APPLE INC (Form: 10-Q, Received: 05/10/2007 06:05:08) - The Diigo Meta page

• 28 Jul 07
  

  Arrix Z
  • QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE SECURITIES EXCHANGE ACT OF 1934
  • TRANSITION REPORT PURSUANT TO SECTION 13 OR  15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
• 25 Jul 07
  

  A. D.
  • SECURITIES AND EXCHANGE COMMISSION

  •   Revenue Recognition   

     

       In March 2007, the  Company began shipping Apple TV and expects to begin shipping the iPhone in  late June 2007. For Apple TV and the iPhone, the Company plans to provide  future unspecified features and additional software products free of charge to  customers. Accordingly, the sale of the Apple TV and the iPhone handset are  accounted for under subscription accounting in accordance with the American  Institute of Certified Public Accountants Statement of Position (“SOP”) No.  97-2,   Software Revenue Recognition   . As such,  the Company defers the associated revenue and cost of goods sold at the time of  sale, which will then be recognized on a straight-line basis over the currently  estimated 24 month economic life of these products. Costs incurred by the  Company for engineering, sales, and marketing will continue to be expensed as  incurred.
• 

  Wade Ren

  •    

       

        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE SECURITIES EXCHANGE ACT OF 1934
  • wned subsidiaries (“Apple” or the “Company”) designs, manufactures, and  markets personal computers and related software, services, peripherals, and  networking solutions. The Company also designs, develops, and markets a line of  portable digital music players along with related accessories and services  including the online sale of third-party audio and video products. The Company  also plans to begin selling the iPhone, a handheld device that combines in a  single product a mobile phone, a widescreen iPod with touch controls, and an  Internet communications device, which is expected to begin shipping in the U.S.  in late June 2007. The Company sells its products worldwide through its online  stores, its retail stores, its direct sales force, and third-party wholes
  • The Company’s fiscal year  is the 52 or 53-week period that ends on the last Saturday of September. The  Company’s first quarter of fiscal year 2007 contained 13 weeks and the first  quarter of fiscal year 2006 contained 14 weeks. The Company’s fiscal year 2007  will end on September 29, 2007 and include 52 weeks while fiscal year 2006  included 53 weeks. Unless otherwise stated, references to particular years or  quarters refer to the Company’s fiscal years ended in September and the  associated quarters of those fiscal years.
  • expects to begin shipping the iPhone in  late June 2007. For Apple TV and the iPhone, the Company plans to provide  future unspecified features and additional software products free of charge to  customers. Accordingly, the sale of the Apple TV and the iPhone handset are  accounted for under subscription accounting in accordance with the American  Institute of Certified Public Accountants Statement of Position (“SOP”) No.  97-2,   Software Revenue Recognition   . As such,  the Company defers the associated revenue and cost of goods sold at the time of  sale, which will then be recognized on a straight-line basis over the currently  estimated 24 month economic life of these products. Costs incurred by the  Company for engineering, sales, and marketing will continue to be expensed as  incurred.
  • <div style="font-family: TIMES NEW ROMAN;" align="center"><table border="0" cellpadding="0" style="border-collapse: collapse;" cellspacing="0"><tbody><tr style="page-break-inside: avoid;"><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; page-break-after: avoid; text-align: center;"><b><font size="1" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/></font><br/></b><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0pt 0.7pt 0pt 0pt; width: 80pt;" width="107" colspan="5"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; page-break-after: avoid; text-align: center;"><br/><b><br/><font size="1" style="font-size: 8pt;" face="TIMES NEW ROMAN"><br/> Three<br/><br><br/> Months&nbsp;Ended<br/></font><br/></b><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; page-break-after: avoid; text-align: center;"><br/><b><br/><font size="1" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></b><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0pt 0.7pt 0pt 0pt; width: 80pt;" width="107" colspan="5"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; page-break-after: avoid; text-align: center;"><br/><b><br/><font size="1" style="font-size: 8pt;" face="TIMES NEW ROMAN"><br/> Six<br/><br><br/> Months&nbsp;Ended<br/></font><br/></b><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; text-align: center;"><br/><b><br/><font size="1" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></b><br/></p><br/></td><br/></tr><br/><tr style="page-break-inside: avoid;"><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 318.2pt;" width="424"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; page-break-after: avoid; text-align: left;" align="left"><br/><b><br/><font size="1" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></b><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; page-break-after: avoid; text-align: center;"><br/><b><br/><font size="1" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></b><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; page-break-after: avoid; text-align: center;"><br/><b><br/><font size="1" style="font-size: 8pt;" face="TIMES NEW ROMAN"><br/> 3/31/07<br/></font><br/></b><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; page-break-after: avoid; text-align: center;"><br/><b><br/><font size="1" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></b><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; page-break-after: avoid; text-align: center;"><br/><b><br/><font size="1" style="font-size: 8pt;" face="TIMES NEW ROMAN"><br/> 4/1/06<br/></font><br/></b><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; page-break-after: avoid; text-align: center;"><br/><b><br/><font size="1" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></b><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; page-break-after: avoid; text-align: center;"><br/><b><br/><font size="1" style="font-size: 8pt;" face="TIMES NEW ROMAN"><br/> 3/31/07<br/></font><br/></b><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; page-break-after: avoid; text-align: center;"><br/><b><br/><font size="1" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></b><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; page-break-after: avoid; text-align: center;"><br/><b><br/><font size="1" style="font-size: 8pt;" face="TIMES NEW ROMAN"><br/> 4/1/06<br/></font><br/></b><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt; font-weight: bold; line-height: 8pt; text-align: center;"><br/><b><br/><font size="1" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></b><br/></p><br/></td><br/></tr><br/><tr bgcolor="#cceeff" style="page-break-inside: avoid;"><br/><td valign="top" style="padding: 0pt 0.7pt 0pt 0pt; width: 318.2pt;" width="424"><br/><p style="margin: 0pt 0pt 0.0001pt 10pt; page-break-after: avoid; text-indent: -10pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> Numerator&nbsp;(in&nbsp;millions):<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/></tr><br/><tr style="page-break-inside: avoid;"><br/><td valign="top" style="padding: 0pt 0.7pt 0pt 0pt; width: 318.2pt;" width="424"><br/><p style="margin: 0pt 0pt 0.0001pt 10pt; page-break-after: avoid; text-indent: -10pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> Net income<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt; width: 5pt;" width="7"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: left;" align="left"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> $<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 29pt;" width="39"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 770<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt; width: 5pt;" width="7"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: left;" align="left"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> $<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 29pt;" width="39"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 410<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt; width: 5pt;" width="7"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: left;" align="left"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> $<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 29pt;" width="39"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 1,774<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt; width: 5pt;" width="7"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: left;" align="left"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> $<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 29pt;" width="39"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 975<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/></tr><br/><tr bgcolor="#cceeff" style="page-break-inside: avoid;"><br/><td valign="top" style="padding: 0pt 0.7pt 0pt 0pt; width: 318.2pt;" width="424"><br/><p style="margin: 0pt 0pt 0.0001pt 10pt; page-break-after: avoid; text-indent: -10pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/></tr><br/><tr style="page-break-inside: avoid;"><br/><td valign="top" style="padding: 0pt 0.7pt 0pt 0pt; width: 318.2pt;" width="424"><br/><p style="margin: 0pt 0pt 0.0001pt 10pt; page-break-after: avoid; text-indent: -10pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> Denominator:<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/></tr><br/><tr bgcolor="#cceeff" style="page-break-inside: avoid;"><br/><td valign="top" style="padding: 0pt 0.7pt 0pt 0pt; width: 318.2pt;" width="424"><br/><p style="margin: 0pt 0pt 0.0001pt 20pt; page-break-after: avoid; text-indent: -10pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> Weighted-average shares outstanding, excluding<br/> unvested restricted stock<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 863,003<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 840,910<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 860,347<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 835,658<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/></tr><br/><tr style="page-break-inside: avoid;"><br/><td valign="top" style="padding: 0pt 0.7pt 0pt 0pt; width: 318.2pt;" width="424"><br/><p style="margin: 0pt 0pt 0.0001pt 20pt; page-break-after: avoid; text-indent: -10pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;Effect of<br/> dilutive securities<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 23,650<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 37,627<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 24,549<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 40,067<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/></tr><br/><tr bgcolor="#cceeff" style="page-break-inside: avoid;"><br/><td valign="top" style="padding: 0pt 0.7pt 0pt 0pt; width: 318.2pt;" width="424"><br/><p style="margin: 0pt 0pt 0.0001pt 10pt; page-break-after: avoid; text-indent: -10pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/></tr><br/><tr style="page-break-inside: avoid;"><br/><td valign="top" style="padding: 0pt 0.7pt 0pt 0pt; width: 318.2pt;" width="424"><br/><p style="margin: 0pt 0pt 0.0001pt 10pt; page-break-after: avoid; text-indent: -10pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> Denominator for<br/> diluted earnings per share<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 886,653<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 878,537<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 884,896<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 875,725<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/></tr><br/><tr bgcolor="#cceeff" style="page-break-inside: avoid;"><br/><td valign="top" style="padding: 0pt 0.7pt 0pt 0pt; width: 318.2pt;" width="424"><br/><p style="margin: 0pt 0pt 0.0001pt 10pt; page-break-after: avoid; text-indent: -10pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/></tr><br/><tr style="page-break-inside: avoid;"><br/><td valign="top" style="padding: 0pt 0.7pt 0pt 0pt; width: 318.2pt;" width="424"><br/><p style="margin: 0pt 0pt 0.0001pt 10pt; page-break-after: avoid; text-indent: -10pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> Basic earnings<br/> per share<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt; width: 5pt;" width="7"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: left;" align="left"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> $<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 29pt;" width="39"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 0.89<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt; width: 5pt;" width="7"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: left;" align="left"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> $<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 29pt;" width="39"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 0.49<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt; width: 5pt;" width="7"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: left;" align="left"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> $<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 29pt;" width="39"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 2.06<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt; width: 5pt;" width="7"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: left;" align="left"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> $<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 29pt;" width="39"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 1.17<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/></tr><br/><tr bgcolor="#cceeff" style="page-break-inside: avoid;"><br/><td valign="top" style="padding: 0pt 0.7pt 0pt 0pt; width: 318.2pt;" width="424"><br/><p style="margin: 0pt 0pt 0.0001pt 10pt; page-break-after: avoid; text-indent: -10pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 34pt;" width="45" colspan="2"><br/><p style="margin: 0pt 0pt 0.0001pt; page-break-after: avoid; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/></tr><br/><tr style="page-break-inside: avoid;"><br/><td valign="top" style="padding: 0pt 0.7pt 0pt 0pt; width: 318.2pt;" width="424"><br/><p style="margin: 0pt 0pt 0.0001pt 10pt; text-indent: -10pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> Diluted earnings per<br/> share<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt; width: 5pt;" width="7"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: left;" align="left"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> $<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 29pt;" width="39"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 0.87<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt; width: 5pt;" width="7"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: left;" align="left"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> $<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 29pt;" width="39"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 0.47<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt; width: 5pt;" width="7"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: left;" align="left"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> $<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 29pt;" width="39"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 2.00<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 12pt;" width="16"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt; width: 5pt;" width="7"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: left;" align="left"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> $<br/></font><br/></p><br/></td><br/><td valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 2.25pt; padding: 0pt 0.7pt 0pt 0pt; width: 29pt;" width="39"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> 1.11<br/></font><br/></p><br/></td><br/><td valign="bottom" style="padding: 0pt 0.7pt 0pt 0pt; width: 1.7pt;" width="2"><br/><p style="margin: 0pt 0pt 0.0001pt; text-align: right;"><br/><font size="2" style="font-size: 1pt;" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/></td><br/></tr><br/></tbody></table><br/></div><br/><br/><p style="margin: 0pt 0pt 12pt; line-height: 1pt;"><br/><font size="1" face="TIMES NEW ROMAN"><br/> &nbsp;<br/></font><br/></p><br/><p style="margin: 0pt 0pt 12pt;"><br/><font size="2" style="font-size: 10pt;" face="TIMES NEW ROMAN"><br/> Potentially<br/> dilutive securities representing approximately 12.6 million and 1.5 million<br/> shares of common stock for the quarters ended March 31, 2007 and April 1, 2006,<br/> respectively, and 14.0 million and 3.3 million shares of common stock for the<br/> six months ended March 31, 2007 and April 1, 2006, respectivel</font></p>

  •   Cisco Systems, Inc. et al v. Apple Inc.   

     

       Plaintiffs Cisco  Systems, Inc., Cisco Technology, Inc. and Cisco-Linksys LLC filed this action  on January 10, 2007 in the United States District Court for the Northern  District of California alleging that the Company was infringing Cisco’s “iPhone”  trademark. The complaint included causes of action for trademark infringement  under the Lanham Act, unfair competition and other related  claims. Plaintiffs sought an injunction, damages, and other relief. The  parties have reached a settlement and the matter is concluded. Settlement of  this matter did not have a material effect on the Company’s financial position  or results of operations.

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