Apple reports $61 million profit in Q3

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July 14, 2004 (MacWorld) -- Apple Computer Inc. today reported a net profit of $61 million or 16 cents per diluted share for its fiscal third quarter ended June 26.

"It was an outstanding quarter -- our highest third-quarter revenue in eight years," said Steve Jobs, Apple's CEO. "Our Mac-based revenue grew a healthy 19%, and our music-based revenue grew an incredible 162%. We've got a strong product portfolio, with some amazing new additions coming later this year."

In the year-ago quarter, Apple had a net profit of $19 million, or 5 cents per diluted share. Revenue for this quarter was $2.014 billion, up 30% from the year-ago quarter. Apple indicated that international sales accounted for 39% of the quarter's revenue.

Apple shipped 876,000 Macintosh units and 860,000 iPods during the quarter, representing a 14% increase in CPU units and a 183% increase in iPods over the year-ago quarter.

"We were very pleased with our 30% year-over-year revenue growth and our operating margin expansion," said Peter Oppenheimer, Apple's CFO.

Looking forward, Oppenheimer said he expects the fourth quarter of fiscal 2004 to have revenue of about $2.1 billion and earnings per diluted share of 16 cents to 17 cents, including a penny per diluted share in restructuring charges.

This quarter's results include an after-tax restructuring charge of $6 million. Excluding this charge, the company's net profit for the quarter would have been $67 million, or 17 cents per diluted share

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