Apple 2006 Annual Report Download - page 48

Download and view the complete annual report

Please find page 48 of the 2006 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.

Page out of 143

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143

The Company has not amended its previously-filed Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q for the periods affected
by this restatement. The financial information that has been previously filed or otherwise reported for these periods is superseded by the
information in this Annual Report on Form 10-K, and the financial statements and related financial information contained in such previously-
filed reports should no longer be relied upon.
Net gains before taxes related to the Company
’s non-current debt and equity investments of $4 million and $10 million were recognized in
2004 and 2003, respectively. A net loss before taxes related to the Company’s non-current debt and equity investments of $42 million was
recognized in 2002. Net charges related to Company restructuring actions of $23 million, $26 million, and $30 million were recognized in
2004, 2003, and 2002, respectively. In 2003, settlement of the Company’s forward stock purchase agreement resulted in a gain of $6 million.
Net income during 2005 benefited by $81 million from the reversal of certain tax contingency reserves and adjustments to net deferred tax
assets, including reductions to valuation allowances. Favorable cumulative-effect type adjustments from the adoption of new accounting
standards, net of taxes of $1 million was recognized in 2003.
(1)
See the “Explanatory Note” immediately preceding Part I, Item 1 and Note 2, “Restatement of Consolidated Financial Statements,” in
Notes to Consolidated Financial Statements of this Form 10-K.
47
Five fiscal years ended September 30, 2006
(In millions, except share and per share amounts)
2006
2005
2004
2003
2002
As
Restated (1)
As
Restated (1)
As
Restated (2)
As
Restated (2)
Net sales
$
19,315
$
13,931
$
8,279
$
6,207
$
5,742
Net income
$
1,989
$
1,328
$
266
$
57
$
42
Earnings per common share:
Basic
$
2.36
$
1.64
$
0.36
$
0.08
$
0.06
Diluted
$
2.27
$
1.55
$
0.34
$
0.08
$
0.06
Cash dividends declared per common share
$
—
$
—
$
—
$
—
$
—
Shares used in computing earnings per share (in
thousands):
Basic
844,058
808,439
743,180
721,262
710,044
Diluted
877,526
856,878
774,776
723,352
721,445
Cash, cash equivalents, and short-term
investments
$
10,110
$
8,261
$
5,464
$
4,566
$
4,337
Total assets
$
17,205
$
11,516
$
8,039
$
6,817
$
6,305
Long-term debt (including current
maturities)
$
—
$
—
$
—
$
304
$
316
Total liabilities
$
7,221
$
4,088
$
2,976
$
2,594
$
2,205
Shareholders
’
equity
$
9,984
$
7,428
$
5,063
$
4,223
$
4,100