Author: AppleLink
Date: February 1987
Keywords: computer corp donation fiscal statement
Text: Cupertino, California. January 20, 1987 Apple Computer's first quarter fiscal 1987 revenues rose 24 percent over the year ago period. Net sales were $662.3 million compared to $533.9 million in the same period a year ago. First quarter earnings were $58.5 million, or $.91 per share. In the year ago period, earnings were $56.9 million, or $.91 per share. Gross margin as a percentage of sales for the quarter was 51.8 percent compared to 50.7 percent in the first quarter of fiscal 1986. "We are especially pleased with our growth in revenues during the quarter," commented John Sculley, chairman and chief executive officer. "Our new Apple IIGS has been well received and our Macintosh products continue to achieve record sales levels. Macintosh products played a more significant role in the December quarter sales than in previous years. Apple's holiday promotion was extremely effective in generating sales during the quarter. In fact, the program exceeded our expectations, resulting in higher marketing costs during the quarter. "As we have stated for several months, we still foresee a difficult comparison in our second fiscal quarter due to gross margin pressure and increased spending associated with the new products we plan to introduce during the fiscal year. However, we are confident these efforts will result in a strong fiscal 1987 for Apple."
Copyright © February 1987 by AppleLink