Apple is now Debt Free [Updated]
99mac.se publishes an internal memo from Steve Jobs to Apple employees today.
According to the Memo, Jobs states that "Today is a historic day of sorts for our company." Apple used $300 million in cash to pay off the rest of their debt, and is now a debt-free company. A big turnaround from over $1 billion in debt in mid-1997. Also noted in the memo is that Apple has $4.8 billion in the bank at this time.
Update: In case there was any doubt: Fred Anderson reported the same on Friday.
According to the Memo, Jobs states that "Today is a historic day of sorts for our company." Apple used $300 million in cash to pay off the rest of their debt, and is now a debt-free company. A big turnaround from over $1 billion in debt in mid-1997. Also noted in the memo is that Apple has $4.8 billion in the bank at this time.
Update: In case there was any doubt: Fred Anderson reported the same on Friday.
Top Rated Comments
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104 months ago
now if only Apple would try to get us all in debt with new and incredible computers...
We're still waiting :)
We're still waiting :)
104 months ago
it will be interesting to see how investors look at this. Stock prices for Apple have never been all that great.
104 months ago
An internal Apple email from Steve Jobs says that Apple has paid off their $300 million debt. Apple is now debt free.
The email was displayed last night at a MUG meeting by an Apple employee.
The employee was thrilled.
I would stay tuned to Apple news releases for confirmation.
Not yet posted at http://www.apple.com/hotnews/ (Feb 18, 2004 05:57 AM PST)
The email was displayed last night at a MUG meeting by an Apple employee.
The employee was thrilled.
I would stay tuned to Apple news releases for confirmation.
Not yet posted at http://www.apple.com/hotnews/ (Feb 18, 2004 05:57 AM PST)
104 months ago
Originally posted by carletonmusic
it will be interesting to see how investors look at this. Stock prices for Apple have never been all that great.
this has to help
104 months ago
lets hope they spend even more money on R&D now and churn out even more products!
104 months ago
All i gotta say is congrats to them, not alot of companies can pull off having no debt at all...
104 months ago
this is great! While all the other computer companies struggle to turn a profit in the current market (Dell excluded), Apple is doing well. Looks like we may see another 20 years of Macintosh, even though Apple is perpetualy going out of business in the eyes of alot of people.:rolleyes:
104 months ago
Holy crap that's a lot of money. Nice to see a corporation, regardless of who it is, stand up for itself and get in the black. Bleeding red ink is not a good way to be. This should help squelch the "Apple Death Knell" as it's come to be known.
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