Wednesday, July 14, 2004 - Apple's Earnings Soared in Period, Lifted by iPod - Apple's Earnings Soared in Period, Lifted by iPod: "Apple Computer Inc. said fiscal third-quarter profits more than tripled amid a 30% rise in revenue, fueled by sales of its Macintosh computers and the continued success of its iPod digital-music players. Apple also predicted solid revenue and earnings for its current quarter, despite a delay in introducing a new iMac desktop computer.
For the three months ended June 26, the Cupertino, Calif., computer maker posted net income of $61 million, or 16 cents a share, compared with net income of $19 million, or five cents a share, in the same quarter a year ago. The results include an after-tax restructuring expense of $6 million, related to the closing of a California factory. Without that expense, Apple would have reported earnings of 17 cents a share.
Steve Jobs, Apple's chief executive, called the delay in the new iMac a "speed bump." He blamed the slip-up on manufacturing problems by International Business Machines Corp., which supplies Apple with the PowerPC G5 microprocessors used inside Macintosh computers. Mr. Oppenheimer, the CFO, said there is a shortage of the microprocessors, which will also limit supplies of some models of the Power Mac G5 desktop computers. "We couldn't secure enough of the IBM" microprocessors, said Mr. Oppenheimer. "We are extremely unhappy with these events."
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