Sun Q4 2007 Earnings Announced
Sun has announced their FY2007 Q4 earnings.
Revenues for the fourth quarter of fiscal 2007 were $3.835 billion. For the full fiscal year, the Company reported revenues of $13.873 billion, an increase of 6.2 percent over fiscal year 2006. Total gross margin as a percent of revenues for the fourth quarter was 47.2 percent, and gross margin for the full fiscal year was 45.2 percent, an increase of 2.1 percentage points over fiscal year 2006. Operating margin for the fourth quarter was 8.5 percent.
Net income for the fourth quarter of fiscal 2007 on a GAAP basis was $329 million, or $0.09 per share on a diluted basis. For the full fiscal year, net income was $473 million, or $0.13 per share, on a diluted basis, as compared with a net loss of $864 million, or ($0.25) per share, for fiscal 2006.
Cash generated from operations for the fourth quarter of fiscal 2007 was $564 million, and cash and marketable debt securities balance at the end of the quarter was approximately $5.9 billion.
According to Sun CEO Jonathan Schwartz:
“We exceeded the commitments made a year ago, to restore Sun to 4% operating profitability in Q4, and did so by delivering our single best operational quarter since 2001. On an annual basis, we improved Sun’s profitability by over a billion dollars. A billion. We grew revenue, expanded gross margins, streamlined our operating expenses – and closed the year with an 8% operating profit in Q4, more than double what some thought to be an aggressive target a year ago.”
