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Apple Sharply Tops Analyst Projections With 4th-Quarter Figures

October 18, 1994|From Times Wire Services

Citing reduced costs and record revenue generated by new products, Apple Computer Inc. on Monday posted fiscal fourth-quarter net income more than 42 times greater than a year ago.

Apple said it earned $114.7 million in its fiscal fourth quarter, outdoing analysts' expectations.

The company's profit for the quarter ended Sept. 30 amounted to 95 cents per share, sharply above the 65-cent consensus estimate on Wall Street. Last week, Apple said it expected to beat the Wall Street forecasts.

A year ago, Apple earned a meager $2.7 million, or 2 cents per share, as it struggled with a high cost structure and dwindling demand for its core Macintosh computers.

Revenue in the quarter was $2.5 billion, up from $2.1 billion a year ago.

For the year, Apple earned $310.2 million, or $2.61 a share, compared to $86.6 million, or 73 cents a share, in fiscal 1993.

Annual revenue was $9.2 billion, up 15% from $8.0 billion a year ago.

Apple reported its results after the stock market closed. The company's stock closed $1.375 lower at $39.75 on the Nasdaq.

* Intel Corp. reported that third-quarter profit rose 13%, pushed by continuing strong demand for personal computers and growing acceptance of the company's flagship Pentium microprocessor.

Intel, the world's biggest maker of computer chips, earned $659 million, or $1.52 a share, for the three months ended Oct. 1. Net income for the same period last year was $584 million, or $1.33 a share.

The results include the sale of Intel's programmable logic-device business to Altera Corp. for $50 million and settlement of insurance claims.

Revenue rose 28%, to $2.86 billion from $2.24 billion. Both earnings and revenue set records for any quarter, the Santa Clara firm said.

* Continued competition from generic drug makers copying its drugs prompted a decline in third-quarter profit at Upjohn Co.

The Kalamazoo, Mich.-based drug maker reported earning $134 million, or 76 cents a share, for the third quarter ending Sept. 30, compared to a loss of $30 million, or 19 cents a share, in the same quarter last year. Last year's net loss included $183 million in restructuring expenses. Without them, third-quarter 1993 profit was $153 million.

Quarterly revenues were $859.8 million, down 3% from $888 million last year.

* Earnings at Scott Paper Co. jumped nearly two and a half times for the July to October period, thanks mostly to a job-shedding and reorganization program that improved profit margins despite flat sales.

Scott said it earned $60.6 million, or 80 cents per share, for the third quarter, up from $24.6 million, or 33 cents per share, in the third quarter of last year.

Sales were $1.172 billion, nearly identical to $1.175 billion last year.

The percentage change in profit was also increased by a $10.5-million reduction in profit last year due to higher corporate income taxes.

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