Apple 1996 Annual Report Download - page 51

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Selected Quarterly Financial Information (Unaudited)
(Tabular amounts in millions, except per share amounts)
At September 27, 1996, there were 30,008 shareholders of record.
The Company began declaring quarterly cash dividends on its common stock in April 1987. The dividend policy is determined by the Board of
Directors and is dependent on the Company's earnings, capital requirements financial condition and other factors. The Company suspended
paying dividends on its common stock beginning in the second quarter of 1996. The Company anticipates that, for the foreseeable future, it will
retain any earnings for use in the operation of its business.
The price range per common share represents the highest and lowest prices for the Company's common stock on the Nasdaq National Market
during each quarter.
Net income for the fourth quarter of 1996 includes an adjustment to the 1996 restructuring charge that increased income by $28 million. Net
loss for the second quarter of 1996 includes a $616 million charge for the write-
down of certain inventory and related actions, as well as a $207
million restructuring charge. Net income for the third and first quarters of 1995 includes adjustments to the 1993 restructuring charge that
increased income by $6 million and $17 million, respectively.
49
Fourth Third Second First
Quarter Quarter Quarter Quarter
1996
Net sales $2,321 $2,179 $2,185 $3,148
Gross margin $ 511 $ 403 $ (421) $ 475
Net income(loss)$ 25 $ (32) $ (740) $ (69)
Earnings (loss)
per common and
common equivalent
share $ 0.20 $(0.26) $(5.99) $(0.56)
Cash dividends
declared per
common share $ --- $ --- $ --- $ 0.12
Price range per
common share $25.00 -$16.00 $28.88 -$19.63 $35.50 -$23.00 $42.50 -$31.44
1995
Net sales $3,003 $2,575 $2,652 $2,832
Gross margin $ 621 $ 728 $ 695 $ 814
Net income $ 60 $ 103 $ 73 $ 188
Earnings per
common and
common equivalent
share $ 0.48 $ 0.84 $ 0.59 $ 1.55
Cash dividends
declared per
common share $ 0.12 $ 0.12 $ 0.12 $ 0.12
Price range per
common share $49.88-$ 34.69 $50.13-$ 33.63 $48.00 -$ 33.88 $43.75-$ 32.50