BWW Geeks World

Apple Releases Financial Statement; Looking at Capital Return & Preferred Stock Options

February 8
3:52 2013

Apple-Releases-Financial-Statement-Looking-at-Capital-Return-Preferred-Stock-Options-20130207

By early last year, Apple's cash balance had built to a point beyond what we needed to run our business and maintain flexibility to take advantage of strategic opportunities, so we announced a plan to return $45 billion to shareholders over three years. As of next week we will have executed $10 billion of that plan.

We find ourselves in the fortunate position of continuing to generate large amounts of cash, including $23 billion in cash flow from operations in the last quarter alone.

Apple's management team and Board of Directors have been in active discussions about returning additional cash to shareholders. As part of our review, we will thoroughly evaluate Greenlight Capital's current proposal to issue some form of preferred stock. We welcome Greenlight's views and the views of all of our shareholders.

As a part of our efforts to further enhance corporate governance and serve our shareholders' best interests, Proposal #2 in our proxy includes some recommended changes to our articles of incorporation. These changes were recommended independently of Greenlight's proposal and would not preclude Apple from adopting their concept. Contrary to Greenlight's statements, adoption of Proposal #2 would not prevent the issuance of preferred stock. Currently, Apple's articles of incorporation provide for the issuance of "blank check" preferred stock by the Board of Directors without shareholder approval. If Proposal #2 is adopted, our shareholders would have the right to approve the issuance of preferred stock. As such, Proposal #2 has the support of many of our shareholders.

We remain committed to having an ongoing dialogue with our shareholders to get perspectives around return of capital and driving shareholder value.

Related Links
Snipp Interactive Inc. Reports Q1 2016 Financial ResultsSnipp Interactive Inc. Reports Q1 2016 Financial Results
May 30, 2016
Samsung Mass Producing Industry's First 512-Gigabyte NVMe SSD in a Single BGA Package for More Flexibility in Computing Device DesignSamsung Mass Producing Industry's First 512-Gigabyte NVMe SSD in a Single BGA Package for More Flexibility in Computing Device Design
May 30, 2016
Qualcomm Brings New Wi-Fi Solution and Software Ecosystem Support to Enhance Development for the Internet of ThingsQualcomm Brings New Wi-Fi Solution and Software Ecosystem Support to Enhance Development for the Internet of Things
May 30, 2016
Imperus Reports 2016 First Quarter Financial Results and Announces Proposal to Change Name to 'Tangelo Games Corp.'Imperus Reports 2016 First Quarter Financial Results and Announces Proposal to Change Name to 'Tangelo Games Corp.'
May 30, 2016
Global Inductor IndustryGlobal Inductor Industry
May 30, 2016


About Author

   Subscribe to Author Alerts

GEEKS VIDEOS



Become a Fan, Follower & Subscriber

           Facebook Like Follow