Apple苹果产品介绍

AppleComputersJessicaBourgoinAmyKakukBethTheriault04/25/2005Outline BriefHistoryofHD Wherewearenow VisionandMission ExternalAnalysis CPM EFE Summary InternalAnalysis IFE Financialratioanalysis NetWorthAnalysis Summary StrategicAnalysis SWOTMatrix SPACE GrandStrategyMatrix IEmatrix BCG Summary Possiblestrategies QSPM Recommendations Strategicimplementationanddesiredresults Objectives&GoalsHistory1976-1978 WozniakandJobsformtheAppleComputerCompanyonAprilFool'sDay. WozniakandJobsfinishworkonapreassembledcomputercircuitboard.Ithasnokeyboard,case,soundorgraphics.TheycallittheApple®I. TheAppleIboardisreleasedforsaletohobbyistsandelectronicsenthusiastsatthepriceof$666.66. Apple'sfirstformalbusinessplansetsagoalforsalestogrowto$500millionintenyears.Asitturnsout,thecompanywillpassthatmarkinhalfthetime. AppleIcomputerboardsaresoldthrough10retailstoresintheU.S. ApplemovesfromJobs'garagetoabuildingonStevensCreekBoulevardinCupertino,California. ThenewApple®IIisunveiledatthefirstWestCoastComputerFair.Itisthefirstpersonalcomputerabletogeneratecolorgraphicsandincludesakeyboard,powersupplyandattractivecase. TheApplelogoasseentodayisdesignedbyRobJanoff,artdirectorforRegisMcKennaAdvertising. RegisMcKennaAdvertisinglaunchesitsfirstadcampaignforApple.Althoughadvertisingisinitiallyaimedatelectronicsenthusiasts,Applewillsoonbecomethefirstcompanytoadvertisepersonalcomputersinconsumermagazines. Monthlyordersreacha$1millionannualsalesrate.http://www.apple-history.com/frames/?History1978 Appleintroducesvariousinterfacecardsforconnectingtomostprinters. Apple'sDiskII®isintroducedattheConsumerElectronicsShow.Itistheeasiesttouse,lowestpriced,andfastestmini-floppydiskdriveeverofferedbyacomputermanufacturer.Itwillmakepossiblethedevelopmentofserioussoftware.Productionatfirstishandledbyjusttwoemployees,turningout30drivesaday. Inonlyitssecondyear,AppleisoneofthefastestgrowingcompaniesinAmerica.Saleshaveincreased,anditsdealernetworkhasgrowntoover300.History1979-1981 Apple'sfirstprinter,theSilentype®,isintroduced. AppleopensamanufacturingplantinCarrollton,TX.ApplefacilitiesnowoccupymorethanhalfamillionsquarefeetoffloorspaceintheU.S.andEurope. Applegoespublic.MorganStanleyandCo.andHambrecht&Quistunderwriteaninitialpublicofferingof4.6millionsharesofApplecommonstockatapriceof$22pershare.Everyshareisboughtwithinminutesoftheoffering,makingthisthelargestpublicofferingsinceFordwentpublicin1956. Apple'semployeecountbreaks1,000. Apple'sdistributionnetworkisthelargestintheindustry-800independentretailersintheU.S.andCanada,plus1,000outletsabroad. Apple'sfirstmassstoragesystem,the5MBProFile(tm)harddiskisintroduced,pricedat$3,499. Applebecomesahouseholdname.Surveysshowthatpublicawarenessrosefrom10percentto80percentin1981.History1982-1985 AppleDotMatrixprinterintroducedfor$2,195. Applebecomesthefirstpersonalcomputercompanytoreach$1billionannualsalesrate.Itthrowsa"BillionDollarParty"foremployees. AppleUniversityfoundedtoprovideemployeetrainingprograms. AppleenterstheFortune500atnumber411inunderfiveyears. EVA(EmployeeVolunteerAction)iscreatedtomatchtheskillsofAppleemployeeswithcommunityneeds. AppleiselectedtotheConsumersDigestHallofFameforresponsivenesstoconsumerneeds. AppleIIreceivesthe1984IndustrialDesignExcellenceAward(IDEA)sponsoredbytheProductIndustrialDesignersSocietyofAmerica. Appleannouncesacomputertrainingscholarshipprogramforelementaryandsecondaryschooleducators.TheHistory1986-1990 Appleannouncesplanstocreateanindependentsoftwarecompany,tobeknownlaterasClaris. Forthefirsttime,AppleusesitsHyperCardtechnologytodistributea1987HyperCardsupplementondisketteforMacintoshpersonalcomputers. ApplefilessuitagainstMicrosoftandHewlett-PackardtoprotectitsMacintoshaudiovisualdisplay.Thelawsuitisseenashavingindustrywideimplicationsregardingcopyrightlaws. Applereportsfirstbilliondollarquarterinitshistoryasnetincomerises108percent. Applereportsnetsalesof$4.07billionandnetincomeof$400.3millionforfiscalyear1988. AppleacquiresCoralSoftwareCorp.,whichmarketsprogramminglanguagesandartificialintelligencetoolsforMacintoshcomputers. Appleintroduces32-BitQuickDraw(tm)thatallowsMacintoshpersonalcomputerstoprocessanddisplayphoto-qualitydocuments,imagesandvisualizationswithexceptionalcolorclarity. Appledonates$2millionincomputersto23schoolstohelpat-riskstudents. Fiscal1990revenuessurpass$5.5billion.History1991-1995 Appleannouncesitwillrestructurethecompanyoverthenext12monthstoreduceoperatingexpenses.Apple'sworkforceisreducedapproximately10percent. AppleandIBMsignaletterofintenttocooperateonmajortechnologyinitiativesforthe1990s. Apple,IBM,andMotorolafinalizemilestonetechnologyalliance. AppleannouncesanewTokenRing4/16NBCard,fortheMacintoshproductline.ItisthefirstproducttoemergefromAppleandIBMalliance. AppleandKodakannouncethattheyareworkingtogethertointegratesupportforPhotoCDimagesintofutureversionsofQuickTime. TheU.S.EnvironmentalProtectionAgencyofficiallyreleasestheEnergyStaremblemfordisplaywithenergy-efficientcomputersandperipherals.Applehasmorethan20productsthatmeettheEPA'sthetechnicalrequirements. Apple'sMacintoshcelebrates10thbirthday!Applein2005AsofJanuary2005ApplehasintroducedtheMiniMacandtheiPodShuffle.MiniMac TheAppleMiniMacisacompactdesktopcomputer.Itis2inchestallandweights2.9lbs.TheMiniMacstartsat$499andcomesstandardwithiChatAVdesktopvideoconferencing,Mail,AddressBook,QuickTime®,iSync,andaDVDPlayer.http://www.apple.com/pr/library/2005/jan/index.htmlGraphicsfrom:http://www.apple.com/macmini/iPodShuffle TheiPodshuffleisasmallerversionoftheoriginaliPod.ItismuchsmallerandlighterandcandoubleasaportableUSBflashdrivewithupto1GBofstoragespacetobackuppersonalfilesandexchangethembetweencomputers.For$99youcanpurchasethe512MBholdingupto120songsorthe1GBholdingupto240songsforjust$149.Graphicsfrom:http://www.apple.com/ipodshuffle/http://www.apple.com/pr/library/2005/jan/index.htmlMacOSXTiger OnApril29,2005,theMacOSXTigerwillbereleased.ThisisanadvancedoperatingsystemthatrequiresaMacintoshcomputerwithaPowerPCG3,G4orG5processor,Built-inFireWire,256MBofRAM,and3GBofavailableharddiskspace.Itcost$129forasingleuserand$199fora5licensefamilypackhttp://www.apple.com/macosx/newfeatures/over200.htmlAppleintheMarket(asof4/22/05)LastTrade:35.5052WeekLow:12.7552WeekHigh:45.44Applehada2:1Stockspliton02/28/05VisionStatement(proposed)Tobecometheworldwideleaderincomputerandmp3playersales.MissionStatement(actual)Appleignitedthepersonalcomputerrevolutioninthe1970swiththeAppleIIandreinventedthepersonalcomputerinthe1980swiththeMacintosh.Appleiscommittedtobringingthebestpersonalcomputingexperiencetostudents,educators,creativeprofessionalsandconsumersaroundtheworldthroughitsinnovativehardware,softwareandInternetofferings.TheApplecommitmenttoexcellenceisitsmissiontoprovidecomputersandservice(2)forpeople(1)thatmeetthehigheststandardsofvalueandreliability.Appleisoneofleadersinthecomputerindustryandmakesthebest-sellingcomputersintheworld(7)(3).Appleprovidesthehighestlevelofqualityandvalueforourcustomers.Thosearetimelessfundamentals.Wealsoapplyinnovativetechnologytoourcorebusiness(4)todifferentiateourselvesandmakeourproductsirresistibletoourcustomers,beneficialtosociety,andprofitabletoourcompany(5).Westrivetoprovideadditionalopportunitiesforgrowthandenrichmentofcompanypersonnelwhilemaintainingaworkenvironmentforallemployees(9)thatencouragespersonalcommitmentandparticipationinsupportofachievingexcellence.Wearecommittedtobeingagoodcorporatecitizen,andbeingopenlyhonestwithallofourstakeholders(6).Wesupportactivitiesthathelptobuildcommonunderstanding,enhanceexcellence,andenablepeopletoimprovetheirlivesandreinforcetheircommitmenttosociety(8).MissionStatement(Proposed)ExternalAuditOpportunities IncreaseinwormsandvirusesonPCs. Largepopulation(GenX&Y)whichareextremelyindividualisticandnamebrandconscious. WeaktieswithMicrosoftproducts. DownloadablemusicandMP3playersarehighlymarketable. Increasesalesofcomputersonlineby25percent. Increasesalesoflaptopsby20percent.Threats CompaniesnotseeingAppleascompatiblewiththeirsoftware. DellandHParemajorcompetitors. Increasingcompetitionwithmusicdownloads. Delldoesnotinventbutprovidescomputersatamorecosteffectiverateforcustomers. Recession—priceofApplecomputersarehigher. Intel’sfuturePentiumrelease.CPM–CompetitiveProfileMatrixExternalFactorEvaluation(EFE)Matrix KeyExternalFactors Weight Rating WeightedScore Opportunities IncreaseinwormsandvirusonPCs. 0.15 4 0.60 DownloadablemusicandMP3playersarehighlymarketable. 0.6 3 0.18 Largepopulation(GenX&Y)whichareextremelyindividualisticandnamebrandconscious. 0.15 4 0.60 Increaseinsalesoflaptopsby20percent. 0.04 3 0.12 Increasingsalesofcomputersonlineby25percent. 0.05 3 0.15 CreatingmoretieswithMicrosoftproducts. 0.10 4 0.40 Threats Increasingcompetitionwithmusicdownloads. 0.07 2 0.14 Intel’sfuturePentiumrelease. 0.03 3 0.09 DellandHParemajorcompetitors. 0.10 4 0.40 Delldoesnotinventbutprovidescomputersatamorecosteffectiverateforcustomers. 0.06 3 0.18 Recession—priceofApplecomputersarehigher. 0.04 2 0.08 CompaniesnotseeingAppleascompatiblewiththeirsoftware. 0.15 2 0.30 TOTAL 1.00 3.24ExternalSummary ApplehasratedtheIncreaseinwormsandvirusonPCs,Largepopulation(GenX&Y)whichareextremelyindividualisticandnamebrandconscious,andtheCreatingmoretieswithMicrosoftproductsastheirthreehighestopportunities. ApplehasratedthatthefactofDellandHPbeingsuchhugecompetitorsastheirtopthreat.InternalAuditStrengths iTunesMusicStoreisagoodsourceofrevenue,especiallywiththeiPodandtheavailabilityonWindowsplatform. Developingownsoftwareandhardware. Apple’snicheaudienceprovidesthecompanywithsomeinsulationfromthedirectpricecompetition. Revampingdesktopandnotebooklines. Webtechnologycanbeusedtoimproveproductawarenessandsales. Lowdebt—moremaneuverable. Goodbrandloyalty.Weaknesses WeakrelationshipwithIntelandMicrosoft. Weakpresenceinbusinessarena. Dependencyonnewproductlaunches. Weakpresenceinmarketsotherthaneducationandpublishing. Slowturnaroundonhighdemandproducts.InternalFactorEvaluation(IFE)Matrix KeyInternalFactors Weight Rating WeightedScore Strengths iTunesMusicStoreisagoodsourceofrevenue,especiallywiththeiPodandtheavailabilityonWindowsplatform. 0.15 4 0.60 Apple’snicheaudienceprovidesthecompanywithsomeinsulationfromthedirectpricecompetition. 0.10 3 0.30 Revampingdesktopandnotebooklines. 0.10 3 0.30 Lowdebt—moremaneuverable. 0.06 4 0.24 Developingownsoftwareandhardware. 0.14 3 0.42 Goodbrandloyalty. 0.05 3 0.15 Webtechnologycanbeusedtoimproveproductawarenessandsales. 0.10 4 0.40 Weaknesses Dependencyonnewproductlaunches. 0.06 1 0.06 Weakpresenceinbusinessarena. 0.07 1 0.07 Slowturnaroundonhighdemandproducts. 0.03 2 0.06 WeakrelationshipwithIntelandMicrosoft. 0.10 1 0.10 Weakpresenceinmarketsotherthaneducationandpublishing. 0.04 2 0.08 Total 1.00 2.78FinancialRatioAnalysis(March2004)www.investor.stockpoint.com Company Industry Sector S&P500 ValuationRatios P/ERatio(TTM) 69.70 26.87 33.52 24.01 P/EHigh-Last5Yrs 277.96 54.58 64.14 45.41 P/ELow-Last5Yrs 6.84 17.34 19.55 16.26 Beta 1.75 1.60 1.91 1.00 PricetoSales(TTM) 1.41 1.84 5.08 3.33 PricetoBook(MRQ) 2.20 7.56 4.78 4.29 PricetoTangibleBook(MRQ) 2.26 8.77 6.53 7.56 PricetoCashFlow(TTM) 37.64 19.69 25.48 17.32 PricetoFreeCashFlow(TTM) 45.13 23.77 28.26 28.97 %OwnedInstitutions 63.21 50.31 48.14 64.19 Dividends DividendYield N/A 0.70 0.75 2.04 DividendYield-5YrAvg 0.00 0.34 0.27 1.48 Dividend5YrGrowthRate NM 7.94 1.50 6.48 PayoutRatio(TTM) 0.00 7.99 9.34 26.78FinancialRatios(cont) GrowthRates% Company Industry Sector S&P500 Sales(MRQ)vsQtr1YrAgo 36.28 12.54 18.89 13.40 Sales(TTM)vsTTM1YrAgo 15.45 10.97 11.78 11.90 Sales-5YrGrowthRate 0.88 7.09 14.52 9.30 EPS(MRQ)vsQtr1YrAgo N/A 34.00 35.07 28.69 EPS(TTM)vsTTM1YrAgo 587.04 35.55 41.74 21.92 EPS-5YrGrowthRate -29.16 6.85 13.18 12.15 CapitalSpending-5YrGrowthRate 28.95 2.65 1.99 4.06 FinancialStrength QuickRatio(MRQ) 2.26 1.02 2.54 1.26 CurrentRatio(MRQ) 2.53 1.25 3.02 1.76 LTDebttoEquity(MRQ) 0.00 0.38 0.23 0.68 TotalDebttoEquity(MRQ) 0.07 0.52 0.29 0.85 InterestCoverage(TTM) 13.75 11.34 9.81 11.86 ProfitabilityRatios% GrossMargin(TTM) 27.27 30.60 51.71 47.32 GrossMargin-5YrAvg 26.65 31.08 51.13 47.01 EBITDMargin(TTM) 3.34 12.43 18.41 20.79FinancialRatios(cont) EBITD-5YrAvg 2.87 12.18 16.18 20.82 OperatingMargin(TTM) 1.63 8.70 13.63 20.33 OperatingMargin-5YrAvg 1.25 8.28 11.62 18.35 Pre-TaxMargin(TTM) 2.77 9.47 15.96 17.27 Pre-TaxMargin-5YrAvg 5.34 9.76 14.77 17.54 NetProfitMargin(TTM) 2.03 6.02 9.90 13.12 NetProfitMargin-5YrAvg 4.24 6.55 8.67 11.59 EffectiveTaxRate(TTM) 26.74 29.57 27.57 31.31 EffectiveTaxRate-5YrAvg 22.62 30.59 32.39 34.20 ManagementEffectiveness% ReturnonAssets(TTM) 2.09 8.44 6.07 6.40 ReturnonAssets-5YrAvg 5.47 9.25 5.79 6.79 ReturnonInvestment(TTM) 3.05 16.54 8.75 9.97 ReturnonInvestment-5YrAvg 7.90 17.57 9.30 10.93 ReturnonEquity(TTM) 3.26 30.10 12.17 18.71 ReturnonEquity-5YrAvg 10.37 31.78 13.11 19.22 Efficiency Revenue/Employee(TTM) 617,760 568,624 401,787 622,866 NetIncome/Employee(TTM) 12,555 37,722 65,474 81,707 ReceivableTurnover(TTM) 11.59 7.25 7.64 9.76 InventoryTurnover(TTM) 91.47 20.93 9.64 10.46 AssetTurnover(TTM 1.03 1.45 0.77 0.92NetWorthAnalysisSE+Additionalpaidincapital+retainedearnings4,095M+119M+2,325=6.5B9/28/02Netincomex565Mx5= 325MShareprice(10/17/03)/EPS(10/17/03)xavg.netincome(3years)[22.75/0.49]x275M= 12.7BNumberofsharesoutstandingxshareprice358,958,989x22.75= 8.1BMethodaverage= 6.9BInternalSummaryApplehasratedtheiriTunesMusicStorebeingagoodsourceofrevenue,especiallywiththeiPodandtheavailabilityonWindowsplatform,theirlowdebt—moremaneuverable,andtheirWebtechnologybeingusedtoimproveproductawarenessandsalesastheir3higheststrengths.Appledidnotrateanyoftheirweaknesseshigherthana2.theyshouldworkonbeingabletodirectmoreattentiontothoseareasandespeciallyconcentrateonthetwoareasofdependencyonnewproductlaunchesandtheweakpresenceinbusinessarena.SWOTMatrixS-OStrategies IncreaseawarenessthroughtheweboftheimmunityofMacproductstowormsandviruses.(S5,O1) AdvertiseusingindividualsthatwilllinkGenerationX&YtotheiTunesandotherrelatedproducts.(S1,O2,O4,O5,O6) UsingmoviesandmusicgroupsthataregearedtowardsGenXandYtopromotecomputersandlaptops.(S3,S5,O2,O5,O6)S-TStrategies IncreaseandpromotethecompatibilitytoWindowoperatingsystem.(S5,T1) PromotetheoriginalityofApplecomputersandthedifferentstyleandstablesystemthatisslightlymorebutworththepricedifferenceinstyle,stabilityandspeed.(S2,S5,T2,T4,T5)W-OStrategies IncreasetieswithMicrosoftandIntelandtheirproducts.(W1,W2,W4O2,O3) PromotetobusinessthesafetyofhavingawormandvirusfreecomputerbyusingMac.(W2,W4,O1,O5,O6)W-TStrategies ImproverelationshipwithMicrosoftandIntelsothatcompanieswillseethemascompatible.(W1,W2T1) IncreaseproductivityandturnaroundofhighdemandproductstocompetewithDellandHP(W5,T2)SPACEMatrixCompetitiveDefensiveAggressiveSpaceMatrix ForwardIntegration BackwardIntegration HorizontalIntegration MarketPenetration MarketDevelopment ProductDevelopment JointVentureGrandStrategyMatrixAppleComputer RAPIDMARKETGROWTH QuadrantII QuadrantI WEAK STRONG COMPETITIVE COMPETITIVE POSITION POSITION QuadrantIII QuadrantIV SLOWMARKETGROWTH ConcentricDiversification ConglomerateDiversification HorizontalDiversification Retrenchment Divestiture LiquidationTheInternal-External(IE)MatrixGrowandBuild Segments Revenue Profit EFE IFE Domestic 54% 52% 3.5 2.6 International 46% 48% 3.0 3.0Chart1 0.8 0.2Chart2 0.52 0.48Sheet1 0.52 0.48Sheet2 Sheet3 Chart1 0.52 0.48Sheet1 0.52 0.48Sheet2 Sheet3 BostonConsultingGroup(BCG)MatrixLow-20High1.0Medium.50Low0.0InternationalDomesticCashneedHighvs.cashflowlowMarketPenetrationMarketDevelopmentProductDevelopmentSell Segments Revenue Profit EFE IFE GrowthRate RelativeMarketShare Domestic 54% 52% 3.5 2.6 17 0.3 International 46% 48% 3.0 3.0 5 0.2Chart1 0.52 0.48Sheet1 0.52 0.48Sheet2 Sheet3 Chart1 0.8 0.2Chart2 0.52 0.48Sheet1 0.52 0.48Sheet2 Sheet3 MatrixAnalysisSummaryQSPM KeyInternalFactorsWeight StartproducingWintelcompatible ExpandproductionintoAsia Strengths AS TAS AS TAS iTunesMusicStoreisagoodsourceofrevenue,especiallywiththeiPodandtheavailabilityonWindowsplatform. 0.15 1.00 0.15 3.00 0.45 Apple’snicheaudienceprovidesthecompanywithsomeinsulationfromthedirectpricecompetition. 0.20 4.00 0.80 3.00 0.60 Goodbrandloyalty. 0.20 4.00 0.80 3.00 0.60 Webtechnologycanbeusedtoimproveproductawarenessandsales. 0.15 4.00 0.60 3.00 0.45 Weaknesses WeakrelationshipwithIntelandMicrosoft. 0.15 4.00 0.60 1.00 0.15 Weakpresenceinmarketsotherthaneducationandpublishing. 0.15 2.00 0.30 4.00 0.60 SUBTOTAL 1.00 3.25 2.85QSPM KeyExternalFactorsWeight StartproducingWintel ExpandproductionintoAsia Opportunities AS TAS AS TAS IncreaseinwormsandvirusonPCs. 0.15 2 .30 3 .45 DownloadablemusicandMP3playersarehighlymarketable. 0.06 1.00 0.12 4.00 0.48 Largepopulation(GenX&Y)whichareextremelyindividualisticandnamebrandconscious. 0.15 1.00 0.10 4.00 0.40 Increaseinsalesoflaptopsby20percent. 0.08 1.00 0.08 4.00 0.32 CreatingmoretieswithMicrosoftproducts. 0.10 4.00 0.12 2.00 0.08 Threats Intel’sfuturePentiumrelease. 0.10 1.00 0.10 3.00 0.30 Delldoesnotinventbutprovidescomputersatamorecosteffectiverateforcustomers. 0.06 1.00 0.06 3.00 0.18 CompaniesnotseeingAppleascompatiblewiththeirsoftware. 0.15 1.00 0.05 3.00 0.15 SUBTOTAL 1.00 0.93 2.36 SUMTOTALATTRACTIVENESSSCORE 4.18 5.21RecommendationsStrategy1 Opensixcomputerretailstores(notjustperipheralandaccessories).ApplecurrentlyhasstoresopenedthroughouttheUnitedStateswithonlyperipheralandaccessoriesfortheircomputers.Addingthehardwareshouldgeneratemorehands-onawarenessandusealreadyestablishedlocations. ThiswillincreaseproductaccessibilityforthosewhowishtoviewitemsotherthanjustaccessoriesandincreaseawarenessoftheoriginalityofApple’sproducts. 2percentincreaseoverthenext2yearsinsalesrepresentativesforthecomputerhardware.Strategy2 Contractmusicspokespersontoattracttheupcominggenerationwhoareattendinghighschoolandcollege.Thiswillinvokeasenseofstyleandlinkingapplewithadistinctiveandmemorabletop10hit.Thiswillstayinthecustomer’sawarenessandinfluencefuturepurchasedecisions. Contractingonemusicspokespersonestimated$6million.Strategy3 AddmorefeaturestocurrentproductsforgreaterWintelcompatibility.FeaturessuchasiTunesoftwarecompatiblewithwindowsbasedcomputers,OfficeprogramsloadablefromPCinstallationdisk(ThiswouldrequireasoftwareagreementwithMicrosoft).InlateOctober2003ApplereleasedaniTunesoftwarepackagethatisPCready. I twillincreasetheUnitedStatesmarketshareatleast30percentforthenext2-3years. $50millionistheestimatedcostforResearchandDevelopment.CostofRecommendations Open6computerretailstores(notjustperipheralandaccessories) Contractmusicspokesperson(SarahMcLachlan|50cent)foracostof StartproductionofWintelcompatiblesoftwareforacostof Totalexpectedcost= 100M 6M 50M 156MEPS/EBITAnalysis   CommonStockFinancing DebtFinancing 50/50CombinationFinancing   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 0.76ObjectivesandGoals Overthenext3-4yearsApplewouldliketoincreasetheirproductaccessibility(newstores). Increasetheirmarketshareby30% Eliminatetheneedfornewproductsinordertoraisesales.AppleintheNews April12,2005 AppleAnnouncesMacOSXServer“Tiger” February23,2005AppleUnveilsNewiPodminiStartingatJust$199 February14,2005AppleHonorsGRAMMYAwardWinningArtists February11,2005AppleAnnouncesTwo-for-OneStockSplit