In a released financial statement on its web site, Apple Computer, following an independent investigation into the backdating of awarded stock options which began back in June, restated past earnings and cleared currently employed executives of corporate misconduct.

Following the independent investigation, Apple has stated that it will record a non-cash charge of $84 million to compensate for the improper handling of stock option awards granted to executives made between 1997 and 2002. The company has stated that after-tax profits would be lowered by $10 million for the 2004 fiscal year, $7 million for the 2005 fiscal year and $4 million for the 2006 fiscal year.

The investigation made no discovery of actions after December 31, 2002 that required accounting adjustments or restatements.

The company has also stated that a special committee within its board of directors found that while CEO Steve Jobs and other executives were aware of or recommended inaccurate stock option grant dates, they did not financially benefit from these actions. The firm has stated that it has "complete confidence" in its current executive team, despite the quiet departure of former Apple senior vice president Nancy Heinan and former chief financial officer Fred Anderson, both of whom resigned from the company this year.

"The special committee, its independent counsel and forensic accountants have performed an exhaustive investigation of Apple’s stock option granting practices," commented Al Gore, chair of the special investigative committee, and Jerome York, chair of Apple’s Audit and Finance Committee, in a joint statement. "The board of directors is confident that the company has corrected the problems that led to the restatement, and it has complete confidence in Steve Jobs and the senior management team."

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