Apple 2008 Annual Report Download - page 39

Table of Contents
Item 6. Selected Financial Data
The information set forth below for the five fiscal years ended September 27, 2008, is not necessarily indicative of results of future operations,
and should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and
the Consolidated Financial Statements and related notes thereto included in Item 8 of this Form 10-K to fully understand factors that may affect
the comparability of the information presented below (in millions, except share amounts which are reflected in thousands and per share
amounts).
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This section and other parts of this Form 10-K contain forward-looking statements that involve risks and uncertainties. Forward-looking
statements can also be identified by words such as “anticipates,” “expects,” “believes,” “plans,” “predicts,” and similar terms. Forward-
looking statements are not guarantees of future performance and the Company’
s actual results may differ significantly from the results discussed
in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in the subsection
entitled “Risk Factors” above, which are incorporated herein by reference. The following discussion should be read in conjunction with the
consolidated financial statements and notes thereto included in Item 8 of this Form 10-K. All information presented herein is based on the
Company’s fiscal calendar. Unless otherwise stated, references in this report to particular years or quarters refer to the Company’s fiscal years
ended in September and the associated quarters of those fiscal years. The Company assumes no obligation to revise or update any forward-
looking statements for any reason, except as required by law.
Executive Overview
The Company designs, manufactures, and markets personal computers, portable digital music players, and mobile communication devices and
sells a variety of related software, services, peripherals, and networking solutions. The Company’s products and services include the Mac line of
desktop and portable computers, the iPod line of portable digital music players, iPhone, Apple TV, Xserve, a portfolio of consumer and
professional software applications, the Mac OS X operating system, third-party digital content through the iTunes Store, and a variety of
accessory, service and support offerings. The Company sells its products worldwide through its online stores, its retail stores, its direct sales
force, and third-party wholesalers, retailers, and value-added resellers. In addition, the Company sells a variety of third-party Mac, iPod and
iPhone compatible products, including application software, printers, storage devices, speakers, headphones, and various other accessories and
peripherals through its online and retail stores. The Company sells to consumer, small and mid-sized business (“SMB”), education, enterprise,
government, and creative markets.
36
2008 2007 2006 2005 2004
Net sales
$
32,479
$
24,006
$
19,315
$
13,931
$
8,279
Net income
$
4,834
$
3,496
$
1,989
$
1,328
$
266
Earnings per common share:
Basic
$
5.48
$
4.04
$
2.36
$
1.64
$
0.36
Diluted
$
5.36
$
3.93
$
2.27
$
1.55
$
0.34
Cash dividends declared per common share
$
—
$
—
$
—
$
—
$
—
Shares used in computing earnings per share:
Basic
881,592
864,595
844,058
808,439
743,180
Diluted
902,139
889,292
877,526
856,878
774,776
Cash, cash equivalents, and short
-
term investments
$
24,490
$
15,386
$
10,110
$
8,261
$
5,464
Total assets
$
39,572
$
25,347
$
17,205
$
11,516
$
8,039
Long
-
term debt
$
—
$
—
$
—
$
—
$
—
Total liabilities
$
18,542
$
10,815
$
7,221
$
4,088
$
2,976
Shareholders
’
equity
$
21,030
$
14,532
$
9,984
$
7,428
$
5,063