SAN FRANCISCO -- Apple Computer Inc. reported yesterday record revenues and earnings for its fourth quarter and the fiscal year, buoyed by sales of its Powerbook notebook computers.
With more than $1 billion in sales for the year, the Powerbook is the most successful new personal computer since International Business Machines Corp.'s original PC.
For its fourth quarter, which ended Sept. 25, Apple's earnings were $97.6 million, or 81 cents a share, up 20 percent from $81.2 million, or 67 cents a share in the comparable 1991 period. Revenues rose 17 percent, to $1.77 billion from $1.51 billion.
Before the earnings were released, Apple's shares closed yesterday at $45.50, down 50 cents, in over-the-counter trading.
Defying the recession and cutthroat competition, Apple's earnings are a vindication of its decision a year ago to pursue greater market share by lowering prices, gross profit margins and expenses.
Apple has managed to thrive despite the ferocious price war among the many manufacturers of personal computers compatible with IBM Corp.'s standard.