Sun announces 2006 Fiscal Q3 Results
Sun reported results today for the fiscal third quarter ending March 26, 2006:
Revenues for the third quarter of fiscal 2006 were $3.177 billion, an increase of 21 percent as compared with $2.627 billion for the third quarter of fiscal 2005. The year over year revenue increase was driven by recent acquisitions and by growth in traditional products. Total gross margin as a percent of revenues was 43.0 percent, an increase of 1.6 percentage points, as compared with the third quarter of fiscal 2005.
Net loss for the third quarter of fiscal 2006 on a GAAP basis was $217 million or a net loss of ($0.06) per share, as compared with a net loss of $28 million, or a net loss per share of ($0.01), for the third quarter of fiscal 2005.
GAAP net loss for the third quarter of fiscal 2006 includes: $87 million principally related to intangible asset amortization associated with our recent acquisitions, $57 million of stock-based compensation charges relating to the implementation of SFAS 123R, $36 million of restructuring charges, a $4 million gain on equity investments, and a $4 million benefit for related tax effects. The net impact of these five items is approximately ($0.05) per share.
Cash generated from operations for the third quarter was $197 million and cash and marketable debt securities balance at the end of the quarter was $4.429 billion.