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October 10, 1991

COWEN & Co ANALYST SEES STRONG PICK-UP FOR APPLE IN FISCAL 1992 SECOND HALF

By CBR Staff Writer

Expressing cautious optimism for Apple Computer Inc’s new financial year, which started at the beginning of October, Cowen & Co analyst Michele Preston says she expects that the forthcoming results for the fourth quarter will be within the Street estimates. She is maintaining her buy recommendation on the stock, Reuter reports, predicting that the company will announce it has earned 60 cents per share when it presents its fourth quarter earnings report next Thursday, October 17.Apple reported 81 cents per share for the same period a year ago, but the introduction of the new line of low-price mass-market Macintoshes, while an enormous success in terms of volume and market share, has shot margins to pieces. I think fiscal 1992 is going to be a good year for them, Ms Preston said, adding that she thinks the problem with declining gross profit margins will ease by the third quarter of the new fiscal, setting the stage for greater earnings growth in the latter half.

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