Apple Releases Financial Results [political discussion]

[MacRumors]

Today Apple released both its tardy 10Q (for 2Q 2006) and 10K (for fiscal year 2006) reports to the SEC. Much of the attention of the press release was placed on the continuing Stock Options back-dating investigation.

According to the release, Apple found a total of $84 million in charges related to the case, which dates back to 1997, including $4 million in 2006 and $7 million in 2005. However, to put the issue in perspective, Apple's profits for 2005 and 2006 were $1 billion-plus each year, so the corrections represent less than 1% of Apple's profitability in those years.

In addition, Apple's board expressed confidence in CEO Steve Jobs, who was recently in headlines regarding some of the backdated options he received but never profited from.

“The special committee, its independent counsel and forensic accountants have performed an exhaustive investigation of Apple’s stock option granting practices,” in a joint statement said Al Gore, chair of the special committee, and Jerome York, chair of Apple’s Audit and Finance Committee. “The board of directors is confident that the Company has corrected the problems that led to the restatement, and it has complete confidence in Steve Jobs and the senior management team.”

Apple's stock has been traded heavily over the past few days, with the stock dipping as much as 6% before recovering on December 27th (Wednesday). As of this writing, Apple's stock is up over 5%.

 

[MrFirework]

Good news... but Al Gore? Huh.

 

[PlaceofDis]

good news right?

lets hope these issues get resolved quickly.

Good news... but Al Gore? Huh.

yeah he's been on their Board of Directors for quite some time.

 

[MrFirework]

yeah he's been on their Board of Directors for quite some time.

Wow... learn something new every day... that's an inconvenient truth.

I didn't think anything could make me dislike Apple (even a little)...

...label me "corrected".

 

[PlaceofDis]

Wow... learn something new every day... that's an inconvenient truth.

I didn't think anything could make me dislike Apple (even a little)...

...label me "corrected".

why would him being on the Board make you dislike Apple? they didn't add him because of his politics.




and its been common knowlege since he was added, which was like 6 years ago (but really was almost four as i have been corrected below)

 

[AidenShaw]

fact check....

...and its been common knowlege since he was added, which was like 6 years ago

http://www.apple.com/pr/library/2003/mar/19gore.html

CUPERTINO, California—March 19, 2003—Apple® today announced that Albert Gore Jr., the former Vice President of the United States, has joined the Company’s Board of Directors. Mr. Gore was elected at Apple’s board meeting today.​

 

[PlaceofDis]

http://www.apple.com/pr/library/2003/mar/19gore.html

CUPERTINO, California—March 19, 2003—Apple® today announced that Albert Gore Jr., the former Vice President of the United States, has joined the Company’s Board of Directors. Mr. Gore was elected at Apple’s board meeting today.​

okay almost four years. i stand corrected. thought it was a bit longer.

 

[kresh]

why would him being on the Board make you dislike Apple? they didn't add him because of his politics.




and its been common knowlege since he was added, which was like 6 years ago (but really was almost four as i have been corrected below)

If they did not add him because of his politics, then what was the reason? His business accumen? His inventing of the internet? To appease GreenPeace and other enviromental groups?

Of course it was because of his politics, he's done nothing else with his life.

edit: I don't mean that as a negative. I think it was an intentional counter-move to Microsoft's obvious conservative bent.

 

[MrFirework]

why would him being on the Board make you dislike Apple? they didn't add him because of his politics.




and its been common knowlege since he was added, which was like 6 years ago (but really was almost four as i have been corrected below)

You're right, I'm sure they didn't hire him for his politics, but you can't separate them from such a political man. Being on a board means you have influence over the company.

It's perfectly logical that I should be dissapointed to find this out. Maybe I should have known a while ago, but I didn't.

 

[dashiel]

Wow... learn something new every day... that's an inconvenient truth.

I didn't think anything could make me dislike Apple (even a little)...

...label me "corrected".

you might want to sit down for this, but steve jobs is a card carrying hippie, liberal who on several occasions has had bill and hillary clinton stay over at his house.

 

[SiliconAddict]

Good news... but Al Gore? Huh.

Hey! Who better then the father of the Internet to lead the investigation.

you might want to sit down for this, but steve jobs is a card carrying hippie, liberal who on several occasions has had bill and hillary clinton stay over at his house.

You say that as if its a bad thing.

 

[skunk]

Ok, but what do you really think?

 

[dashiel]

If they did not add him because of his politics, then what was the reason? His business accumen? His inventing of the internet? To appease GreenPeace and other enviromental groups?

Of course it was because of his politics, he's done nothing else with his life.

edit: I don't mean that as a negative. I think it was an intentional counter-move to Microsoft's obvious conservative bent.

you are clearly one of those red/blue people who refuses to see beyond a person's political affiliation. al gore was instrumental in pushing the government to extend the internet beyond the scope of educational and federal access. while gore did not invent the internet, without him it would be very likely that the internet in its current state would be year behind where it is now. specifically the funding for MOSAIC was derived directly from a bill that he sponsored. MOSAIC was the very first web browser and later became netscape navigator.

he also was influential in the national information infrastructure bill which saw the explosive growth of broadband throughout the 90's. something which i'm sad to say did not continue under the current administration. broadband in the united states has fallen so far behind asia and western europe it's not even funny.

you may not like his politics and that's fine, but the sooner you and the rest of this country remove their polarized glasses the better off we'll all be.

 

[kresh]

you are clearly one of those red/blue people who refuses to see beyond a person's political affiliation. al gore was instrumental in getting pushing the government to extend the internet beyond the scope of educational and federal access. while gore did not invent the internet, without him it would be very likely that the internet in its current state would be year behind where it is now. specifically the funding for MOSAIC was derived directly from a bill that he sponsored. MOSAIC was the very first web browser and later became netscape navigator.

he also was influential in the national information infrastructure bill which saw the explosive growth of broadband throughout the 90's. something which i'm sad to say did not continue under the current administration. broadband in the united states has fallen so far behind asia and western europe it's not even funny.

you may not like his politics and that's fine, but the sooner you and the rest of this country remove their polarized glasses the better off we'll all be.

hehe, you mis-read my post. All I said was that he was a politician. Everything you just mentioned was something he did as a politician.

I just stated that's why they brought him on, not that I disliked the man or his politics.

 

[MacsRgr8]

You say that as if its a bad thing.

Could be to some....

I don't like it when major firms like these "pick sides".

I love Apple, I adore Macs and Mac OS X, but I don't want to seem show any political preference becasue I bought a Mac.

 

[w00master]

you are clearly one of those red/blue people who refuses to see beyond a person's political affiliation. al gore was instrumental in pushing the government to extend the internet beyond the scope of educational and federal access. while gore did not invent the internet, without him it would be very likely that the internet in its current state would be year behind where it is now. specifically the funding for MOSAIC was derived directly from a bill that he sponsored. MOSAIC was the very first web browser and later became netscape navigator.

he also was influential in the national information infrastructure bill which saw the explosive growth of broadband throughout the 90's. something which i'm sad to say did not continue under the current administration. broadband in the united states has fallen so far behind asia and western europe it's not even funny.

you may not like his politics and that's fine, but the sooner you and the rest of this country remove their polarized glasses the better off we'll all be.

Well said dashiel. Well said.

 

[Sayer]

Big surprise that Al "I created the Internet" Gore is doing CYA duty for his buddy steve.

Al is the king of dirty campaign fundraising ("I had no idea that the Buddhist temple where I hung out and had drinks and got money was actually a fundraiser at all, I swear!") and has learned from Master Clinton how to not get caught.

How can any person not understand something is fishy when the paperwork you review and sign has dates for stock options grants that are before the date someone was hired?

 

[BornAgainMac]

Enough with the politics

It looks like the mess is over with this scandal. It made some great press headlines. I want to see additional headlines about Apple in a more positive light in the future.

 

[w00master]

Al is the king of dirty campaign fundraising ("I had no idea that the Buddhist temple where I hung out and had drinks and got money was actually a fundraiser at all, I swear!") and has learned from Master Clinton how to not get caught.

Al Gore, the "king of dirty campaign fundraising." Right.... Riiiight.... I guess Sayer forgot about our current "worst president ever" and his croonies. Then again, I guess Sayer is a bit BLIND to those issues.

Sorry to everyone else about continuing the Politics stuffs, many apologies. I'm just tired of hearing the same cliched things about Al Gore. 99.99% of which turn out to be UNTRUE.

Sorry again everyone.

w00master

 

[neven]

hehe, you mis-read my post. All I said was that he was a politician. Everything you just mentioned was something he did as a politician.

No, you said,

"If they did not add him because of his politics, then what was the reason? His business accumen? His inventing of the internet? To appease GreenPeace and other enviromental groups?

Of course it was because of his politics, he's done nothing else with his life."

He has served in Vietnam, worked as a reporter, written books and given countless speeches popularizing science, and has visiting professorship with five universities. He is the Vice Chairman of Metropolitan West Financial LLC, he chairs Generation Investment Management, and he's on the board of directors of Apple and a Senior Advisor to Google. He also never claimed to have invented the Internet.

We eagerly await your list of lifetime achievements to compare to Mr. Gore's.

 

[KingYaba]

It is nearly impossible to sepearte a man like Al Gore from his politics.

I am having serious doubts many of you whom are defending Gore, would ever call to "look past his politics" or "get over your bias" if Dick Cheney were on the board of directors.

 

[whatever]

you are clearly one of those red/blue people who refuses to see beyond a person's political affiliation. al gore was instrumental in pushing the government to extend the internet beyond the scope of educational and federal access. while gore did not invent the internet, without him it would be very likely that the internet in its current state would be year behind where it is now. specifically the funding for MOSAIC was derived directly from a bill that he sponsored. MOSAIC was the very first web browser and later became netscape navigator.

he also was influential in the national information infrastructure bill which saw the explosive growth of broadband throughout the 90's. something which i'm sad to say did not continue under the current administration. broadband in the united states has fallen so far behind asia and western europe it's not even funny.

you may not like his politics and that's fine, but the sooner you and the rest of this country remove their polarized glasses the better off we'll all be.

And I challenge anyone to find the sound bite of Al Gore saying that he created the Internet, it doesn't exist, because he never said it. Not that this is a political forum, but isn't it funny how most everyone laughs at everything that comes from the Bush camp, but 6 short years ago everyone believe them when they claimed that Gore took credit for creating the Internet.

 

[MrFirework]

Man..MacWorld 2007 can't come soon enough..

Apple restates earnings that reflect a $84 million write-off while other silicon valley companies are doing $600 million write-offs and folks here call Gore and Jobs crooks..

You people should be ashamed of yourselves...

For the record... I never wanted to politicize this whole thread, I know I was responsible for that, so to everyone I'm sorry.

That said, I never called Al Gor, Steve Jobs or Apple et al "crooks" or anything of the sort.

... just for the record.

 

[mainstreetmark]

Just to provide a little more info on the "I invented the internet" thing:

http://en.wikipedia.org/wiki/Al_gore#1999_CNN_interview

A poor choice of words, for sure. As previously stated, Gore's role in the internet was pretty much to provide the fundings to move it from the college geeks to the every-man. Without him, we might have to get our porn from the gas station, still.

 

[itcheroni]

Enough with the politics folks. It's inane to simply write off Gore's position on the board as somehow political. He has a lot of sway but it would hurt Apple's business to convey the message that they support one political party over others. And there's no evidence anyone can offer that Gore's work with Apple has anything to do with the Democratic party. Seriously, get over it. This investigation has absolutely nothing to do with politics or even Gore. And unless you have information other than the stuff pulled out of your asses, get over it. This is the problem nowadays with people, they're completely inable to separate issues from parties/people. If I say I'm against capital punishment, people assume I'm a Dem; if I say I support businesses, people assume I'm a Rep. Can't people consider an issue on its own merits rather than a guilt by association mentality?