___________________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: April 10, 1996
Date of earliest
event reported: March 27, 1996
Apple Computer, Inc.
(Exact name of registrant as specified in its charter)
California 0-10030 94-2404110
(State or other jurisdiction (Commission File Number) (I.R.S.
of incorporation or Employer
organization) Identificatio
n No.)
1 Infinite Loop, Cupertino, California 95014
(Address of principal executive offices)
Registrant's telephone number, including area code: (408) 996-1010
Not Applicable
(Former name or former address, if changed since last report.)
Exhibit Index on Page 3
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Item 5. Other Events.
(i) Reference is made to the press release issued to the public by
the registrant on March 27, 1996, the text of which is attached hereto as
an exhibit, for a description of the events reported pursuant to this Form
8-K.
(ii) Reference is made to the short-term borrowings of Apple Japan,
Inc. and Apple Computer B.V., subsidiaries of the registrant, referred to
in the registrant's Form 10-Q for the period ending December 31, 1995. All
but a non-material amount of the referenced Apple Computer B.V. loan and
Apple Japan, Inc. loans, have been extended or replaced with funding from
other financial institutions, for periods with maturity dates ranging from
June 28, 1996 to September 29, 1996. The remainder of these short-term
borrowings were repaid at maturity.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(c) Exhibits
99.1 Text of press release dated March 27, 1996.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
APPLE COMPUTER, INC.
By:
Name: Fred D. Anderson
Title: Executive Vice
President and
Chief Financial
Officer
Date: April 10, 1996
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EXHIBIT INDEX
Exhibit Document Page
99.1. Text of Press Release dated March 27, 1996 4
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Apple Chairman Gil Amelio Issues Statement On Second Quarter Outlook
CUPERTINO, California--March 27, 1996--Following his first seven
weeks as chairman and chief executive officer of Apple Computer,
Inc., Dr. Gilbert F. Amelio issued a statement today discussing
his assessments of the Company's business situation and financial
outlook for the second fiscal quarter which ends March 29, 1996.
"After my first couple of months on the job, I feel that it's time
for me to provide an update on Apple," said Dr. Amelio. "As has
been widely noted, the market for personal computers is unsettled.
"We find ourselves facing three major challenges. First, we
anticipate that revenues and unit shipments will be substantially
below the levels of last year's second quarter. Secondly, the
slowdown in sales relative to our initial forecasts will
contribute to sizable charges related to inventory valuation
adjustments. Finally, as we've mentioned before, we will incur
significant restructuring charges in order to realign the company
for the future.
"These factors will contribute to an anticipated second fiscal
quarter net after-tax loss of around $700 million, more than half
of which will be related to inventory write-downs and about a
quarter of which will be related to restructuring charges. The
inventory write-downs and restructuring charges are critical first
steps in orchestrating the comeback of the Company.
"I'm confident at this point that I know what the problems are and
that they are fixable. The strategic and operating plans we are
currently developing will enable us to build upon Apple's
fundamental strengths and competitive position, reinforce our
customer appeal, and realize the company's long-term earnings
potential. We plan to aggressively address these issues and take
the necessary corrective actions. We will begin to articulate our
plans by early May.
"I'd also like to add that I'm greatly encouraged by the
expressions of support I've received over the past two months from
thousands of Apple customers, business partners, developers, and
employees around the world who share our commitment to successfully meeting
our current challenges and achieving a great future."
The statements herein concerning second quarter results are
preliminary and are based on partial information and management
assumptions. Apple will be prepared to discuss details of its actual financial
results when it issues its second quarter earnings during the third week of
April.
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Except for the historical information contained herein, the
matters discussed in this news release are forward-looking
statements that involve risks and uncertainties. Potential risks
and uncertainties include without limitation the effect of adverse
publicity (including this announcement) on demand for the
company's products; the effect of continued losses on the
Company's liquidity; continued competitive pressures in the
marketplace; the effect on inventory valuations of decreased
demand and lowered prices; and the effect of any business
restructuring actions. Further information on potential factors
that could affect the company's financial results can be found in
the company's Form 10-Q for its 1996 first quarter, filed with the
SEC.
Apple Computer, Inc., a recognized innovator in the information
industry and leader in multimedia technologies, creates powerful
solutions based on easy-to-use personal computers, servers,
peripherals, software, online services, and personal digital
assistants. Headquartered in Cupertino, California, Apple (NASDAQ: AAPL)
develops, manufactures, licenses and markets solutions, products,
technologies and services for business, education, consumer, entertainment,
scientific and engineering and government customers in over 140 countries.
Press Contacts:
Nancy Paxton Lynne Keast
Apple Computer, Inc. Apple Computer, Inc.
(408) 974-5420 (408) 974-5431
[email protected] [email protected]
Gabi Schindler
Apple Computer, Inc.
(408) 974-6941
[email protected]
Investor Relations Contacts:
Debbie VanOlst-Robinson Bill Slakey
Apple Computer, Inc. Apple Computer, Inc.
(408) 862-5590 (408) 974-3488
[email protected] [email protected]
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releases by fax call 1-800-AAPL-FAX (1-800-227-5329) and enter
your PIN number. If you do not have a PIN number, please call the
Public Relations Hotline at (408) 974-2042. If you would like to
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Apple and the Apple logo are registered trademarks of Apple Computer,Inc.,
in the USA and other countries.
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