Sun announces fiscal third quarter results

Posted by Bill Bradford on Apr 15, 2004

Sun reported results today for its fiscal 2004 third quarter, which ended March 28, 2004.

Revenues for the third quarter of fiscal 2004 were $2.651 billion, a sequential decrease of 8.2 percent and a year-over-year decline of 5.0 percent as compared with $2.790 billion for the third quarter of fiscal 2003. Total gross margin for the quarter as a percent of revenues was 40.3 percent, a decrease of 1.5 percentage points sequentially and a decrease of 4.3 percentage points as compared with the third quarter of fiscal 2003.

Net loss for the quarter was $760 million or $0.23 per share as compared with net income of $4 million or $0.00 per share for the third quarter of fiscal 2003. This 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.

Excluding these amounts, net loss for the quarter on a non-GAAP basis would have been $260 million or a net loss per share of $0.08.

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