Sun Microsystems Reports Final Results for Full Fiscal Year and Fourth Quarter 2008.Summary: Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. , Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : JAVA) have reported results for its full fiscal year and fourth quarter, which ended June 30, 2008.
Sun Microsystems Reports Final Results for Full Fiscal Year and Fourth Quarter 2008 Announces Additional $1 Billion Share Repurchase Share Repurchase
A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. Authorization Sun Microsystems, Inc. (NASDAQ: JAVA) have reported results for its full fiscal year and fourth quarter, which ended June 30, 2008. For the full fiscal year, Sun reported revenues of $13.880 billion, an increase of 0.1 percent over fiscal year 2007. Revenues for the fourth quarter of fiscal 2008 were $3.780 billion, a decrease of 1.4 percent from $3.835 in the fourth quarter of fiscal 2007. Total gross margin as a percent of revenues for the full fiscal year was 46.5 percent, an increase of 1.3 percentage points over fiscal year 2007. Gross margin for the fourth quarter of fiscal 2008 was 44.3 percent, a decrease of 2.9 percentage points from the fourth quarter of fiscal 2007. Net income on a GAAP GAAP
See: Generally Accepted Accounting Principles
See generally accepted accounting principles (GAAP). basis for the full fiscal year was $403 million, or $0.49 per share on a diluted basis, as compared with net income of $473 million, or $0.52 per share on a diluted basis, for fiscal year 2007. Net income for the fourth quarter of fiscal 2008 was $88 million, or $0.11 per share on a diluted basis, as compared with net income of $329 million, or $0.36 per share on a diluted basis, for the fourth quarter of fiscal 2007. Non-GAAP net income for the full fiscal year was $1.101 billion, or $1.34 per share on a diluted basis, as compared with non-GAAP net income of $1.003 billion, or $1.11 per share on a diluted basis, for fiscal year 2007. Non-GAAP net income for the fourth quarter of fiscal 2008 was $275 million, or $0.35 per share on a diluted basis, as compared with non-GAAP net income of $458 million, or $0.50 per share on a diluted basis, for the fourth quarter of fiscal 2007. Non-GAAP net income excludes purchased-in-process research and development, amortization of acquisition related intangibles, stock-based compensation, restructuring and related impairment of long-lived assets, net gain or loss on equity investments, settlement income and the tax effect of these non-GAAP adjustments. Cash generated from operations for the full fiscal year was $1.3 billion, and the cash and marketable debt securities balance at the end of the year was approximately $3.3 billion. "On a year-over-year basis, we saw significant improvements across a number of key operating metrics ranging from gross margins to non-GAAP earnings per share and cash flow from operations Cash flow from operations
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Accelerator. to our growth strategy through increased adoption of our open source offerings eI from the OpenSolarisTM operating system operating system (OS)
Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. and the MySQLTM database to the LustreTM and ZFSTM storage systems, the foundation of our open storage platforms." Full Fiscal Year & Fourth Quarter 2008 Highlights: � On an annual basis, Sun improved gross margins by 1.3 percentage points, decreased total R&D and SG&A expenses by $70 million, improved non-GAAP net income per share on a diluted basis by 21 percent and increased cash flow from operations by $371 million. � Sun reported double-digit annual revenue growth in key international markets including Brazil, India, Russia and Greater China. � Global demand for MySQL continued to accelerate, with billings growth in the fourth quarter of over 44 percent year-over-year. � Sun's energy-efficient, SolarisTM-based Chip Multi-Threading (CMT CMT Certified Medical Transcriptionist.
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