Apple Pulls In $203 Million
Apple Computer announced a $203 million profit for its third fiscal quarter of 1999. The quarterly results include a one-time $89 million gain from continued sales of Arm Holdings plc; without this, Apple’s profit would have been $114 million for the quarter. According to Apple, unit growth is 40 percent higher than at this time a year ago, propelled by strong sales of iMac systems into consumer and education markets; approximately 45 percent of Apple’s sales are to international markets. Currently, Apple is operating with less than one day of inventory and a cash balance of over $3.1 billion, and the company’s profit margin continues to improve, rising to 27.4 percent this quarter. These results mark Apple’s seventh consecutive profitable quarter, and Apple’s stock price has recently been over $50 per share. Apple also announced plans to repurchase up to $500 million of its common stock.