Sun on Monday announced their results for the first quarter of fiscal year 2008:
Revenues for the first quarter of fiscal 2008 were $3.219 billion, an increase of approximately 1 percent as compared with $3.189 billion for the first quarter of fiscal 2007. Total gross margin as a percent of revenues was 48.5, an increase of 5.0 percentage points, as compared with the first quarter of fiscal 2007.
Net income for the first quarter of fiscal 2008 on a GAAP basis was $89 million, or $0.03 per share on a diluted basis, as compared with a net loss of $56 million, or ($0.02) per share, for the first quarter of fiscal 2007. GAAP net income for the first quarter of fiscal 2008 includes a $113 million restructuring charge, which equates to $0.03 per share.
Cash generated from operations for the first quarter of fiscal 2008 was $574 million, and cash and marketable debt securities balance at the end of the quarter was $5.193 billion.
“We showed continued execution and operating discipline and delivered a very solid first quarter with continued revenue growth, profitability and gross margin expansion,” said Jonathan Schwartz, CEO of Sun Microsystems. “We saw particular strength in our high-end systems lineup, good growth in our subscription-based identity management software offerings, and even more adoption and momentum behind the award-winning open source Solaris 10 Operating System and our virtualization offerings. Growth remains our top priority for fiscal 2008 as we look to capitalize on our UltraSPARC T2 servers, delivering outstanding Solaris and Linux performance with extreme energy efficiency.”
CEO Jonathan Schwartz also has some thoughts on this at his weblog at the entry “Offering Color on our Q1 Performance”.