Sun has reported its fiscal 2004 third quarter results, showing revenues of $2.65 billion, up 8.2 percent from the last quarter and up five percent from the same period one year ago. The results were in line with the projections released on April 2nd 2004 (this was reported on in article [12707]).

Sun reported that total gross margin as a percent of revenues was 40.3 percent for the quarter, down 1.5 percent from the previous quarter and down 4.3 percent on a year-over-year basis. Net loss for the quarter was $760 million -- or $0.23 per share --- compared with the $4 million gain experienced in the same quarter one year ago.

The loss includes a non-cash charge of $300 million for an increase in the valuation allowance for deferred tax assets, a charge of $203 million for workforce and real estate restructuring and a gain of $3 million on equity investments. These charges were previously acknowledged by Sun. Excluding the charges, Sun would report a net loss for the quarter, on a non-GAAP basis, of $260 million.

Sun held a conference call to discuss its third quarter earnings in more detail on April 15, 2004. To play the audiocast, see:

http://wcdata.sun.com/webcast/archives/VIP-1561

For a table of condensed consolidated statements of operations, balance sheets and statements of cash flows, see:

http://www.sun.com/aboutsun/investor/earnings_releases [...read more...]

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