Apple 1997 Annual Report Download - page 30
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Please find page 30 of the 1997 Apple annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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1998. No assurance can be given that the $25 million in short-term borrowings from banks can be continued, or that any additional required
financing could be obtained should the restructuring plan take longer to implement than anticipated or be unsuccessful. If the Company is
unable to obtain such financing, its liquidity, results of operations, and financial condition would be materially adversely affected.
The Internal Revenue Service ("IRS") has proposed federal income tax deficiencies for the years 1984 through 1991, and the Company has
made certain prepayments thereon. The Company contested the proposed deficiencies by filing petitions with the U.S. Tax Court, and most of
the issues in dispute have now been resolved. On June 30, 1997, the IRS proposed income tax adjustments for the years 1992 through 1994.
Although a substantial number of the issues for these years have been resolved, certain issues still remain in dispute and are being contested by
the Company. Management believes that adequate provision has been made for any adjustments that may result from tax examinations.
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