Apple 1999 Annual Report Download - page 37

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CONSOLIDATED STATEMENTS OF OPERATIONS
(IN MILLIONS, EXCEPT SHARE AND PER SHARE AMOUNTS)
See accompanying notes to consolidated financial statements.
34
THREE FISCAL YEARS ENDED SEPTEMBER 25, 1999 1999 1998 1997
------------------------------------------- -------- -------- ---------
Net sales................................................... $ 6,134 $ 5,941 $ 7,081
Cost of sales............................................... 4,438 4,462 5,713
-------- -------- ---------
Gross margin................................................ 1,696 1,479 1,368
-------- -------- ---------
Operating expenses:
Research and development.................................. 314 303 485
Selling, general, and administrative...................... 996 908 1,286
Special charges:
In-process research and development..................... -- 7 375
Restructuring costs..................................... 27 -- 217
Termination of license agreement........................ -- -- 75
-------- -------- ---------
Total operating expenses.............................. 1,337 1,218 2,438
-------- -------- ---------
Operating income (loss)..................................... 359 261 (1,070)
Gains from sales of investment.............................. 230 40 --
Interest and other income, net.............................. 87 28 25
-------- -------- ---------
Total interest and other income, net........................ 317 68 25
-------- -------- ---------
Income (loss) before provision for income taxes............. 676 329 (1,045)
Provision for income taxes.................................. 75 20 --
-------- -------- ---------
Net income (loss)........................................... $ 601 $ 309 $ (1,045)
======== ======== =========
Earnings (loss) per common share:
Basic..................................................... $ 4.20 $ 2.34 $ (8.29)
Diluted................................................... $ 3.61 $ 2.10 $ (8.29)
Shares used in computing earnings (loss) per share (in
thousands):
Basic..................................................... 143,157 131,974 126,062
Diluted................................................... 174,164 167,917 126,062