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UNITED STATES SECURITIES and EXCHANGE COMMISSION Form

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UNITED STATES SECURITIES and EXCHANGE COMMISSION Form UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) # QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 25, 2005 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 0-10030 APPLE COMPUTER, INC. (Exactname of Registrant as specified in its charter) CALIFORNIA942404110 (State or other jurisdiction (I.R.S. Employer Identification No.) of incorporation or organization) 1 Infinite Loop Cupertino, California 95014 (Address ofprincipal executive offices) (Zip Code) Registrant’s telephone number, including area code: (408) 996-1010 Indicate by check mark whether the registrant (1) has filed all reports required tobe filed by Section 13or 15(d) of the Securities Exchange Actof 1934 during the preceding12 months (or for such shorter period that the registrantwas required tofile such r eports), and (2) has been subject to such filing requirements for the past 90 days. Yes # No " Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes # No " 829,829,296 shares of common stock issuedand outstanding as of July 22, 2005 PART I.FINANCIAL INFORMATION Item 1. Financial Statements APPLE COMPUTER, INC. CONDENSED CONSOLIDATEDSTATEMENTS OF OPERATIONS (Unaudited) (in millions, except share and per share amounts) Three Months Ended Nine Months Ended June 25, 2005 June 26, 2004 June 25, 2005 June 26, 2004 Net sales $ 3,520 $ 2,014 $ 10,253 $ 5,929 Cost of sales 2,476 1,455 7,245 4,304 Gross margin 1,044 559 3,008 1,625 Operating expenses: Research and development 145 125 387 367 Selling, general, and administrative 472 354 1,389 1,042 Restructuring costs — 8 — 18 Total operating expenses 617 487 1,776 1,427 Operating income 427 72 1,232 198 Other income and expense: Gains on non-current investments — — — 4 Interest and other income, net 46 13 105 34 Total other income and expense 46 13 105 38 Income before provision for income taxes 473 85 1,337 236 Provision for income taxes 153 24 432 66 N et income$320 $61$ 905$170 Earningsper common share: Basic $ 0.39 $ 0.08 $ 1.13 $ 0.23 Diluted $0.37 $0.08 $ 1.06 $0.22 Shares usedin computing earnings pershare(in thousands): Basic 815,092 750,046 804,098 735,212 Diluted 860,688 785,242 853,105 762,518 See accompanying notes to condensed consolidated financial statements. 2 APPLE COMPUTER, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share amounts) June 25, 2005 September 25, 2004 ASSETS: Current assets: Cash and cash equivalents $ 3,094 $ 2,969 Short-term investments 4,432 2,495 Accounts receivable, less allowances of $49 and $47, respectively 827 774 Inventories 193 101 Deferred tax assets 334 231 Other current assets 496 485 Total current assets 9,376 7,055 Property, plant and equipment, net 764 707 Goodwill 8080 Acquired intangible assets 29 17 Other assets 239 191 Total assets $ 10, 488 $ 8 , 050 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 1,530 $ 1,451 Accrued expenses 1,593 1,200 Total current liabilities 3,123 2,651 Non-current liabilities 544323 Total liabilities 3,667 2,974 Commitments and contingencies Shareholders’ equity: Common stock, no parvalue; 1,800,000,000 shares authorized; 827,981,177 and 782,887,234 shares issued and outstanding,respectively 3,299 2,514 Deferred stock compensation (62 ) (93 ) Retained earnings 3,575 2,670 Accumulated other comprehensive income (loss) 9 (15 ) Total shareholders’ equity 6,821 5,076 Total liabilities and shareholders’ equity $ 10,488 $ 8,050 See accompanying notes to condensed consolidated financial statements. 3 APPLE COMPUTER, INC. CONDENSED CONSOLIDATEDSTATEMENTS OF CASH FLOWS (Unaudited) (in millions) Nine Months Ended June 25, 2005 June 26, 2004 Cash and cash equivalents, beginning of the period $ 2,969 $ 3,396 Operating Activities: Net income905 170 Adjustments to reconcile net income to cashgenerated byoperating activities: Depreciation, amortization, and accretion 128 110 Stock-based compensation expense 31 23 Non-cash restructuring — 5 Provision for (benefit from) deferred income taxes 1 (5 ) Tax benefit from stock options314 62 Loss on disposition of property, plant,and equipment 6 3 Gains on short-term investments, net — (1) Gains on non-current investments — (4 ) Changes inoperating assets and liabilities: Accounts receivable, net (53) 137 Inventories (92) (16) Other current assets (11 ) (83) Other assets (52) (31) Accounts payable 79 (93 ) Other current liabilities 527214 Cash generated by operatingactivities 1,783 491 Investing Activities: Purchases of short-terminvestments (7,624) (2,294) Proceeds from maturities of short-terminvestments 5,108 821 Proceeds from sales of short-term investments 582 790 Proceeds from sales of non-current investments — 5 Purchases of property, plant, and equipment (164)(117) Other (29 ) 9 Cashused for investing activities (2,127) (786) Financing Activities: Payment of long-term debt — (300) Proceeds from issuance of common stock 469 319 Cash generated by financingactivities 469 19 Increase (decrease) in cash and cash equivalents 125 (276) Cash and cash e q uivalents, end of the p erio d $ 3 , 094 $ 3 , 120 Supplemental cash flow disclosures: Cash paid for interest $ — $ 10 Cash paid for incometaxes, net $108$ — See accompanying notes to condensed consolidated financial statements. 4 APPLE COMPUTER, INC. Notes to Condensed Consolidated Financial State ments (Unaudited) Note 1 – Summary of SignificantAccou nting Policies Apple Computer, Inc. and its subsidiaries (the Company)designs, manufactures and markets personal computers and related software, services, peripherals and networking solutions. The Company alsodesigns, develops and markets a line of portabledigital music players along with related accessories and services including the online distribution of third-party music and audiobooks. The Company sells its products worldwide through its online stores, its ownretail stores, its direct sales force and third-party wholesalers, resellers and value-added resellers. In addition to its own hardware, software and peripheral products, the Company sells a variety of third-party hardware and software products through its online and retail stores. The Company sells to education, consumer, creative professional, business and government customers. Basis of Presentation and Preparation The accompanying condensed consolidatedfinancial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. The preparation of these condensed consolidatedfinancial statements in conformity withU.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidatedfinancial statements and accompanying notes. Actual results could differ materially from those estimates. Interim information is unaudited;however, in the opinion of th e Company’s management, all adjustments of a normal recurring nature necessary for a fair statement of interim periods presen ted have been included. The results for interim perio ds are not necessarily indicative of results tobe expected for the entire year. Certain prior year amounts in these condensed consolidated financial statements and notes thereto havebeen reclassified to conform to the current period’s presentation. These condensed consolidatedfinancial statements and accompanyingnotes shouldberead in conjunction with the Company’s annual consolidated financial statements and the notes thereto for the fiscal year ended September 25, 2004, included inits AnnualReport on Form 10-K(the 2004Form 10-K). Unless otherwise stated, references to particular years or quarters refer to the Company’s fiscal years ended in September and the associated quarters of those fiscal years. Common Stock Split On February 28, 2005, the Company effected a two-for-one stock split toshareholders of record as of February 18, 2005. All share and per share information has beenretroactively adjusted toreflect the stock split. Research and Development Research and development costs are expensedas incurred. Development costs of computer software tobe sold, leasedor otherwise marketed are subject to capitalization beginningwhen a product’s technological feasibility has been established and endingwhen a product is available for general release to customers pursuant toStatement of FinancialAccounting Standards (SFAS)No. 86, Computer Software to be Sold, Leased, or Otherwise Marketed. In most instances, the Company’s products are released soon after technological feasibility has been established; therefore, costs incurred subsequent to achievement of technological feasibility are usually not significant, and generally all software development costs have been expensed. In the fourthquarter of2004, the Company began incurring substantial development costs associated with Mac OS X version 10.4 Tiger subsequent to achievement of technological feasibility as evidencedby public demonstration inAugust 2004 and the subsequent release of a developer betaversion of the product. Therefore, during the third, second, and first quarters of 2005 and the fourth quarter of 2004, the Company capitalized approximately $0.2 million, $14.7 million, $14.8 million and$4.5 million,respectively, of costs associated with the development of Tiger. In accordance with SFAS No. 86, amortization
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