by , 12:45 PM EDT, May 10th, 2007

Apple's Mac OS X 10.5 and iPhone product development appear to be on track, and both should ship on schedule, according to the company's Form 10-Q filed with the Securities and Exchange Commission on Wednesday. The report stated "In the second quarter of 2007, the Company determined that both Mac OS X version 10.5 Leopard and the iPhone achieved technological feasibility."

When a product reaches the technological feasibility state, Apple typically ships it shortly thereafter. Apple stated that it "expects to begin shipping the iPhone in late June 2007." The company previously stated that it will ship Leopard in October.

Apple had previously planned on shipping Leopard in spring 2007, presumably at its World Wide Developer Conference in June. The ship date was pushed back to ensure that iPhone would meet its release deadline. Barring unexpected delays, like failure to gain FCC approval, the iPhone will likely hit its end of June release window.

The company spent about US$27 million during the second quarter of 2007 in iPhone and Leopard development costs, and plans to amortize those costs over a three year period once the products ship.

The 10-Q report also showed that Apple had over US$7 billion is cash and cash equivalent assets, and total assets at $18.7 billion as of March 31, 2007. Those numbers help underscore Apple's position as a technology industry leader, and industry analysts are now watching the company closely to see what it releases next.

Looking forward, industry analysts expect Apple's bottom line will look even better as new products are released. iPhone and Leopard appear to be on track, Apple TV is already shipping, new Mac models are in development, and new iPod products will likely appear at some point this year, too - and that has analysts seeing Apple as a rising star for the next few quarters.

Apple stock is currently trading at $107.22, up 0.34 (0.32%).