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Apple 10-K reiterates previous conclusions

updated 11:00 am EST, Fri December 29, 2006

Apple 10-K findings

Apple's 10-K filing reiterates that current management was not involved with stock options wrongdoing, according to Piper Jaffray senior analyst Gene Munster. The investigation found that Apple CEO Steve Jobs was aware of some favorable options grant dates, but that he did not benefit from them personally and was not aware of the accounting implications. The filing also states that Apple admitted to a falsified special board meeting to approve 7.5 million options for Jobs, but adds that no member of the current management team was aware of the irregularity. "The financial impact of Apple's restatement is immaterial (around 2 percent impact) to net income over the last nine years," said Munster. Additionally, the special committee concluded that procedures for granting, accounting for, and reporting stock option grants failed to include sufficient safeguards.

"Apple reiterated that its investigation and the investigation of the special committee did not find any wrongdoing by current management; we view this as a positive given investor's concerns that this issue could lead to the removal of Steve Jobs," the analyst said. "While this is a significant positive, we have not heard any formal comments from the SEC on this matter; given the scope of Apple's exhaustive internal investigation (reviewed more than 1 million documents, spent over 26,500 person-hours, and interviewed more than 40 current and former employees), we believe that any SEC findings would be consistent with Apple's findings."




by MacNN Staff

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Comments

  1. bobthenob

    Joined: Dec 1969

    0

    wheew

    so... is this the end of the matter? (I hope)

  1. ozoner

    Joined: Dec 1969

    0

    Not released

    This is corporate doubletalk for "we didn't finish it on time".

    The press release notes that they will be handing out CD's at Macworld, and "Those unable to attend Macworld will be able to download the Mac compatible software for free in late January 2007 at http://www.garmin.com/products/trainingcenter".

    In other words, unless you are in SF on the 8th you will not be able to download the software until late January, which given Garmin's track record so far will be January 31st.

    I bought a ForeRunner 205 at the beginning of the year SPECIFICALLY because Garmin promised Mac support by "Spring". This has really soured me on Garmin products...

  1. BDLatimer

    Joined: Dec 1969

    0

    response

    iolaire: Good point on the non-ubiquitousness of spell-checking - I'll admit to certainly being spoiled by several of the niceties of Mac OS X, and unfortunately don't consider the situations of those who might not always benefit from the same.

    And, hayesk: Agreed that a simple communication to MacNN would have addressed the concern more directly than venting/ranting in comments.

    But my point about grammatical errors was not (necessarily) related to this particular post. When entering the above comment, I had just finished reading several other "news" articles which were incredibly difficult to actually comprehend, due to basic mistakes in grammar. (e.g. http://www.ipodnn.com/articles/06/12/27/itunes.visits.on.christmas/ ) It's frustrating to see glaringly-obvious terminology mistakes, or "where/were", or "their/there" transpositions (or the like), so often in such articles, and causes me to fear for the ongoing professionalism of this form of media.

    My comment was a bit harsh, however - so thanks to both for pointing it out. "pompous"? No - but arguably not necessarily applicable to the current post, and therefore not germane to the discussion at hand.

    FYI - David Pogue has an excellent recent post which seems appropriate here: http://pogue.blogs.nytimes.com/2006/12/14/14pogue-email-2/ Alas, it seems that the Eternal September may not be over, after all...

  1. BDLatimer

    Joined: Dec 1969

    0

    response

    iolaire: Good point on the non-ubiquitousness of spell-checking - I'll admit to certainly being spoiled by several of the niceties of Mac OS X, and unfortunately don't consider the situations of those who might not always benefit from the same.

    And, hayesk: Agreed that a simple communication to MacNN would have addressed the concern more directly than venting/ranting in comments.

    But my point about grammatical errors was not (necessarily) related to this particular post. When entering the above comment, I had just finished reading several other "news" articles which were incredibly difficult to actually comprehend, due to basic mistakes in grammar. (e.g. http://www.ipodnn.com/articles/06/12/27/itunes.visits.on.christmas/ ) It's frustrating to see glaringly-obvious terminology mistakes, or "where/were", or "their/there" transpositions (or the like), so often in such articles, and causes me to fear for the ongoing professionalism of this form of media.

    My comment was a bit harsh, however - so thanks to both for pointing it out. "pompous"? No - but arguably not necessarily applicable to the current post, and therefore not germane to the discussion at hand.

    FYI - David Pogue has an excellent recent post which seems appropriate here: http://pogue.blogs.nytimes.com/2006/12/14/14pogue-email-2/ Alas, it seems that the Eternal September may not be over, after all...

  1. ibugv4

    Joined: Dec 1969

    0

    am i halucinating?

    I see cross-comment posts on this article from other articles.

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