1. T I M C O K
By: Amanda D. Barlow

2. Apple Inc. is engaged in designing, manufacturing and marketing mobile communication and media devices, personal computers, and portable digital music players.

3. Apple Inc.’s (NASDAQ:AAPL) new $5 Billion spaceship-shaped global headquarters in Cupertino, known imaginatively as Apple Campus 2.

4. The $5 billion project is due for completion in 2016 and will include one of the largest photovoltaic arrays in the world.

5. FINANCIAL STATEMENTS REPORT

6. Cash and Cash Equivalents $13,844,000 $14,259,000 $10,746,000
BALANCE SHEET
Period Ending:
September 27, 2014
September 28, 2013
September 29, 2012
CURRENT ASSETS
Cash and Cash Equivalents
$13,844,000
$14,259,000
$10,746,000
Short- Term Investments
$11,233,000
$26,287,000
$18,383,000
Net Receivables
$31,537,000
$24,094,000
$21,275,000
Inventory
$2,111,000
$1,764,000
$791,000
Other Current Assets
$9,806,000
$6,882,000
$6,458,000
Total Current Assets
$68,531,000
$73,286,000
$57,653,000
LONG-TERM ASSETS
Long-Term Investments
$130,162,000
$106,215,000
$92,122,000
Fixed Assets
$20,624,000
$16,597,000
$15,452,000
Goodwill
$4,616,000
$1,577,000
$1,135,000
Intangible Assets
$4,142,000
$4,179,000
$4,224,000
Other Assets
$3,764,000
$5,146,000
$5,478,000
Deferred Asset Charges $0
Total Assets
$231,839,000
$207,000,000
$176,064,000

7. Short-Term Debt / Current Portion of Long-Term Debt $6,308,000 $0
Period Ending:
September 27, 2014
September 28, 2013
September 29, 2012
CURRENT LIABILITIES
Accounts Payable
$48,649,000
$36,223,000
$32,589,000
Short-Term Debt / Current Portion of Long-Term Debt
$6,308,000 $0
Other Current Liabilities
$8,491,000
$7,435,000
$5,953,000
Total Current Liabilities
$63,448,000
$43,658,000
$38,542,000
LONG TERM LIABILITIES
Long-Term Debt
$28,987,000
$16,960,000
Other Liabilities
$24,826,000
$20,208,000
$16,664,000
Deferred Liability Charges
$3,031,000
$2,625,000
$2,648,000
Misc. Stocks
Minority Interest
Total Liabilities
$120,292,000
$83,451,000
$57,854,000

8. Total Liabilities & Equity
Period Ending:
September 27, 2014
September 28, 2013
September 29, 2012
STOCKHOLDERS’ EQUITY
Common Stocks
$23,313,000
$19,764,000
$16,422,000
Capital Surplus $0
Retained Earnings
$87,152,000
$104,256,000
$101,289,000
Treasury Stock
Other Equity
$1,082,000
($471,000)
$499,000
Total Equity
$111,547,000
$123,549,000
$118,210,000
Total Liabilities & Equity
$231,839,000
$207,000,000
$176,064,000

9. Research and Development $6,041,000 $4,475,000 $3,381,000
INCOME STATEMENT
Period Ending:
September 27, 2014
September 28, 2013
September 29, 2012
Total Revenue
$182,795,000
$170,910,000
$156,508,000
Cost of Revenue
$112,258,000
$106,606,000
$87,846,000
Gross Profit
$70,537,000
$64,304,000
$68,662,000
OPERATING EXPENSES
Research and Development
$6,041,000
$4,475,000
$3,381,000
Sales, General and Admin.
$11,993,000
$10,830,000
$10,040,000
Non-Recurring Items $0
Other Operating Items
Operating Income
$52,503,000
$48,999,000
$55,241,000
Add'l income/expense items
$980,000
$1,156,000
$522,000
Earnings Before Interest and Tax
$53,483,000
$50,155,000
$55,763,000
Interest Expense
Earnings Before Tax
Income Tax
$13,973,000
$13,118,000
$14,030,000
Minority Interest

10. HORIZONTAL

11. Cash and cash Equivalents Short-term Investments
HORIZONTAL ANALYSIS
2014
2013
2012
ASSETS
CURRENT ASSETS 
In Value
In %
Cash and cash Equivalents
(415,000)
(2.91%)
3,513,000
32.69%
931,000
9.49%
Short-term Investments
(15,054,000)
(57.27%)
7,904,000
43%
2,246,000
13.92%
Net Receivables
7,443,000
30.89%
2,819,000
13.23%
7,544,000
54.94%
Inventory
347,000
19.67%
973,000
123%
15,000
1.93%
Other Current Assets
2,924,000
42.49%
424,000
6.48%
2,019,000
44.58%
Total Current Assets
(4,755,000)
(6.49%)
15,630,000
27.12%
12,665,000
28.15%

12. Long-term Investments
2014
2013
2012
NON-CURRENT ASSETS
Long-term Investments
23,947,000
22.55%
14,093,000
15.30%
36,514,000
65.63%
Fixed Assets
4,027,000
24.26%
1,145,000
7.41%
7,675,000
98.68%
Goodwill
3,039,000
192.71%
442,000
38.94%
239,000
26.67%
Intangible Assets
(37,000)
(0.89%)
(45,000)
(1.07%)
688,000
19.46%
Other Assets
(1,382,000)
(26.86%)
(332,000)
(6.06%)
1,922,000
54.05%
Total Assets
24,839,000
12%
30,936,000
17.57%
59,693,000
51.30%

13. Other current liabilities 1,056,000 14.20% 1,482,000 24.90% 1,862,000
2014
2013
2012
Liabilities
Current Liabilities
In Value
In %
Accounts Payable
12,426,000
34.30%
3,634,000
11.15%
8,710,000
36.48%
Short-term Debt
6,308,000 -
Other current liabilities
1,056,000
14.20%
1,482,000
24.90%
1,862,000
45.51%
Total Current Liabilities
19,790,000
70.91%
5,116,000
13.27%
10,572,000
37.80%
Non-current Liabilities
Long-term Debt
12,027,000
16,
Other Liabilities
4,618,000
22.85%
3,544,000
21.27%
6,564,000
64.99%
Deferred Liability Charges
406,000
15.47%
(23,000)
(0.87%)
962,000
57.06%
Total Liabilities
36,841,000
44/15%
25,597,000
44.24%
18,098,000
45.52%

14. 2014
2013
2012
Shareholders’ Equity
In Value
In %
Common Shares
3,549,000
17.96%
3,342,000
20.35%
3,091,000
23.19%
Retained Earnings
(17,104,000)
16.41%
2,967,000
2.93%
38,448,000
61.18%
Other Equity
1,553,000
(329.72%)
(970,000)
(194.39%)
56,000
12.64%
Total Equity
(12,002,000)
(9.71%)
5,339,000
4.52%
41.595,000
100%

15. TREND

16. Cash and cash Equivalents Short-term Investments
TREND ANALYSIS
2014
2013
2012
CURRENT ASSETS 
Cash and cash Equivalents
129%
133%
100% Base Year
Short-term Investments
61%
143%
Net Receivables
148%
Inventory
267%
223%
Other Current Assets
152%
107%
Total Current Assets
119%
127%

17. Long-term Investments Deferred Asset Charges
2014
2013
2012
NON-CURRENT ASSETS
Long-term Investments
141 %
115%
Fixed Assets
133%
107%
Goodwill
407%
139%
Intangible Assets
98%
99%
Other Assets
69%
94%
Deferred Asset Charges -
Total Assets
132%
118%

18. Other Current Liabilities 142.63% 124.90% Total Current Liabilities
2014
2013
2012
CURRENT LIABILITIES
Accounts Payable
149.28%
111.15%
Short-Term Debt -
Other Current Liabilities
142.63%
124.90%
Total Current Liabilities
164.62%
113.27%
LONG TERM LIABILITIES
Long-Term Debt
Other Liabilities
149%
121.30%
Deferred Liability Charges
114.46%
99.13%
Misc. Stocks
Minority Interest
Total Liabilities
207.92%
144.24%

19. 2014
2013
2012
SHAREHOLDER’S EQUITY
Common Stocks
141.96%
120.35%
Capital Surplus -
Retained Earnings
86.04%
102.93%
Treasury Stock
Other Equity
216.83%
(94.39%)
Total Equity
94.36%
104.52%

20. VERTICAL

21. Cash and cash Equivalents Short-term Investments
VERTICAL ANALYSIS
2014
2013
2012
CURRENT ASSETS 
Cash and cash Equivalents
5.97
6.89
6.10
Short-term Investments
4.85
12.70
10.44
Net Receivables
13.60
11.64
12.08
Inventory
0.91
0.85
0.45
Other Current Assets
4.23
3.32
3.67
Total Current Assets
29.56%
35.40%
32.75%

22. Long-term Investments Deferred Asset Charges
2014
2013
2012
NON-CURRENT ASSETS
Long-term Investments
56.14
51.31
52.32
Fixed Assets
8.90
8.02
8.78
Goodwill
1.99
0.75
0.64
Intangible Assets
1.79
2.02
2.40
Other Assets
1.62
2.49
3.11
Deferred Asset Charges - --
Total Assets
100%

23. Other Current Liabilities 3.66 3.59 3.38 Total Current Liabilities
2014
2013
2012
CURRENT LIABILITIES
Accounts Payable
20.98
17.50
18.51
Short-Term Debt
2.72 -
Other Current Liabilities
3.66
3.59
3.38
Total Current Liabilities
27.37%
21.09%
21.89%
LONG TERM LIABILITIES
Long-Term Debt
12.50
8.19
Other Liabilities
10.71
9.76
9.46
Deferred Liability Charges
1.31
1.27
1.50
Misc. Stocks
Minority Interest
Total Liabilities
51.89%
40.31%
32.86%

24. Total Liabilities and Equity
2014
2013
2012
SHAREHOLDER’S EQUITY
Common Stocks
10.06
9.55
9.33
Capital Surplus -
Retained Earnings
37.59
50.37
57.53
Treasury Stock
Other Equity
0.47
0.23
0.28
Total Equity
48.11%
59.69%
67.14%
Total Liabilities and Equity
100%

26. RATIO LIQUIDITY 2014 2013 2012 Net Working Capital 5,083,000
29,628,000
19,111,000
Current Ratio
1.08
1.68
1.50
Quick Ratio
1.05
1.64
1.48

27. ACTIVITY RATIO/ ASSET UTILIZATION RATIO
2014
2013
2012
Accounts Receivable Turnover
6.57
7.53
8.94
Average Collection Period
54.79
47.81
40.27
Inventory Turnover
57.94
83.45
112.12
Average Age of Inventory
6.21
4.31
3.21
Operating Cycle 61
52.12
43.48
Fixed Asset Turnover
8.86
10.30
10.13
Total Asset Turnover
0.79
0.83
0.89

28. LEVERAGE/ DEBT UTILIZATION RATIO
2014
2013
2012
Debt Ratio
0.52
0.40
0.33
Debt/ Equity Ratio
1.08
0.68
0.49
Times Interest Earned -

29. PROFITABILITY RATIO 2014 2013 2012 Gross Profit Margin 39% 38% 44%
22%
275%
Return on Asset
83%
89%
107%
Return on Equity
35%
30%

30. Accounts Receivable Turnover 6.57 11.75 Average Collection Period
Company (2014)
Industry Averages
Evaluation
Return on Asset
83%
15.13%
Better
Return on Equity
35%
29.17%
Current Ratio
1.08
1.57
Worse
Quick Ratio
1.05
1.51
Fixed Asset Turnover
8.86 -
Total Asset Turnover
0.79
0.75
Debt Ratio
0.52
Debt/Equity Ratio
108%
32.75%
Inventory Turnover
57.94
44.42
Accounts Receivable Turnover
6.57
11.75
Average Collection Period
54.79
Average Age of Inventory
6.21
Operating Cycle 61 26
Gross Profit Margin
39%
42.49%
Profit Margin
22%
19.49%