the company's purchase of the Mac OS license from Power Computing Corp.
     Without the charges, the company's net loss for the quarter would have been $24 million, or 19 cents a share -- still exceeding the 14 cents a share that analysts expected.
     Shares of Apple (AAPL), which rose 1-1/8 to 23-13/16 in Nasdaq trading Wednesday, were dropping in after-hours trading, off 1-3/4 at 22-1/16.
     "We remain focused on our primary goal of returning Apple to sustainable profitability," said Chief Financial Officer Fred Anderson.
     "Our goal for fiscal 1998 is to continue to reduce Apple's break-even point through a combination of further expense reductions and gross margin improvements," Anderson said in a statement.
     The company said it continued to improve its chances of breaking even by reducing recurring operating expenses to $353 million in the fourth quarter, compared to $505 million in the year-ago-quarter and $408 million in the June quarter.
     For the fiscal year ended Sept. 26, revenues were $7.1 billion, a 28 percent decrease from the prior year. The net loss for the year totaled $1 billion, or $8.29 a share, compared with a net loss of $816 million, or $6.59 a share, in fiscal 1996.
     Included in the fiscal 1997 loss were restructuring charges of $217 million as well as $450 million in write-offs related to the acquisition of Next Software Inc. and the purchase of the Mac OS license from Power Computing.Back to top
     -- Robert Liu

  RELATED SITES

Apple Computer


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.