Apple 2001 Annual Report Download - page 54

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2000, respectively.
Note 14—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 2001 included after tax net gains related to non
-current investments of
$1 million, $8 million, $4 million, and $41 million, respectively. Net income for the third quarter of 2001 included an after-tax charge for
purchased IPR&D of $8 million associated with the Company's acquisition of PowerSchool. Net income for the first quarter of 2001 includes
an after-tax favorable cumulative-effect-type adjustment for the adoption of SFAS No. 133 of $12 million.
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.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
71
PART III
Item 10. Directors and Executive Officers of the Registrant
Directors
Listed below are the Company's directors whose terms expire at the next annual meeting of shareholders.
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
(Tabular amounts in millions, except per share amounts)
2001
Net sales
$
1,450
$
1,475
$
1,431
$
1,007
Gross margin
$
437
$
434
$
385
$
(21
)
Net income (loss)
$
66
$
61
$
43
$
(195
)
Earnings (loss) per common share:
Basic $
0.19
$
0.17
$
0.12
$
(0.58
)
Diluted $
0.19
$
0.17
$
0.12
$
(0.58
)
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
Name
Position With the Company
Age
Director Since
William V. Campbell
Director
61
1997
Millard S. Drexler
Director
57
1999
Lawrence J. Ellison
Director
57
1997
Steven P. Jobs
Director and Chief Executive Officer
46
1997
Arthur D. Levinson
Director
51
2000
Jerome B. York
Director
63
1997