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Wednesday, January 14, 2004, 01:00 pm PT (04:00 pm ET)

Apple posts profit of $63 million

Apple today announced financial results for its fiscal 2004 first quarter ended December 27, 2003. For the quarter, the Company posted a net profit of $63 million, or $.17 per diluted share. These results compare to a net loss of $8 million, or $.02 per diluted share, in the year-ago quarter. Revenue for the quarter reached a four-year high of $2.006 billion, up 36 percent from the year-ago quarter. Gross margin was 26.7 percent, down from 27.6 percent in the year-ago quarter. International sales accounted for 44 percent of the quarter's revenue.

The quarter's results include an after-tax investment gain of $3 million which increased earnings per diluted share by $.01.

Apple shipped 829 thousand Macintosh units during the quarter, up 12 percent from the year-ago quarter, as well as 733 thousand iPod units, up 235 percent from the year-ago quarter.

Details of the conference call with CFO Fred Anderson will be published around 6PM EST.