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value | date stringlengths 8 8 | form stringclasses 4
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0000320193 | 20020211 | 10-Q | 186 | First, sales of portable Macintosh systems were strong, accounting for over 40% of Macintosh unit sales during the quarter. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 187 | PowerBook unit sales were particularly strong following the introduction of upgraded models in
October and December of 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 188 | PowerBook unit sales rose 104% from the fourth quarter of 2001 and 137% from the first quarter of 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 189 | Second, net sales of peripherals and software during the first quarter of 2002 increased $56 million or 23% from the fourth quarter of 2001 and increased $73 million or 32% from the first quarter of 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 190 | These increases resulted primarily from introduction of the iPod, the Company's new portable digital music player, during the first quarter of 2002 and increased sales of peripherals and software by the Company's Retail segment. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 191 | During the first quarter, the Company sold over 125,000 iPods for net sales of approximately $46 million. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 192 | Third, the Company's Retail segment contributed $48 million of net sales during the first quarter of 2002. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 193 | Net sales during the first quarter of 2001 were unusually low. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 194 | This was attributable to several factors, including continuing deterioration in worldwide demand for personal computers and rebate programs and price cuts instituted by the Company during that quarter that cost the Company approximately $138 million. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 195 | In addition, the Company implemented a plan during the first quarter of 2001 to reduce substantially the level of inventory in its distribution channels from the amounts at the end of fiscal 2000 to lower levels by the end of the first quarter of 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 196 | The Company ended fiscal 2000 with substantially more inventory in its distribution channels than planned due to the lower than expected sell-through of the Company's products during the fourth quarter of that year. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 197 | The Company reduced channel inventory during the first quarter of 2001 by approximately 300,000 units. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 198 | These factors contributed to the 52% year-over-year decline during the first quarter of 2001 in total Macintosh unit sales. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 199 | Segment Operating Performance
The Company manages its business primarily on a geographic basis. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 200 | The Company's reportable segments include the Americas, Europe, Japan, and Retail. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 201 | The Americas segment includes both North and South America, except for the Company's Retail segment. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 202 | The Europe segment includes European countries as well as the Middle East and Africa. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 203 | The Japan segment includes only Japan. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 204 | The Retail segment operates Apple-owned retail stores in the United States. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 205 | Each reportable geographic operating segment provides similar hardware and software products and similar services. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 206 | Further information regarding the Company's operating segments may be found in Item 1 of this Form 10-Q in the Notes to Condensed Consolidated Financial Statements at Note 8, "Segment Information and Geographic Data." | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 207 | Americas
Americas net sales during the first quarter of 2002 increased 34% or $176 million from the same period in 2001 and declined sequentially 21% or $184 million from the fourth quarter of 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 208 | The increase from the prior year is largely a reflection of the significantly depressed level of net sales experienced in the first quarter of 2001 discussed above. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 209 | The sequential decline from the fourth quarter is indicative of pressure on the demand for personal computers in the U.S. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 210 | Both net sales and Macintosh unit sales in the U.S. K-12 education channel were down seasonally from the prior quarter and down on a year-over-year basis from the first quarter of 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 211 | As indicated above, some educational institutions delayed technology purchases during the first quarter of 2002 due to concerns about the impact of the weaker economy on their available funding. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 212 | While the Company believes these purchases have been delayed to future quarters, in light of current economic uncertainties, it is difficult to assess when such funding concerns will be resolved. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 213 | Macintosh unit sales in the Americas business and consumer channels were relatively flat sequentially from the fourth quarter of 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 214 | The lack of an increase in unit volume in the Americas segment over the holiday season is reflective of continued pressure on demand for personal computers in the U.S. in light of current economic conditions. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 215 | Demand for iMac in U.S. consumer channels was particularly weak in the face of economic conditions, the iMac's mature form factor, and speculation about a new iMac product introduction in January 2002. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 216 | Europe
Net sales in Europe during the first quarter of 2002 rose 24% sequentially from the fourth quarter of 2001 and 11% from the same quarter in 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 217 | Europe experienced increased Macintosh unit sales across all four Macintosh product families. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 218 | Demand in Europe during the current quarter was particularly strong for Power Mac and PowerBook products. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 219 | Japan
Net sales in Japan during the first quarter of 2002 rose 7% sequentially from the fourth quarter of 2001 and 118% from the same quarter in 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 220 | Although these comparisons are favorable, Japan's net sales and Macintosh unit sales remain significantly below the segment's historic levels due to current economic conditions which appear to be particularly negative in Japan. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 221 | Retail
The Company opened 19 new retail stores during the first quarter of 2002, bringing the number of total open stores to 27 as of December 29, 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 222 | During the first quarter of 2002, the Retail segment had net sales of $48 million and incurred an operating loss of $8 million. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 223 | With an average of 18 stores open in each week of the quarter, the average store generated net sales at a rate of approximately $2.6 million per quarter. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 224 | During the first quarter of 2002, approximately 44% of the Retail segment's net sales came from the sale of peripherals and software compared to 22% for the Company as a whole. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 225 | The Company expects its Retail segment to report a loss for all of fiscal 2002 and expects the financial performance of the Retail segment to improve each quarter as the current fiscal year progresses. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 226 | The foregoing statements concerning the expected results of the Retail segment and the average store net sales rate are forward-looking. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 227 | The Retail segment's future results could differ. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 228 | Results for this segment are dependent upon a number of risks and uncertainties, some of which are discussed below under the heading "Factors That May Affect Future Results and Financial Condition" and in the 2001 Form 10-K. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 229 | Gross Margin
Gross margin for the first quarter of 2002 was 30.7% compared to (2.1)% for the same quarter in 2001 and 30.1% for the fourth quarter of 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 230 | Gross margin was up sequentially due to the continued benefit from favorable prices for certain components, particularly memory and flat panel displays, and due to the favorable gross margin impact of the Company's Retail segment. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 231 | Gross margin in the first quarter of 2002 was also favorably affected by the shift in mix during the quarter towards higher-priced portable systems and higher-margin non-CPU net sales. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 232 | Gross margin for the first quarter of 2001 was (2.1)%. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 233 | In addition to lower than normal net sales during the first quarter of 2001, margins in that quarter were negatively impacted by the rebate programs and price cuts discussed above instituted by the Company during the first quarter of 2001 that decreased revenue by approximately $138 million. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 234 | Additionally, actual and forecasted declines in net sales caused the Company to recognize during the first quarter of 2001 approximately $122 million of charges associated with purchase order cancellations and loss commitments for component purchases. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 235 | Without these charges, gross margin for the first quarter of 2001 would have been approximately 21%. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 236 | The Company currently anticipates that gross margin will decline significantly during the second quarter of 2002 as a result of aggressive pricing on the new iMac, temporary incremental production and freight costs associated with the introduction of the new iMac, and expected increases in certain component cost includ... | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 237 | The foregoing statements regarding anticipated industry component pricing, margin associated with the new iMac, and the Company's anticipated gross margin in the second quarter of 2002 are forward-looking. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 238 | Gross margin could differ from anticipated levels because of several factors, including certain of those set forth below in the subsection entitled "Factors That May Affect Future Results and Financial Condition." | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 239 | There can be no assurance that current gross margins will be maintained, targeted gross margin levels will be achieved, or current margins on existing individual products will be maintained. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 240 | In general, gross margins and margins on individual products will remain under significant downward pressure due to a variety of factors, including continued industry wide global pricing pressures, increased competition, compressed product life cycles, potential increases in the cost and availability of raw material an... | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 241 | In response to these downward pressures, the Company expects it will continue to take pricing actions with respect to its products. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 242 | Gross margins could also be affected by the Company's ability to effectively manage quality problems and warranty costs and to stimulate demand for certain of its products. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 243 | The Company's operating strategy and pricing take into account anticipated changes in foreign currency exchange rates over time; however, the Company's results of operations can be significantly affected in the short term by fluctuations in exchange rates. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 244 | The Company must order components for its products and build inventory in advance of product shipments. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 245 | Because the Company's markets are volatile and subject to rapid technology and price changes, there is a risk the Company will forecast incorrectly and produce or order from third parties excess or insufficient inventories of particular products. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 246 | Consistent with industry practice, components are normally acquired through purchase orders typically covering the Company's requirements for periods from 30 to 130 days. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 247 | The Company's operating results and financial condition have been in the past and may in the future be materially adversely affected by the Company's ability to manage its inventory levels and respond to short-term shifts in customer demand patterns. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 248 | Operating Expenses
Selling, general and administrative expenses, excluding special charges, decreased $8 million or 3% during the first quarter of 2002 as compared to the same period in 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 249 | The decrease in selling, general and administrative expenses during the first quarter of 2002 is primarily the result of lower variable selling and marketing expenses resulting from lower discretionary spending on marketing and advertising. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 250 | Expenditures for research and development increased 11% between the first quarter of fiscal 2002 and the same quarter in 2001 primarily due to increased research and development headcount of approximately 10% to support expanded research and development activities. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 251 | During the first quarter of 2002, the Company's management approved and initiated a restructuring plan designed to eliminate certain activities and better align its operating expenses with existing general economic conditions and to partially offset the cost of continuing investments in new product development and inve... | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 252 | Accordingly, the Company recognized a restructuring charge of approximately $24 million during the first quarter of 2002. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 253 | The restructuring plan includes significant changes in the Company's information systems strategy resulting in termination of equipment leases and cancellation of existing projects and activities. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 254 | The restructuring plan will result in the elimination of approximately 425 positions worldwide, 375 of which were eliminated by the end of the first quarter. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 255 | Positions were eliminated primarily in the Company's operations, information systems, and administrative functions. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 256 | Once fully implemented, the Company estimates these restructuring actions will result in reduced quarterly operating expenses of approximately $8.5 million. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 257 | Interest and Other Income (Expense), Net
Gains and Losses on Non-current Investments
During the first quarter of 2002, the Company sold 4.7 million shares of ARM stock for both net proceeds and a gain before taxes of $21 million. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 258 | During the first quarter of 2002, the Company also sold 250,000 shares of Akamai and 117,000 shares of EarthLink stock for net proceeds of approximately $2 million each and a gain before taxes of $710,000 and $223,000 respectively. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 259 | During the first quarter of 2001, the Company sold 3.8 million shares of ARM stock for net proceeds of approximately $35 million and a gain before taxes of $35 million. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 260 | During the first quarter of 2001, the Company also sold 1 million shares of Akamai stock for net proceeds of approximately $39 million and a gain before taxes of $36 million. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 261 | Accounting for Derivatives and Cumulative Effect of Accounting Change
On October 1, 2000, the Company adopted SFAS No. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 262 | 133. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 263 | SFAS No. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 264 | 133 establishes accounting and reporting standards for derivative instruments, hedging activities, and exposure definition. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 265 | Net of the related income tax effect of approximately $5 million, adoption of SFAS No. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 266 | 133 resulted in favorable cumulative-effect-type adjustment to net income of approximately $12 million. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 267 | The $17 million gross transition adjustment was comprised of a $23 million favorable adjustment for the restatement to fair value of the derivative component of the Company's investment in Samsung, partially offset by the unfavorable adjustments to certain foreign currency and interest rate derivatives. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 268 | Management does not believe that adoption of SFAS No. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 269 | 133 will significantly alter the Company's hedging strategies. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 270 | However, its application may increase the volatility of other income and expense and other comprehensive income. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 271 | SFAS No. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 272 | 133 also required the Company to adjust the carrying value of the derivative component of its investment in Samsung to earnings on a go-forward basis, the before tax effect of which during the first quarter of 2001 was an unrealized loss of approximately $13 million. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 273 | Interest and Other Income
Interest and other income and expense (net) decreased $33 million or 49% to $34 million during the first quarter of fiscal 2002 compared to the same quarter in 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 274 | This decrease is attributable primarily to declining investment yields on the Company's cash and short-term investments resulting from substantially lower market interest rates. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 275 | The Company currently expects interest and other income, net to decline to between $25 million and $27 million in the second quarter of 2002 as declines in interest rates continue to impact earnings on the Company's investment portfolio. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 276 | The foregoing statement is forward-looking. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 277 | Interest and other income, net could differ from expected levels because of several factors, including certain of those set forth below in the subsection entitled "Factors That May Affect Future Results and Financial Condition." | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 278 | Additionally, actual future interest and other income, net may be significantly impacted by unforeseen changes in market interest rates, foreign currency exchange rates, and the fair value of the Company's short-term and long-term investments. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 279 | Provision for Income Taxes
The Company's effective tax rate for the first three months of 2002 was approximately 28% as compared to 30% for the first three months of 2001. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 280 | The Company's effective rate in both periods differs from the statutory federal income tax rate of 35% due primarily to certain undistributed foreign earnings for which no U.S. taxes will be provided because such earnings will be indefinitely reinvested outside the U.S and the reversal of a portion of the previously es... | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 281 | The lower tax rate in 2002 versus 2001 is due primarily to a relative increase in foreign earnings on which the Company does not provide U.S. tax. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 282 | The Company currently believes that its effective tax rate for the remainder of fiscal 2002 will be approximately 28%. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 283 | The foregoing statement is forward-looking. | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 284 | The Company's future tax rate could differ because of several factors, including those set forth below in the subsection entitled "Factors That May Affect Future Results and Financial Condition." | 0000912057-02-004945/full-submission.txt |
0000320193 | 20020211 | 10-Q | 285 | Additionally, the actual future tax rate may be impacted by the amount and jurisdiction of foreign profits. | 0000912057-02-004945/full-submission.txt |
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