Friday, August 11, 2006, 09:00 am PT (12:00 pm ET)
Latest Apple SEC filing draws confusionThe wording of Securities and Exchange Commission filing made by Apple Computer on Friday sparked concerns amongst the investor community because it included references to revenue changes for the company's most recent fiscal quarter.
"The Company anticipates that there will be significant changes in the results of operations for the quarter ended July 1, 2006 compared to the quarter ended June 25, 2005, including significant increases in the Companys revenue and expenses," Apple wrote in the filing.
In actuality, the filing offers no new information from what Apple had previously disclosed in recent press releases related to its ongoing stock grant irregularities. The filing is simply a formal quarterly assessment required by the SEC when a corporation is unable to file its quarterly 10-Q report by a prescribed due date.
In the document, Apple is explaining that when filed, its report for the quarter ending July 1, 2006 will include significant increases in revenue and expenses when compared the company's year-ago quarter — not that there will specific changes to the figures reported for the quarter ending July 1, 2006.
In a press release earlier this month, Apple said its ongoing investigation into the company's stock grant issues had turned up additional evidence of irregularities and therefore the company would delay the filing of its Form 10-Q for the quarter ended July 1, 2006.
As part of the same release, Apple also said it will likely need to restate its historical financial statements to record non-cash charges for compensation expense relating to past stock option grants.
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