Apple has not paid a cash dividend yet. Our take is that Apple is not going to pay a dividend now nor any time soon. Steve Jobs even said in the recent earnings release that the cash is being saved as a safety net and for strategic opportunities.
The 2010 annual report, the lovely 10-K filing, spells this out as clear as a bell:
- “The Company did not declare or pay cash dividends in either 2010 or 2009. The Company anticipates that for the foreseeable future it will retain any earnings for use in the operation of its business.”
We went back into the year-ago 10-K and the answer is basically the same. That copy from the 2009 10-K reads as follows:
- “The Company did not declare or pay cash dividends in either 2009 or 2008. The Company anticipates that for the foreseeable future it will retain any earnings for use in the operation of its business.”
Steve Jobs could write on big check to holders if he wanted to. Just don’t hold your breath. When a company prints words that are the same over and over and that are this clear, that generally is a sign that it is policy that won’t change.
No dividend for Apple holders…
JON C. OGG
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