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Apple posts net loss of $8 million

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Apple today announced financial results for its first quarter of fiscal 2003, ended December 28, 2002.The company posted a net loss of $8 million, or $.02 per share, on $1.47 billion in revenues. Revenues were up seven percent from the year-ago quarter, while profit was down $46 million. Excluding $17 million in restructuring costs and $2 million in other non-recurring charges, the company made a net profit of $11 million, or $.03 per share.

Gross margins were 27.6 percent, down from 30.7 percent in the year-ago quarter. International sales accounted for 43 percent of the quarter's revenues.

Apple had $443 million in operating costs, and also saw expenses following the closure of a Singapore facility, and expenses related to PowerSchool. Operating costs were down slightly compared to the previous quarter.

The company will not practice "short-term profit maximization," and will instead continue investing in research and development throughout the market downturn. Apple hopes to leave the downturn with very strong products, and be "positioned for growth" during an economic rebound.

View: Full Story - Apple Reports First Quarter 2003 Results

News source: MacNN

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