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Apple Now Debt Free, Says Internal Memo

Posted by timothy on from the sprightly-even dept.

An anonymous reader writes "99mac.se publishes an internal memo from Steve Jobs to Apple employees today. According to the Memo, Jobs states that "Today is a historic day of sorts for our company." Apple used $300 million in cash to pay off the rest of their debt, and is now a debt-free company. A big turnaround from over $1 billion in debt in mid-1997. Also noted in the memo is that Apple has $4.8 billion in the bank at this time." (Since this is not coming straight from Apple, confirmation -- or debunking -- would be helpful.)

3 of 627 comments (clear)

  1. memo text from website by jshift2work · · Score: 1, Redundant

    Team, 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. Steve

  2. The secret by agentZ · · Score: 0, Redundant

    1. Make neat looking computers/music players
    2. (Previously ?????) Put them in cool colors
    3. PROFIT!

  3. Yes, this is a good thing by bitty · · Score: 0, Redundant

    You want to be debt free, plain and simple. You have no interest payments. Why the hell would you want to pay interest payments for no reason at all? If you've got the cash, pay it off. It only gets better from there.

    If this is true, congratulations Apple!