financial/investor
02/18/2004, 10:15am, EST
Wednesday, February 18th
Apple pays off $300M in debt, becomes debt free
As anticipated last month, Apple is now a debt free company, 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."
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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.