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0000320193 | 20001214 | 10-K | 188 | PIERCE ET AL. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 189 | V. APPLE COMPUTER, INC. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 190 | Plaintiff Pierce filed this action on June 15, 2000 in Santa Clara County Superior Court. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 191 | This case is a purported nationwide consumer class action brought on behalf of purchasers of the Company's AirPort Card and AirPort Base Station ("AirPort System"). | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 192 | Plaintiffs allege that the Company engaged in false advertising and unfair business practices (among other causes of action) by advertising that the Airport System is Internet-ready and failing to disclose that the Airport System is incompatible with certain Internet service providers, primarily America Online. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 193 | The Company has answered the complaint, denying all allegations and alleging numerous affirmative defenses. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 194 | The Company has responded to written discovery. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 195 | ITEM 4. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 196 | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders during the fourth quarter of the Company's fiscal year ended September 30, 2000. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 197 | PART II
ITEM 5. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 198 | MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDER MATTERS
The Company's common stock is traded on the over-the-counter market and is quoted on the Nasdaq National Market under the symbol AAPL, on the Tokyo Stock Exchange under the symbol APPLE, and on the Frankfurt Stock Exchange under the symbol APCD. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 199 | As of December 1, 2000, there were 24,998 shareholders of record. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 200 | On June 21, 2000, the Company effected a two-for-one stock split in the form of a Common Stock dividend to shareholders of record as of May 19, 2000. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 201 | All share price and per share data and numbers of Common shares have been retroactively adjusted to reflect the stock split. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 202 | The Company did not pay cash dividends in either fiscal 2000 or 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 203 | The Company anticipates that, for the foreseeable future, it will retain any earnings for use in the operation of its business. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 204 | The price range per share of common stock represents the highest and lowest prices for the Company's common stock on the Nasdaq National Market during each quarter. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 205 | FOURTH QUARTER THIRD QUARTER SECOND QUARTER FIRST QUARTER -------------- ------------- -------------- -------------
Fiscal 2000 price range per common share............................ $64.13-$25.38 $69.75-$40.19 $75.19-$43.25 $59.00-$28.72 Fiscal 1999 price range per common share............................ $40.07-$21... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 206 | SELECTED FINANCIAL DATA
The following selected financial information has been derived from the audited consolidated financial statements. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 207 | The information set forth below 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 ... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 208 | FIVE FISCAL YEARS ENDED SEPTEMBER 30, 2000 2000 1999 1998 1997 1996 (In millions, except share and per share amounts) -------- -------- -------- -------- --------
Net sales.................................... $ 7,983 $ 6,134 $ 5,941 $ 7,081 $ 9,833 Net income (loss)............................ $ 786 $ 601 $ 309 $ (1,04... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 209 | Net charges related to Company
restructuring actions of $8 million, $27 million, $217 million, and $179 million were recognized in 2000, 1999, 1997, and 1996, respectively. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 210 | During 2000, the Company recognized the cost of a special executive bonus for the Company's Chief Executive Officer for past services in the form of an aircraft with a total cost to the Company of approximately $90 million. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 211 | In 1997, the Company acquired NeXT Software, Inc., resulting in the allocation to in-process research and development of a charge of $375 million for acquired in-process technologies with no alternative future use. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 212 | Also in 1997, the Company agreed to acquire certain assets from Power Computing Corporation (PCC). | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 213 | The total purchase price was approximately $110 million, of which $75 million was expensed in 1997 as "termination of license agreement." | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 214 | ITEM 7. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 215 | 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. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 216 | The Company's actual results may differ significantly from the results discussed in the forward-looking statements. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 217 | Factors that might cause such differences include, but are not limited to, those discussed in the subsection entitled "Factors That May Affect Future Results and Financial Condition" below. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 218 | 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. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 219 | RESULTS OF OPERATIONS
The following table sets forth annual results of operations for fiscal years 2000, 1999, and 1998 (in millions, except unit shipment and per share amounts):
2000 CHANGE 1999 CHANGE 1998 -------- -------- -------- -------- --------
Net sales....................................... $7,983 30% $6,134 ... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 220 | This increase in Macintosh unit sales is primarily attributable to increased sales of iMac, the company's moderately priced desktop Macintosh system designed for the education and consumer markets, and the introduction of iBook, the Company's consumer and education oriented notebook computer introduced at the end of 19... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 221 | The Company sold approximately 2.2 million iMacs in 2000, an increase of approximately 400,000 units or 22% over iMac unit sales in 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 222 | During 2000, the Company sold approximately 545,000 iBooks. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 223 | iBook contributed $809 million to net sales during 2000. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 224 | The Company also experienced modest gains in combined unit sales of its professionally oriented Macintosh systems, PowerMacs and PowerBooks. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 225 | Growth in net sales and unit sales was strong in all of the Company's geographic operating segments, particularly in Europe and Japan. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 226 | PROFITABILITY
The Company experienced improved profitability in 2000. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 227 | Operating income before special charges rose 61% to $620 million in 2000 from $386 million in 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 228 | Improved profitability was driven by the 30% increase in net sales, stable overall gross margins in 2000 as compared to 1999, and a relatively modest increase in operating expenses before special charges of 18%. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 229 | OPERATING TRENDS
Despite overall increases during 2000 in net sales, unit sales, and profitability, the Company's performance in the fourth quarter of fiscal 2000 was disappointing. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 230 | Net sales during the fourth quarter fell short of the Company's expectations by approximately $180 million causing operating margin before special charges to fall to 4% for the quarter as compared to the 9% experienced during the first nine months of fiscal 2000. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 231 | The fourth quarter revenue shortfall was primarily the result of three factors. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 232 | First, fourth quarter net sales
of the G4 Cube, a new Macintosh system announced and introduced by the Company during the fourth quarter, did not meet the Company's expectations. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 233 | In combination with related displays, G4 Cube sales were approximately $90 million short of expectations. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 234 | Second, net sales in the Company's education market fell short of expectations by approximately $60 million. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 235 | Third, although total fourth quarter Power Mac unit sales were close to expectations, the Company experienced an unanticipated mix shift towards lower priced Power Mac configurations resulting in lower than anticipated net sales for the quarter of approximately $30 million. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 236 | The Company ended 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. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 237 | OUTLOOK
The Company currently anticipates a significant sequential decline in quarterly net sales during the first quarter of fiscal 2001 to approximately $1.0 billion. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 238 | This decline is anticipated because of a continued deterioration in demand experienced by the Company during the first two months of fiscal 2001, rebate programs and price cuts instituted during the first quarter that will cost the Company approximately $135 million, and a plan to reduce substantially by the end of the... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 239 | In addition, the Company expects to incur approximately $115 million of cancellation charges related to purchase orders for proprietary components due to the reduced sales outlook. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 240 | As a result of these factors, the Company anticipates reporting a net loss, before the effect of any investment gains, in the range of $225 million to $250 million for the first quarter of 2001. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 241 | For all of 2001, the Company anticipates net sales will decline as compared to 2000, falling in the range of $6.0 billion to $6.5 billion. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 242 | The Company currently expects that it will be profitable, before the effect of any investment gains, during each of the last three quarters of 2001. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 243 | The foregoing statements concerning the Company's anticipated operating results during the first quarter of 2001 and the Company's anticipated operating result for all of 2001 are forward-looking. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 244 | The Company's actual results could differ. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 245 | The Company's future operating results and financial condition are dependent upon general economic conditions, market conditions within the PC industry, and the Company's ability to successfully develop, manufacture, and market technologically innovative products in order to meet the dynamic conditions within the highl... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 246 | Some of the potential risks and uncertainties that could affect the Company's future operating results and financial condition are discussed throughout this Item 7, including the discussion under the heading "Factors That May Affect Future Results and Financial Condition." | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 247 | NET SALES
Net sales for geographic segments and Macintosh unit sales by geographic segment and by product follow (net sales in millions and Macintosh unit sales in thousands):
2000 CHANGE 1999 CHANGE 1998 -------- -------- -------- -------- --------
Americas net sales................................... $4,298 22 % $3,5... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 248 | Net sales rose 30% to a total of $7.983 billion in 2000 as compared to 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 249 | The increase in net sales resulted directly from a 32% increase in Macintosh unit sales. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 250 | Driving unit sales growth was a 51% increase in combined unit sales of the Company's consumer and education Macintosh systems, iMac and iBook, and a modest increase of 11% in combined units sales of the Company's professionally oriented Macintosh systems. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 251 | Combined unit sales of iMac and iBook systems accounted for 52% of total Macintosh unit sales in 1999 and 60% in 2000. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 252 | This trend highlights the increasing importance to the Company of its consumer and education markets. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 253 | During 2000, the average revenue per Macintosh system, a function of total net sales generated by hardware shipments and total Macintosh CPU unit sales, of $1,715 was relatively unchanged from 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 254 | This was due to increased unit sales of higher priced Power Mac, PowerBook, iBook, and G4 Cube systems offset by increases in unit sales of lower priced iMac systems. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 255 | Additional comments regarding net sales for 2000 may be found above under the heading "Fiscal 2000 Overview." | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 256 | Net sales increased $193 million or 3% to $6.134 billion in 1999 compared to 1998. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 257 | The primary source of this growth was an overall 25% increase in Macintosh unit sales, which was reflective of strong unit growth in all of the Company's geographic operating segments. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 258 | Offsetting the rise in unit shipments during 1999 was a decline in the average revenue per Macintosh system which fell 17% to $1,739 from $2,095 in 1998. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 259 | The decline during 1999 in the average revenue per Macintosh system was attributable to lower pricing for both iMac and Power Mac products, which reflects the continuing overall industry trend towards lower pricing. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 260 | The decline was also attributable to the shift in the Company's unit mix toward lower-priced consumer products such that iMac units and comparable products comprised 52% of total Macintosh unit sales in 1999 versus 39% in 1998. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 261 | Net sales declined sequentially during the fourth quarter of 1999 compared to the third quarter by $222 million or 14%, and declined $220 million or 14% compared to the same period in 1998. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 262 | Similarly, Macintosh unit sales declined 15% and 7% during the fourth quarter of 1999 compared to the third quarter of 1999 and the same period in 1998, respectively. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 263 | The primary causes for these declines in both net sales and unit sales were lower than planned deliveries of PowerPC G4 processors from Motorola and production interruptions at vendors supplying PowerBooks and iBooks experienced during the last week of the fourth quarter of 1999 as a result of the earthquake in Taiwan ... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 264 | The shortage of G4 processors reduced Power Macintosh net sales by approximately $200 million during the fourth quarter of 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 265 | SEGMENT OPERATING PERFORMANCE
The Company manages its business primarily on a geographic basis. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 266 | The Company's geographic segments include the Americas, Europe, Japan, and Asia Pacific. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 267 | The Americas segment includes both North and South America. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 268 | The European segment includes European countries as well as the Middle East and Africa. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 269 | The Japan segment includes only Japan, while the Asia Pacific segment includes Australia and Asia except for Japan. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 270 | Each geographic operating segment provides similar hardware and software products and similar services. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 271 | Further information regarding the Company's operating segments may be found in Part II, Item 8 on this Form 10-K in the Notes to Consolidated Financial Statements at Note 10, "Segment Information and Geographic Data," which information is hereby incorporated by reference. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 272 | AMERICAS
Net sales and unit sales in the Americas segment increased 22% and 24%, respectively, during 2000 as compared to 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 273 | During 2000, the Americas segment represented approximately 54% and 55% of the Company's total net sales and total Macintosh unit sales, respectively. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 274 | The growth of the Americas' net sales in 2000 was indicative of strong growth in unit sales of iMac and iBook and relatively flat unit sales of professionally oriented Macintosh systems. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 275 | Net sales in the Americas segment increased 2% to $3.527 billion during 1999 as compared to 1998, while Macintosh unit sales increased 22%. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 276 | This followed a 5% decline in net sales in the Americas between 1998 and 1997. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 277 | During 1999, the Americas segment represented approximately 57% and 59% of the Company's total net sales and total Macintosh unit sales, respectively. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 278 | The results experienced by this segment in 1999 reflect the overall trends experienced by the Company during 1999 of increasing Macintosh unit sales offset by declines in the average revenue per Macintosh system. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 279 | EUROPE
Net sales in the Europe segment increased 38% during 2000 driven by a 53% increase in Macintosh unit sales. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 280 | Growth in unit sales resulted from a 96% increase in combined unit sales of iMac and iBook, and an increase of 19% in combined units sales of the Company's professionally oriented Macintosh systems. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 281 | Net sales in the Europe segment increased 2% to $1.317 billion during 1999 as compared to 1998, while Macintosh unit sales increased 23%. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 282 | This followed a 16% decline in net sales in the Europe segment between 1998 and 1997. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 283 | Like the Americas segment, Europe's results in 1999 as compared to 1998 were indicative of strong growth in Macintosh unit sales offset by declines in the average revenue per Macintosh system. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 284 | JAPAN AND ASIA PACIFIC
Net sales in the Japan segment increased 57% to $1.345 billion in 2000 as compared to 1999, while Japan's Macintosh unit sales increased 39%. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 285 | The fact that Japan's net sales rose at a higher rate than its unit sales reflects several factors. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 286 | First, iMac unit sales in Japan were relatively flat year-over-year. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 287 | Second, unit sales of iBook, which generally carry a higher price than iMac units and which were first sold in Japan during 2000, accounted for approximately 17% of Japan's total Macintosh unit sales during 2000. | 0000912057-00-053623/full-submission.txt |
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