Apple Inc. (AAPL) Preview

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.

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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 Twelve Months Ended
September 28,
2013
September 29,
2012
September 28,
2013
September 29,
2012
Net sales $ 37,472 $ 35,966 $ 170,910 $ 156,508
Cost of sales (1) 23,601 21,565 106,606 87,846
Gross margin 13,871 14,401 64,304 68,662
Operating expenses:
Research and development (1) 1,168 906 4,475 3,381
Selling, general and administrative (1) 2,673 2,551 10,830 10,040
Total operating expenses 3,841 3,457 15,305 13,421
Operating income 10,030 10,944 48,999 55,241
Other income/(expense), net 113 (51) 1,156 522
Income before provision for income taxes 10,143 10,893 50,155 55,763
Provision for income taxes 2,631 2,670 13,118 14,030
Net income $ 7,512 $ 8,223 $ 37,037 $ 41,733
Earnings per share:
Basic $ 8.31 $ 8.76 $ 40.03 $ 44.64
Diluted $ 8.26 $ 8.67 $ 39.75 $ 44.15
Shares used in computing earnings per share:
Basic 904,163 938,343 925,331 934,818
Diluted 909,131 948,186 931,662 945,355
Cash dividends declared per common share $ 3.05 $ 2.65 $ 11.40 $ 2.65
(1) Includes share-based compensation expense as follows:
Cost of sales $ 88 $ 69 $ 350 $ 265
Research and development $ 209 $ 168 $ 917 $ 668
Selling, general and administrative $ 258 $ 211 $ 986 $ 807
Apple Inc.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except number of shares which are reflected in thousands)

September 28,
2013
September 29,
2012
ASSETS:
Current assets:
Cash and cash equivalents $ 14,259 $ 10,746
Short-term marketable securities 26,287 18,383
Accounts receivable, less allowances of $99 and $98, respectively 13,102 10,930
Inventories 1,764 791
Deferred tax assets 3,453 2,583
Vendor non-trade receivables 7,539 7,762
Other current assets 6,882 6,458
Total current assets 73,286 57,653
Long-term marketable securities 106,215 92,122
Property, plant and equipment, net 16,597 15,452
Goodwill 1,577 1,135
Acquired intangible assets, net 4,179 4,224
Other assets 5,146 5,478
Total assets $ 207,000 $ 176,064
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 22,367 $ 21,175
Accrued expenses 13,856 11,414
Deferred revenue 7,435 5,953
Total current liabilities 43,658 38,542
Deferred revenue – non-current 2,625 2,648
Long-term debt 16,960 0
Other non-current liabilities 20,208 16,664
Total liabilities 83,451 57,854
Commitments and contingencies
Shareholders’ equity:
Common stock, no par value; 1,800,000 shares authorized; 899,213 and 939,208 shares issued and outstanding, respectively 19,764 16,422
Retained earnings 104,256 101,289
Accumulated other comprehensive income/(loss) (471) 499
Total shareholders’ equity 123,549 118,210
Total liabilities and shareholders’ equity $ 207,000 $ 176,064
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