Sun announces 4Q results, $1B charge

Posted by Bill Bradford on Oct 2, 2003

Sun recently announced financial results for 4Q fiscal year 2003.

Sun Microsystems announced that it will recognize a $1,051 million non-cash charge in its fourth quarter of fiscal 2003 to increase a valuation allowance for its net deferred tax assets in accordance with the Statement of Financial Accounting Standards No. 109, “Accounting for Income Taxes.” As a result of this non-cash charge, Sun has determined that it will recognize a revised net loss for the fourth quarter of fiscal 2003 of $1,039 million, or a net loss per share of $.32.

Comments are closed.