Apple Computers

Jessica Bourgoin
Amy Kakuk
Beth Theriault

utline
Brief History of HD
Where we are now
Vision and Mission
External Analysis
CPM
EFE
Summary
nternal Analysis
FE
Financial ratio analysis
Net Worth Analysis
Summary
Strategic Analysis
SWOT Matrix
SPACE
Grand Strategy Matrix
E matrix
BCG
Summary
Possible strategies
QSPM
Recommendations
Strategic implementation
and desired results
Objectives & Goals
History 1976-1978
Wozniak and Jobs form the AppIe Computer Company on ApriI FooI's
Day.
Wozniak and Jobs finish work on a preassembIed computer circuit
board. It has no keyboard, case, sound or graphics. They caII it the
AppIe I.
The AppIe I board is reIeased for saIe to hobbyists and eIectronics
enthusiasts at the price of $666.66.
AppIe's first formaI business pIan sets a goaI for saIes to grow to $
miIIion in ten years. As it turns out, the company wiII pass that mark in
haIf the time.
AppIe I computer boards are soId through 1 retaiI stores in the U.S.
AppIe moves from Jobs' garage to a buiIding on Stevens Creek
BouIevard in Cupertino, CaIifornia.
The new AppIe II is unveiIed at the first West Coast Computer Fair. It
is the first personaI computer abIe to generate coIor graphics and
incIudes a keyboard, power suppIy and attractive case.
The AppIe Iogo as seen today is designed by Rob Janoff, art director
for Regis McKenna Advertising.
Regis McKenna Advertising Iaunches its first ad campaign for AppIe.
AIthough advertising is initiaIIy aimed at eIectronics enthusiasts,
AppIe wiII soon become the first company to advertise personaI
computers in consumer magazines.
MonthIy orders reach a $1 miIIion annuaI saIes rate.
http://www.apple-history.com/frames/?
History 1978
Apple introduces various interface cards for connecting
to most printers.
Apple's Disk is introduced at the Consumer
Electronics Show. t is the easiest to use, lowest priced,
and fastest mini-floppy disk drive ever offered by a
computer manufacturer. t will make possible the
development of serious software. Production at first is
handled by just two employees, turning out 30 drives a
day.
n only its second year, Apple is one of the fastest
growing companies in America. Sales have increased,
and its dealer network has grown to over 300.
History 1979-1981
Apple's first printer, the Silentype, is introduced.
Apple opens a manufacturing plant in Carrollton, TX. Apple facilities
now occupy more than half a million square feet of floor space in the
U.S. and Europe.
Apple goes public. Morgan Stanley and Co. and Hambrecht & Quist
underwrite an initial public offering of 4.6 million shares of Apple
common stock at a price of $22 per share. Every share is bought
within minutes of the offering, making this the largest public offering
since Ford went public in 1956.
Apple's employee count breaks 1,000.
Apple's distribution network is the largest in the industry-800
independent retailers in the U.S. and Canada, plus 1,000 outlets
abroad.
Apple's first mass storage system, the 5MB ProFile(tm) hard disk is
introduced, priced at $3,499.
Apple becomes a household name. Surveys show that public
awareness rose from 10 percent to 80 percent in 1981.
History 1982-1985
AppIe Dot Matrix printer introduced for $,19.
AppIe becomes the first personaI computer company to reach
$1 biIIion annuaI saIes rate. It throws a "BiIIion DoIIar Party" for
empIoyees.
AppIe University founded to provide empIoyee training
programs.
AppIe enters the Fortune at number 11 in under five years.
EVA (EmpIoyee VoIunteer Action) is created to match the skiIIs
of AppIe empIoyees with community needs.
AppIe is eIected to the Consumers Digest HaII of Fame for
responsiveness to consumer needs.
AppIe II receives the 198 IndustriaI Design ExceIIence Award
(IDEA) sponsored by the Product IndustriaI Designers Society
of America.
AppIe announces a computer training schoIarship program for
eIementary and secondary schooI educators.
e
History 1986-1990
AppIe announces pIans to create an independent software company,
to be known Iater as CIaris.
For the first time, AppIe uses its HyperCard technoIogy to distribute a
1987 HyperCard suppIement on diskette for Macintosh personaI
computers.
AppIe fiIes suit against Microsoft and HewIett-Packard to protect its
Macintosh audio visuaI dispIay. The Iawsuit is seen as having industry
wide impIications regarding copyright Iaws.
AppIe reports first biIIion doIIar quarter in its history as net
income rises 18 percent.
AppIe reports net saIes of $.7 biIIion and net income of $.3
miIIion for fiscaI year 1988.
AppIe acquires CoraI Software Corp., which markets programming
Ianguages and artificiaI inteIIigence tooIs for Macintosh computers.
AppIe introduces 3-Bit QuickDraw(tm) that aIIows Macintosh
personaI computers to process and dispIay photo-quaIity documents,
images and visuaIizations with exceptionaI coIor cIarity.
AppIe donates $ miIIion in computers to 3 schooIs to heIp at-risk
students.
FiscaI 199 revenues surpass $. biIIion.
History 1991-1995
AppIe announces it wiII restructure the company over the next
1 months to reduce operating expenses. AppIe's workforce is
reduced approximateIy 1 percent.
AppIe and IBM sign a Ietter of intent to cooperate on major
technoIogy initiatives for the 199s.
AppIe, IBM, and MotoroIa finaIize miIestone technoIogy
aIIiance.
AppIe announces a new Token Ring 16 NB Card, for the
Macintosh product Iine. It is the first product to emerge from
AppIe and IBM aIIiance.
AppIe and Kodak announce that they are working together to
integrate support for Photo CD images into future versions of
QuickTime.
The U.S. EnvironmentaI Protection Agency officiaIIy reIeases
the Energy Star embIem for dispIay with energy-efficient
computers and peripheraIs. AppIe has more than products
that meet the EPA's the technicaI requirements.
AppIe's Macintosh ceIebrates 1th birthday!
As of January 2005 Apple has introduced the Mini
Mac and the iPod Shuffle.
AppIe in
The Apple Mini Mac is a
compact desktop
computer. t is 2 inches
tall and weights 2.9lbs.
The Mini Mac starts at
$499 and comes
standard with iChat AV
desktop video
conferencing, Mail,
Address Book,
QuickTime, iSync, and
a DVD Player.
http:www.appIe.comprIibraryjanindex.htmI
Graphics from: http://www.apple.com/macmini/
Mini Mac
iPod ShuffIe
The iPod shuffle is a
smaller version of the
original iPod. t is much
smaller and lighter and
can double as a portable
USB flash drive with up to
1GB of storage space to
back up personal files
and exchange them
between computers. For
$99 you can purchase the
512MB holding up to 120
songs or the 1GB holding
up to 240 songs for just
$149.
Graphics from: http:www.appIe.comipodshuffIe
http:www.appIe.comprIibraryjanindex.htmI
Mac OS X Tiger
On April 29, 2005, the
Mac OS X Tiger will be
released. This is an
advanced operating
system that requires a
Macintosh computer with
a PowerPC G3, G4 or G5
processor, Built-in
FireWire, 256MB of RAM,
and 3GB of available
hard disk space. t cost
$129 for a single user
and $199 for a 5 license
family pack
http:www.appIe.commacosxnewfeaturesover.htmI
Apple in the Market (as of 4/22/05)
ast Trade: 3.
Week ow: 1.7
Week High: .
AppIe had a :1 Stock spIit on
8
'ision Statement (proposed)
To become the worId wide Ieader in
computer and mp3 pIayer saIes.
Mission Statement (actual)
Apple ignited the personal computer revolution in
the 1970s with the Apple and reinvented the
personal computer in the 1980s with the
Macintosh. Apple is committed to bringing the
best personal computing experience to students,
educators, creative professionals and consumers
around the world through its innovative hardware,
software and nternet offerings.
The Apple commitment to excellence is its mission to provide
computers and service (2) for people (1) that meet the highest
standards of value and reliability. Apple is one of leaders in the
computer industry and makes the best-selling computers in the world
(7) (3). Apple provides the highest level of quality and value for our
customers. Those are timeless fundamentals. We also apply innovative
technology to our core business (4) to differentiate ourselves and make
our products irresistible to our customers, beneficial to society, and
profitable to our company (5). We strive to provide additional
opportunities for growth and enrichment of company personnel while
maintaining a work environment for all employees (9) that encourages
personal commitment and participation in support of achieving
excellence. We are committed to being a good corporate citizen, and
being openly honest with all of our stakeholders (6). We support
activities that help to build common understanding, enhance
excellence, and enable people to improve their lives and reinforce their
commitment to society (8).
Mission Statement (Proposed)
ExternaI Audit
Opportunities
ncrease in worms and
viruses on PCs.
Large population (Gen X&Y)
which are extremely
individualistic and name
brand conscious.
Weak ties with Microsoft
products.
Downloadable music and
MP3 players are highly
marketable.
ncrease sales of computers
online by 25 percent.
ncrease sales of laptops by
20 percent.
Threats
Companies not seeing Apple
as compatible with their
software.
Dell and HP are major
competitors.
ncreasing competition with
music downloads.
Dell does not invent but
provides computers at a more
cost effective rate for
customers.
Recessionprice of Apple
computers are higher.
ntel's future Pentium release.
CPM - Competitive ProfiIe Matrix
Apple Computer Market Dell
Critical Success
Factors
Weight Rating Weighted
Score
Rating Weighted
Score
Rating Weighted
Score
Market Share
Price
Financial Position
Product Quality
Consumer Loyalty
Advertising
Management
Global Expansion
Innovation
Web Development
0.10
0.10
0.15
0.15
0.15
0.04
0.06
0.06
0.14
0.05
1
2
3
3
4
2
4
2
4
3
0.10
0.20
0.45
0.45
0.60
0.08
0.24
0.12
0.56
0.15
3
3
2
2
2
3
3
2
2
2
0.30
0.30
0.30
0.30
0.30
0.12
0.18
0.12
0.28
0.10
4
4
3
4
3
3
3
3
2
3
0.40
0.40
0.45
0.60
0.45
0.12
0.18
0.18
0.28
0.15
Total 1.00 2.95 2.30 3.21
ExternaI Factor EvaIuation (EFE) Matrix
ey External Factors Weight Rating Weighted
Score
Opportunities
Increase in worms and virus on PCs. 0.15 4 0.60
Downloadable music and MP3 players are highly marketable. 0.6 3 0.18
Large population (Gen X & Y) which are extremely individualistic and name
brand conscious.
0.15 4 0.60
Increase in sales oI laptops by 20 percent. 0.04 3 0.12
Increasing sales oI computers online by 25 percent. 0.05 3 0.15
Creating more ties with MicrosoIt products. 0.10 4 0.40
Threats
Increasing competition with music downloads. 0.07 2 0.14
Intel`s Iuture Pentium release. 0.03 3 0.09
Dell and HP are major competitors. 0.10 4 0.40
Dell does not invent but provides computers at a more cost eIIective rate Ior
customers.
0.06 3 0.18
Recessionprice oI Apple computers are higher. 0.04 2 0.08
Companies not seeing Apple as compatible with their soItware. 0.15 2 0.30
TOTAL 1.00 3.24
ExternaI Summary
Apple has rated the ncrease in worms and
virus on PCs, Large population (Gen X & Y)
which are extremely individualistic and name
brand conscious, and the Creating more ties
with Microsoft products as their three highest
opportunities.
Apple has rated that the fact of Dell and HP
being such huge competitors as their top
threat.
InternaI Audit
Strengths
iTunes Music Store is a good
source of revenue, especially
with the iPod and the availability
on Windows platform.
Developing own software and
hardware.
Apple's niche audience provides
the company with some
insulation from the direct price
competition.
Revamping desktop and
notebook lines.
Web technology can be used to
improve product awareness and
sales.
Low debtmore maneuverable.
Good brand loyalty.
Weaknesses
Weak relationship with ntel and
Microsoft.
Weak presence in business arena.
Dependency on new product
launches.
Weak presence in markets other
than education and publishing.
Slow turn around on high demand
products.
InternaI Factor EvaIuation (IFE) Matrix
ey Internal Factors Weight Rating Weighted
Score
Strengths
iTunes Music Store is a good source oI revenue, especially with the iPod and the
availability on Windows platIorm.
0.15 4 0.60
Apple`s niche audience provides the company with some insulation Irom the
direct price competition.
0.10 3 0.30
Revamping desktop and notebook lines. 0.10 3 0.30
Low debtmore maneuverable. 0.06 4 0.24
Developing own soItware and hardware. 0.14 3 0.42
Good brand loyalty. 0.05 3 0.15
Web technology can be used to improve product awareness and sales. 0.10 4 0.40
Weaknesses
Dependency on new product launches. 0.06 1 0.06
Weak presence in business arena. 0.07 1 0.07
Slow turn around on high demand products. 0.03 2 0.06
Weak relationship with Intel and MicrosoIt. 0.10 1 0.10
Weak presence in markets other than education and publishing. 0.04 2 0.08
Total 1.00 2.78
FinanciaI Ratio AnaIysis (March 2004)
Company Industry Sector S&P 500
Valuation Ratios
P/E Ratio (TTM) 69.70 26.87 33.52 24.01
P/E High - Last 5 Yrs 277.96 54.58 64.14 45.41
P/E Low - Last 5 Yrs 6.84 17.34 19.55 16.26
Beta 1.75 1.60 1.91 1.00
Price to Sales (TTM) 1.41 1.84 5.08 3.33
Price to Book (MRQ) 2.20 7.56 4.78 4.29
Price to Tangible Book (MRQ) 2.26 8.77 6.53 7.56
Price to Cash Flow (TTM) 37.64 19.69 25.48 17.32
Price to Free Cash Flow (TTM) 45.13 23.77 28.26 28.97
Owned Institutions 63.21 50.31 48.14 64.19
Dividends
Dividend Yield N/A 0.70 0.75 2.04
Dividend Yield - 5 Yr Avg 0.00 0.34 0.27 1.48
Dividend 5 Yr Growth Rate NM 7.94 1.50 6.48
Payout Ratio (TTM) 0.00 7.99 9.34 26.78
www.investor.stockpoint.com
rowth Rates Company Industry Sector S&P 500
Sales (MRQ) vs Qtr 1 Yr Ago 36.28 12.54 18.89 13.40
Sales (TTM) vs TTM 1 Yr Ago 15.45 10.97 11.78 11.90
Sales - 5 Yr Growth Rate 0.88 7.09 14.52 9.30
EPS (MRQ) vs Qtr 1 Yr Ago N/A 34.00 35.07 28.69
EPS (TTM) vs TTM 1 Yr Ago 587.04 35.55 41.74 21.92
EPS - 5 Yr Growth Rate -29.16 6.85 13.18 12.15
Capital Spending - 5 Yr Growth Rate 28.95 2.65 1.99 4.06
Financial Strength
Quick Ratio (MRQ) 2.26 1.02 2.54 1.26
Current Ratio (MRQ) 2.53 1.25 3.02 1.76
LT Debt to Equity (MRQ) 0.00 0.38 0.23 0.68
Total Debt to Equity (MRQ) 0.07 0.52 0.29 0.85
Interest Coverage (TTM) 13.75 11.34 9.81 11.86
Profitability Ratios
Gross Margin (TTM) 27.27 30.60 51.71 47.32
Gross Margin - 5 Yr Avg 26.65 31.08 51.13 47.01
EBITD Margin (TTM) 3.34 12.43 18.41 20.79
FinanciaI Ratios (cont)
EBITD - 5 Yr Avg 2.87 12.18 16.18 20.82
Operating Margin (TTM) 1.63 8.70 13.63 20.33
Operating Margin - 5 Yr Avg 1.25 8.28 11.62 18.35
Pre-Tax Margin (TTM) 2.77 9.47 15.96 17.27
Pre-Tax Margin - 5 Yr Avg 5.34 9.76 14.77 17.54
Net ProIit Margin (TTM) 2.03 6.02 9.90 13.12
Net ProIit Margin - 5 Yr Avg 4.24 6.55 8.67 11.59
EIIective Tax Rate (TTM) 26.74 29.57 27.57 31.31
EIIective Tax Rate - 5 Yr Avg 22.62 30.59 32.39 34.20
Management Effectiveness
Return on Assets (TTM) 2.09 8.44 6.07 6.40
Return on Assets - 5 Yr Avg 5.47 9.25 5.79 6.79
Return on Investment (TTM) 3.05 16.54 8.75 9.97
Return on Investment - 5 Yr Avg 7.90 17.57 9.30 10.93
Return on Equity (TTM) 3.26 30.10 12.17 18.71
Return on Equity - 5 Yr Avg 10.37 31.78 13.11 19.22
Efficiency
Revenue/Employee (TTM) 617,760 568,624 401,787 622,866
Net Income/Employee (TTM) 12,555 37,722 65,474 81,707
Receivable Turnover (TTM) 11.59 7.25 7.64 9.76
Inventory Turnover (TTM) 91.47 20.93 9.64 10.46
Asset Turnover (TTM 1.03 1.45 0.77 0.92
FinanciaI Ratios (cont)
Net Worth AnaIysis
SE + Additional paid in capital + retained earnings 4,095M + 119M +2,325= 6.B
9/28/02 Net income x 565M x 5 = 3M
Share price (10/17/03)/ EPS (10/17/03) x avg. net income (3years)
[22.75/ 0.49] x 275M = 1.7B
Number of shares outstanding x share price
358,958,989 x 22.75 = 8.1B
Method average = 6.9B
nternal Summary
Apple has rated their iTunes Music Store being a good source of
revenue, especially with the iPod and the availability on Windows
platform, their low debtmore maneuverable, and their Web
technology being used to improve product awareness and sales as
their 3 highest strengths.
Apple did not rate any of their weaknesses higher than a 2. they
should work on being able to direct more attention to those areas
and especially concentrate on the two areas of dependency on new
product launches and the weak presence in business arena.
SWOT Matrix
S-O Strategies
ncrease awareness through the
web of the immunity of Mac products
to worms and viruses. (S5, O1)
Advertise using individuals that will
link Generation X & Y to the iTunes
and other related products. (S1, O2,
O4, O5, O6)
Using movies and music groups that
are geared towards Gen X and Y to
promote computers and laptops.
(S3, S5, O2, O5, O6)
S-T Strategies
ncrease and promote the
compatibility to Window operating
system. (S5,T1)
Promote the originality of Apple
computers and the different style
and stable system that is slightly
more but worth the price difference
in style, stability and speed. (S2, S5,
T2, T4, T5)
W-O Strategies
ncrease ties with Microsoft and
ntel and their products.(W1, W2,
W4 O2, O3)
Promote to business the safety of
having a worm and virus free
computer by using Mac. (W2, W4,
O1, O5, O6)
W-T Strategies
mprove relationship with
Microsoft and ntel so that
companies will see them as
compatible. (W1, W2 T1)
ncrease productivity and turn
around of high demand products
to compete with Dell and HP (W5,
T2)
SPACE Matrix
ES
IS CA
FS
Conservative
Competitive Defensive
Aggressive
Space Matrix
Forward Integration
Backward Integration
Horizontal Integration
Market Penetration
Market Development
Product Development
1oint Venture
Grand Strategy Matrix
RAPID MARKET
GROWTH
Quadrant II Quadrant I
WEAK STRONG
COMPETITIVE COMPETITIVE
POSITION POSITION
Quadrant III Quadrant IV
SLOW MARKET
GROWTH
AppIe
Computer Concentric Diversification
Conglomerate
Diversification
Horizontal Diversification
Retrenchment
Divestiture
Liquidation
The InternaI-ExternaI (IE) Matrix
1.0 to 1.99
IX VIII VII
Low
2.0 to 2.99
VI V IV
Medium
3.0 to 3.99
III
II I
High
1.0 to 1.99 2.0 to 2.99 3.0 to 4.0
Weak Average Strong
Grow and
BuiId
Segments Revenue Profit EFE IFE
Domestic 54% 52% 3.5 2.6
nternational 46% 48% 3.0 3.0
Dogs Cash Cows
Medium
0
Question Marks Stars
High 20
Boston ConsuIting Group (BCG) Matrix
Low -20
High 1.0 Medium .50 Low 0.0
nternational
Domestic
Segments Revenue Profit EFE IFE Growth Rate ReIative Market Share
Domestic 54% 52% 3.5 2.6 17 0.3
nternational 46% 48% 3.0 3.0 5 0.2
Cash need High
vs. cash flow low
Market Penetration
Market
Development
Product
Development
Sell
Alternative Strategies IE SPACE GRAND COUNT
Forward Integration 2
Backward Integration 2
Horizontal Integration 2
Market Penetration 2
Market Development 2
Product Development 2
Concentric Diversification 1
Conglomerate Diversification 1
Horizontal Diversification 1
1oint Venture 1
Retrenchment 1
Divestiture 1
Liquidation 1
Matrix AnaIysis Summary
QSPM
ey Internal Factors
Weight
Start
producing
Wintel
compatible
Expand
production into
Asia
Strengths AS TAS AS TAS
iTunes Music Store is a good source oI
revenue, especially with the iPod and the
availability on Windows platIorm.
0.15 1.00 0.15 3.00 0.45
Apple`s niche audience provides the
company with some insulation Irom the
direct price competition.
0.20 4.00 0.80 3.00 0.60
Good brand loyalty. 0.20 4.00 0.80 3.00 0.60
Web technology can be used to improve
product awareness and sales.
0.15 4.00 0.60 3.00 0.45
Weaknesses
Weak relationship with Intel and MicrosoIt. 0.15 4.00 0.60 1.00 0.15
Weak presence in markets other than
education and publishing.
0.15 2.00 0.30 4.00 0.60
SUBTOTAL 1.00 3.25 2.85
ey External Factors
Weight
Start producing
Wintel
Expand production
into Asia
Opportunities AS TAS AS TAS
Increase in worms and virus on PCs. 0.15 2 .30 3 .45
Downloadable music and MP3 players are highly
marketable.
0.06 1.00 0.12 4.00 0.48
Large population (Gen X & Y) which are extremely
individualistic and name brand conscious.
0.15 1.00 0.10 4.00 0.40
Increase in sales oI laptops by 20 percent. 0.08 1.00 0.08 4.00 0.32
Creating more ties with MicrosoIt products. 0.10 4.00 0.12 2.00 0.08
Threats
Intel`s Iuture Pentium release. 0.10 1.00 0.10 3.00 0.30
Dell does not invent but provides computers at a
more cost eIIective rate Ior customers.
0.06 1.00 0.06 3.00 0.18
Companies not seeing Apple as compatible with their
soItware.
0.15 1.00 0.05 3.00 0.15
SUBTOTAL 1.00 0.93 .36
SUM TOTAL ATTRACTIVENESS SCORE 4.18 5.21
QSPM
Recommendations
Strategy 1
Open six computer retail stores (not just peripheral and accessories). Apple currently has
stores opened throughout the United States with only peripheral and accessories for their
computers. Adding the hardware should generate more hands-on awareness and use
already established locations.
This will increase product accessibility for those who wish to view items other than just
accessories and increase awareness of the originality of Apple's products.
2 percent increase over the next 2 years in sales representatives for the computer
hardware.
Strategy
Contract music spokesperson to attract the upcoming generation who are attending high
school and college. This will invoke a sense of style and linking apple with a distinctive and
memorable top 10 hit. This will stay in the customer's awareness and influence future
purchase decisions.
Contracting one music spokesperson estimated $6 million.
Strategy 3
Add more features to current products for greater Wintel compatibility. Features such as
iTune software compatible with windows based computers, Office programs loadable from
PC installation disk (This would require a software agreement with Microsoft). n late
October 2003 Apple released an iTune software package that is PC ready.
t will increase the United States market share at least 30 percent for the next 2-3
years.
$50 million is the estimated cost for Research and Development.
Cost of Recommendations
Open 6 computer retaiI stores (not
just peripheraI and accessories)
Contract music spokes person
(Sarah McachIan | cent) for a
cost of
Start production of WinteI
compatibIe software for a cost of
TotaI expected cost =
100M
6M
50M
16M
EPS/EBT Analysis
Common Stock
Financing
Debt Financing 5/5 Combination
Financing
High Low High Low High Low
EBIT
20,000.00 6,000.00 20,000.00 6,000.00 20,000.00 6,000.00
Interest (6)
0.00 0.00 3,900.00 3,900.00 1,950.00 1,950.00
EBT
20,000.00 6,000.00 16,100.00 2,100.00 18,050.00 4,050.00
Taxes (30)
6,000.00 1,800.00 4,830.00 630.00 5,415.00 1,215.00
EAT
14,000.00 4,200.00 11,270.00 1,470.00 12,635.00 2,835.00
# Shares
5,653.00 5,653.00 1,837.00 1,837.00 3,747.00 3,747.00
EPS
2.48 0.74 6.14 0.80 3.37 0.76
Objectives and Goals
Over the next 3-4 years Apple would like
to increase their product accessibility (new
stores).
ncrease their market share by 30%
Eliminate the need for new products in
order to raise sales.
AppIe in the News
ApriI 1, Apple Announces Mac OS X Server "Tiger
February 3, Apple Unveils New iPod mini Starting at
Just $199
February 1, Apple Honors GRAMMY Award Winning
Artists
February 11, Apple Announces Two-for-One Stock
Split