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Apple pays off $300M in debt, becomes debt free

updated 10:15 am EST, Wed February 18, 2004

Apple becomes debt free

As , according to a letter from Steve Jobs to company employees: "Today is a historic day of sorts for our company. When I arrived back at Apple in mid-1997, the company was burdened with $1 billion of debt. Through everyone's hard work we turned Apple around, paid off the majority of our debt and began to amass a war chest of cash in the bank which has grown to about $4.8 billion! But there was still $300 million of remaining debt, which we decided to hold to maturity. Today we used $300 million of our cash to pay off this remaining debt. Apple is now a debt-free company - for the first time in over a decade! It sure feels good."




by MacNN Staff

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  1. MacNN.com Reader

    Joined: Dec 1969

    0

    great!

    let's see some lower prices now!!

  1. MacNN.com Reader

    Joined: Dec 1969

    0

    you're fired!

    Someone is going to get fired for leaking this memo...

  1. MacNN.com Reader

    Joined: Dec 1969

    0

    ??

    why would they get fired? Apple is a PUBLIC company.

  1. MacNN.com Reader

    Joined: Dec 1969

    0

    That's Super

    Now maybe Steve could pay off some of my debt incurred from buying all the cool new stuff from Apple! j/k

  1. MacNN.com Reader

    Joined: Dec 1969

    0

    OMG

    They must be going out of business....ahhhhhhhh.

  1. MacNN.com Reader

    Joined: Dec 1969

    0

    Re: ??

    They'd get fired because it's just that time o' year. Spring cleaning and all that..

  1. MacNN.com Reader

    Joined: Dec 1969

    0

    well,

    Because I wanted a Mac more then a PC i'm not debtfree myself at the moment...

  1. MacNN.com Reader

    Joined: Dec 1969

    0

    Re: OMG

    As they say, "Apple: Proudly going out of business for over 25 years" :)

  1. MacNN.com Reader

    Joined: Dec 1969

    0

    re: fired

    "why would they get fired? Apple is a PUBLIC company."

    Internal memo's and documents do not need to be disclosed to the public. If you followed your logic all the way through, Apple would have to release the source code for all programs, how much each employee makes, any prototype computers, etc;

    If you've ever worked within a business, you would know the difference between an internal document and a press release.

  1. MacNN.com Reader

    Joined: Dec 1969

    0

    RIPE

    Apple is just RIPE to have 10-15 million $ added to their credit rating after this...

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