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Apple Reports Record Results



  Apple Reports Record Results

47.8 Million iPhones Sold; 22.9 Million iPads Sold

Business Wire

CUPERTINO, Calif. -- January 23, 2013

Apple® today announced financial results for its 13-week fiscal 2013 first
quarter ended December 29, 2012. The Company posted record quarterly revenue
of $54.5 billion and record quarterly net profit of $13.1 billion, or $13.81
per diluted share. These results compare to revenue of $46.3 billion and net
profit of $13.1 billion, or $13.87 per diluted share, in the 14-week year-ago
quarter. Gross margin was 38.6 percent compared to 44.7 percent in the
year-ago quarter. International sales accounted for 61 percent of the
quarter’s revenue.

Average weekly revenue was $4.2 billion in the quarter compared to $3.3
billion in the year-ago quarter.

The Company sold a record 47.8 million iPhones in the quarter, compared to 37
million in the year-ago quarter. Apple also sold a record 22.9 million iPads
during the quarter, compared to 15.4 million in the year-ago quarter. The
Company sold 4.1 million Macs, compared to 5.2 million in the year-ago
quarter. Apple sold 12.7 million iPods in the quarter, compared to 15.4
million in the year-ago quarter.

Apple’s Board of Directors has declared a cash dividend of $2.65 per share of
the Company’s common stock. The dividend is payable on February 14, 2013, to
shareholders of record as of the close of business on February 11, 2013.

“We’re thrilled with record revenue of over $54 billion and sales of over 75
million iOS devices in a single quarter,” said Tim Cook, Apple’s CEO. “We’re
very confident in our product pipeline as we continue to focus on innovation
and making the best products in the world.”

“We’re pleased to have generated over $23 billion in cash flow from operations
during the quarter,” said Peter Oppenheimer, Apple’s CFO. “We established new
all-time quarterly records for iPhone and iPad sales, significantly broadened
our ecosystem, and generated Apple’s highest quarterly revenue ever.”

Apple is providing the following guidance for its fiscal 2013 second quarter:

• revenue between $41 billion and $43 billion

• gross margin between 37.5 percent and 38.5 percent

• operating expenses between $3.8 billion and $3.9 billion

• other income/(expense) of $350 million

• tax rate of 26%

Apple will provide live streaming of its Q1 2013 financial results conference
call beginning at 2:00 p.m. PST on January 23, 2013 at
www.apple.com/quicktime/qtv/earningsq113. This webcast will also be available
for replay for approximately two weeks thereafter.

This press release contains forward-looking statements including without
limitation those about the Company’s estimated revenue, gross margin,
operating expenses, other income/(expense), and tax rate. These statements
involve risks and uncertainties, and actual results may differ. Risks and
uncertainties include without limitation the effect of competitive and
economic factors, and the Company’s reaction to those factors, on consumer and
business buying decisions with respect to the Company’s products; continued
competitive pressures in the marketplace; the ability of the Company to
deliver to the marketplace and stimulate customer demand for new programs,
products, and technological innovations on a timely basis; the effect that
product introductions and transitions, changes in product pricing or mix,
and/or increases in component costs could have on the Company’s gross margin;
the inventory risk associated with the Company’s need to order or commit to
order product components in advance of customer orders; the continued
availability on acceptable terms, or at all, of certain components and
services essential to the Company’s business currently obtained by the Company
from sole or limited sources; the effect that the Company’s dependency on
manufacturing and logistics services provided by third parties may have on the
quality, quantity or cost of products manufactured or services rendered; risks
associated with the Company’s international operations; the Company’s reliance
on third-party intellectual property and digital content; the potential impact
of a finding that the Company has infringed on the intellectual property
rights of others; the Company’s dependency on the performance of distributors,
carriers and other resellers of the Company’s products; the effect that
product and service quality problems could have on the Company’s sales and
operating profits; the continued service and availability of key executives
and employees; war, terrorism, public health issues, natural disasters, and
other circumstances that could disrupt supply, delivery, or demand of
products; and unfavorable results of other legal proceedings. More information
on potential factors that could affect the Company’s financial results is
included from time to time in the “Risk Factors” and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” sections of the
Company’s public reports filed with the SEC, including the Company’s Form 10-K
for the fiscal year ended September 29, 2012, and its Form 10-Q for the
quarter ended December 29, 2012 to be filed with the SEC. The Company assumes
no obligation to update any forward-looking statements or information, which
speak as of their respective dates.

Apple designs Macs, the best personal computers in the world, along with OS X,
iLife, iWork and professional software. Apple leads the digital music
revolution with its iPods and iTunes online store. Apple has reinvented the
mobile phone with its revolutionary iPhone and App Store, and is defining the
future of mobile media and computing devices with iPad.

NOTE TO EDITORS: For additional information visit Apple’s PR website
(www.apple.com/pr), or call Apple’s Media Helpline at (408) 974-2042.

© 2013 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS and
Macintosh are trademarks of Apple. Other company and product names may be
trademarks of their respective owners.

 
Apple Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except number of shares which are reflected in thousands and per
share amounts)
                                                
                                                  Three Months Ended
                                                  December 29,    December 31,
                                                  2012            2011
                                                                       
Net sales                                         $   54,512      $   46,333
Cost of sales ^(1)                                    33,452          25,630
                                                       
Gross margin                                          21,060          20,703
                                                                       
Operating expenses:
Research and development ^(1)                         1,010           758
Selling, general and administrative ^(1)              2,840           2,605
                                                                       
Total operating expenses                              3,850           3,363
                                                                       
Operating income                                      17,210          17,340
                                                                       
Other income/(expense), net                           462             137
                                                                       
Income before provision for income taxes              17,672          17,477
                                                                       
Provision for income taxes                            4,594           4,413
                                                                       
Net income                                        $   13,078      $   13,064
                                                                       
Earnings per share:
Basic                                             $   13.93       $   14.03
Diluted                                           $   13.81       $   13.87
                                                                       
Shares used in computing earnings per share:
Basic                                                 938,916         931,041
Diluted                                               947,217         941,572
                                                                       
Cash dividends declared per common share          $   2.65        $   0
                                                                       
^(1) Includes share-based compensation expense
as follows:
Cost of sales                                     $   85          $   63
Research and development                          $   224         $   160
Selling, general and administrative               $   236         $   197
                                                                       

Apple Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except number of shares which are reflected in thousands)
                                                                
                                                  December 29,   September 29,
                                                  2012           2012
                                                                      
ASSETS:
                                                                      
Current assets:
Cash and cash equivalents                         $   16,154     $   10,746
Short-term marketable securities                      23,666         18,383
Accounts receivable, less allowances of $119          11,598         10,930
and $98, respectively
Inventories                                           1,455          791
Deferred tax assets                                   2,895          2,583
Vendor non-trade receivables                          9,936          7,762
Other current assets                                  6,644          6,458
Total current assets                                  72,348         57,653
                                                                      
Long-term marketable securities                       97,292         92,122
Property, plant and equipment, net                    15,422         15,452
Goodwill                                              1,381          1,135
Acquired intangible assets, net                       4,462          4,224
Other assets                                          5,183          5,478
Total assets                                      $   196,088    $   176,064
                                                                      
                                                                      
LIABILITIES AND SHAREHOLDERS’ EQUITY:
                                                                      
Current liabilities:
Accounts payable                                  $   26,398     $   21,175
Accrued expenses                                      13,207         11,414
Deferred revenue                                      7,274          5,953
Total current liabilities                             46,879         38,542
                                                                      
Deferred revenue – non-current                        2,938          2,648
Other non-current liabilities                         18,925         16,664
Total liabilities                                     68,742         57,854
                                                                      
Commitments and contingencies
                                                                      
Shareholders' equity:
Common stock, no par value; 1,800,000 shares
authorized; 938,973 and 939,208 shares issued         17,167         16,422
and outstanding, respectively
Retained earnings                                     109,567        101,289
Accumulated other comprehensive income                612            499
Total shareholders' equity                            127,346        118,210
                                                                      
Total liabilities and shareholders' equity        $   196,088    $   176,064
                                                                      

Apple Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)
                                                  
                                                   Three Months Ended
                                                   December 29,   December 31,
                                                   2012           2011
                                                                 
Cash and cash equivalents, beginning of the        $  10,746      $  9,815
period
                                                                      
Operating activities:
Net income                                            13,078         13,064
Adjustments to reconcile net income to cash
generated by operating activities:
Depreciation and amortization                         1,588          721
Share-based compensation expense                      545            420
Deferred income tax expense                           1,179          1,456
Changes in operating assets and liabilities:
Accounts receivable, net                              (668)          (3,561)
Inventories                                           (664)          (460)
Vendor non-trade receivables                          (2,174)        (1,206)
Other current and non-current assets                  413            (962)
Accounts payable                                      6,145          4,314
Deferred revenue                                      1,611          1,296
Other current and non-current liabilities             2,373          2,472
                                                                      
Cash generated by operating activities                23,426         17,554
                                                                      
Investing activities:
Purchases of marketable securities                    (37,192)       (40,175)
Proceeds from maturities of marketable                3,460          3,038
securities
Proceeds from sales of marketable securities          23,002         21,472
Payments made in connection with business             (284)          0
acquisitions, net
Payments for acquisition of property, plant and       (2,317)        (1,321)
equipment
Payments for acquisition of intangible assets         (138)          (108)
Other                                                 (52)           (34)
                                                                      
Cash used in investing activities                     (13,521)       (17,128)
                                                                      
Financing activities:
Proceeds from issuance of common stock                76             91
Excess tax benefits from equity awards                404            333
Dividends and dividend equivalent rights paid         (2,493)        0
Repurchase of common stock                            (1,950)        0
Taxes paid related to net share settlement of         (534)          (355)
equity awards
                                                                      
Cash (used in)/generated by financing activities      (4,497)        69
Increase in cash and cash equivalents                 5,408          495
                                                                      
Cash and cash equivalents, end of the period       $  16,154      $  10,310
                                                                      
Supplemental cash flow disclosure:
Cash paid for income taxes, net                    $  1,890       $  1,474
                                                                      

                                                                                                                
Apple Inc.
Q1 2013 Unaudited Summary Data
(Units in thousands, Revenue in millions)
                                                                                                                  
                                     
                           Q1'13 (a)           Q4'12 (a)           Q1'12 (a)           Sequential        Year/Year
                                                                                       Change            Change
                                                                                                                  
Operating Segments                  Revenue             Revenue             Revenue            Revenue           Revenue
Americas                            $ 20,341            $ 13,810            $ 17,714           47%               15%
Europe                                12,464              8,023               11,256           55%               11%
Greater China (b)                     6,830               5,427               4,080            26%               67%
Japan                                 4,443               2,367               3,550            88%               25%
Rest of Asia Pacific                  3,993               2,110               3,617            89%               10%
Retail                                6,441               4,229               6,116            52%               5%
Total Apple                         $ 54,512            $ 35,966            $ 46,333           52%               18%
                                                                                                                  
                                     
                           Q1'13 (a)           Q4'12 (a)           Q1'12 (a)           Sequential        Year/Year
                                                                                       Change            Change
                                                                                                                  
Product Summary            Units    Revenue    Units    Revenue    Units    Revenue    Units   Revenue   Units   Revenue
iPhone (c)                 47,789   $ 30,660   26,910   $ 16,645   37,044   $ 23,950   78%     84%       29%     28%
iPad (c)                   22,860     10,674   14,036     7,133    15,434     8,769    63%     50%       48%     22%
Mac (c)                    4,061      5,519    4,923      6,617    5,198      6,598    - 18%   - 17%     - 22%   - 16%
iPod (c)                   12,679     2,143    5,344      820      15,397     2,528    137%    161%      - 18%   - 15%
iTunes/Software/Services              3,687               3,496               3,020            5%                22%
(d)
Accessories (e)                       1,829               1,255               1,468            46%               25%
Total Apple                         $ 54,512            $ 35,966            $ 46,333           52%               18%
                                                                                                                  

(a)   Q1'13 and Q4'12 spanned 13 weeks whereas Q1'12 included a 14th week.
(b)   Greater China includes China, Hong Kong and Taiwan.
(c)   Includes deferrals and amortization of related non-software services and
      software upgrade rights.
      Includes revenue from sales on the iTunes Store, the App Store, the Mac
(d)   App Store, and the iBookstore, and revenue from sales of AppleCare,
      licensing and other services.
(e)   Includes sales of hardware peripherals and Apple-branded and third-party
      accessories for iPhone, iPad, Mac and iPod.

Contact:

Apple
Press:
Steve Dowling, 408-974-1896
dowling@apple.com
or
Investor Relations:
Nancy Paxton, 408-974-5420
paxton1@apple.com
Joan Hoover, 408-974-4570
hoover1@apple.com
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