Apple has confirmed it expects to meet its previously announced targets for business in its second quarter.

In papers submitted with the US Securities and Exchange Commission (SEC), the company said it still expects to make a slight profit, predicting flat net sales and margins in comparison with its first quarter.

On January 15, the company said that it expects second quarter operating expenses to decline by $5 million, while its interest income falls to $20 million from $29 million. The company expects interest income to continue to decline during the second part of its 2003 financial year.

The company repeated that assessment to the SEC, admitting that its gross margins will remain under pressure throughout the year. This reflects aggressive pricing and a large research-&-development spend.