Sun reported results for the second quarter which ended December 27, 1998. Revenues for the second quarter were $2.784 billion, up 14 percent compared with the second quarter of fiscal 1998. Net income for the second quarter was $272.3 million, an increase of 22 percent from the previous year's results (excluding acquisition-related charges for fiscal years 1998 and 1999). Second quarter earnings per share were $.67, an increase of 18 percent over the corresponding period a year ago (excluding acquisition-related charges for fiscal years 1998 and 1999).

During the second quarter, acquisition-related charges for in-process research and development totalled $12 million in connection with the acquisitions of Beduin Communications, Incorporated and i-Planet, Inc. Including these charges, net income was $261.1 million and earnings per share totalled $.64 for the second quarter. Due to the structure of the i-Planet transaction, Sun also recorded an increase of $3.2 million to its income tax provision.

For the first six months of fiscal 1999, Sun reported revenues of $5.276 billion, up 16 percent over the corresponding period a year ago. Net income (excluding acquisition-related charges for fiscal years 1998 and 1999) was $470.2 million, up 22 percent over the same period a year earlier. Earnings per share, excluding these charges, was $1.17, an increase of 19 percent from the previous year's results. Including acquisition related charges, net income was $375 million and earnings per share totalled $.93 for the first six months of fiscal 1999. [...read more...]

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