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Wednesday, April 14, 2004, 01:45 pm PT (04:45 pm ET)

Apple posts $46 million profit

Apple today announced financial results for its fiscal 2004 second quarter ended March 27, 2004. For the quarter, the Company posted a net profit of $46 million, or $.12 per diluted share. These results compare to a net profit of $14 million, or $.04 per diluted share, in the year-ago quarter. Revenue for the quarter was $1.909 billion, up 29 percent from the year-ago quarter. Gross margin was 27.8 percent, down from 28.3 percent in the year-ago quarter. International sales accounted for 43 percent of the quarter’s revenue.

The quarter’s results include an after-tax restructuring charge of $7 million. Excluding this charge, the Company’s net profit for the quarter would have been $53 million, or $.14 per diluted share.

Apple shipped 749 thousand Macintosh® units and 807 thousand iPods during the quarter, representing a 5 percent increase in CPU units and a 909 percent increase in iPods over the year-ago quarter.

A financial conference call will take place at approximately 5pm EST. Details will be published at the conclusion of the call.