Apple 2000 Annual Report Download - page 64

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 12--SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and
diluted per share information may not equal annual basic and diluted earnings per share.
Net income during the fourth, third, second, and first quarters of 2000 included after tax gains resulting from the sale of shares of the
Company's investment in ARM of $61 million, $37 million, $74 million, and $101 million, respectively. Gains before tax on the sale of ARM
shares are recognized as other income. Net income for the first quarter of 2000 included a net $8 million restructuring charge for the write-off
functions and a $90 million special executive bonus for the Company's Chief Executive Officer for past services in the form of an aircraft.
Net income during the fourth, third, second, and first quarters of 1999 included after tax gains resulting from the sale of shares of the
Company's investment in ARM of $37 million, $89 million, $50 million, and $29 million, respectively. Gains before tax on the sale of ARM
shares are recognized as other income. Net income for the fourth quarter of 1999 included a net $18 million restructuring charge for contract
cancellation charges related to previously outsourced services and previously discontinued business. Net income for the second quarter of 1999
included a $9 million restructuring charge resulting from actions by the Company to improve the flexibility and efficiency of its manufacturing
operations, which included moving final assembly of certain of its products to third-party manufacturers.
61
FOURTH QUARTER THIRD QUARTER SECOND QUARTER FIRST QUARTER
-------------- ------------- -------------- -------------
(TABULAR AMOUNTS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
2000
Net sales................................ $1,870 $1,825 $1,945 $2,343
Gross margin............................. $ 467 $ 543 $ 549 $ 607
Net income............................... $ 170 $ 200 $ 233 $ 183
Earnings per common share:
Basic.................................. $ 0.52 $ 0.62 $ 0.72 $ 0.57
Diluted................................ $ 0.47 $ 0.55 $ 0.64 $ 0.51
1999
Net sales................................ $1,336 $1,558 $1,530 $1,710
Gross margin............................. $ 384 $ 427 $ 403 $ 482
Net income............................... $ 111 $ 203 $ 135 $ 152
Earnings per common share:
Basic.................................. $ 0.35 $ 0.70 $ 0.49 $ 0.56
Diluted................................ $ 0.31 $ 0.60 $ 0.42 $ 0.47