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Sun Microsystems Reports Third Quarter Revenues And Earnings

4/19/2001 4:00:00 PM
PALO ALTO, Calif., Apr 19, 2001 /PRNewswire via COMTEX/ -- Sun Microsystems, Inc., (SUNW) , a leading provider of hardware, software and services that power enterprises and network computing, today reported results for the third quarter of fiscal year 2001, which ended April 1, 2001.

Revenues for the third quarter were $4.095 billion, up 2 percent compared with the third quarter of fiscal 2000. Orders for the third quarter were $3.612 billion. Proforma net income (which excludes realized gains/losses on Sun`s venture equity portfolio, the effects of acquisition related charges, any unusual one time items, and the cumulative tax effects) for the third quarter was $263 million, a decrease of 43 percent compared with last year`s proforma net income of $464 million. Third quarter proforma earnings per share, was $0.08, a decrease of 43 percent compared with $0.14 proforma earnings per share for the same period a year ago.

For the first nine months of fiscal 2001, Sun reported revenues of $14.255 billion, up 33 percent compared with last year`s revenues of $10.705 billion. Proforma net income was $1.367 billion, up 19 percent compared with last year`s proforma net income of $1.146 billion. Proforma earnings per share was $0.40 per share, an increase of 18 percent compared with last year`s proforma earnings per share of $0.34.

Sun reported actual (or GAAP) net income (including realized gains/losses on Sun`s venture equity portfolio, the effects of acquisition related charges, any unusual one time items, and the cumulative tax effects) for the third quarter of fiscal 2001 of $136 million or $0.04 per share, compared with $509 million or $0.15 per share for the same period a year ago.

Actual reported net income for the first nine months of fiscal 2001 was $1.069 billion or $0.31 per share, compared with $1.134 billion or $0.34 per share in fiscal 2000.

"Despite the economic slowdown in the Õnited States, we were able to increase revenues over the very strong growth rate (35 percent) during the same quarter a year ago," said Scott McNealy, Chief Executive Officer of Sun Microsystems.

McNealy added, "These results, coupled with our strong cash position of nearly $7 billion, enable SUN to continue protecting our investments in new products, R&D, our sales and service capabilities, and top-notch employees."

McNealy concluded, "Our refreshed product line is positioned to be the best we`ve had in years. Led by our new Sun(TM) Open Net Environment (Sun ONE) architecture, Sun introduced exciting new products such as the iPlanet(TM) stack, Netra(TM) servers, Sun StorEdge(TM) hardware and software, Sun(TM) Cluster 3.0 technology, the recently acquired Sun Cobalt(TM) appliances, and the Sun Fire(TM) Midframe server product line running the UltraSPARC(TM) III processor and the Solaris(TM) 8 Operating Environment. These Midframe servers offer mainframe-class functionality at midrange server prices. With the additional product announcements planned in the months ahead, we intend to capitalize on our increased market opportunities."

Michael E. Lehman, Sun`s Executive Vice President of Corporate Resources and Chief Financial Officer, commented, "Our results reflected the sharp decline in capital spending in the information technology sector, principally in the United States, although we did see some moderation of demand in Europe and Asia Pacific."

Lehman concluded, "Going forward, we will continue to make the necessary investments to ensure that Sun retains its competitive advantage over the long run. At the same time, we will focus on the appropriate trade-offs in order to align our cost structure with our revenue growth expectations."

Sun has historically reported operating income, net income and earnings per share on an actual basis, as well as on a "normalized basis;" that is, those financial metrics prepared in accordance with GAAP but excluding realized gains/losses on Sun`s venture equity portfolio, in-process research and development charges, the associated tax effects, and beginning in the second quarter of fiscal 2001, other accounting charges related to the acquisition of Cobalt Networks, Inc. Going forward, Sun will report on a proforma basis and GAAP basis only and will not continue reporting on a normalized basis.

Sun has scheduled a conference call today to discuss its earnings for the third quarter of fiscal 2001 at 1:30 p.m. (PDT), which is being broadcast live at www.sun.com.

All references to earnings per share set forth in this press release are diluted earnings per share as defined within Statement of Financial Accounting Standards No. 128.

This news release contains forward-looking statements, including statements relating to the position of Sun`s refreshed product line, planned product announcements, Sun`s intention to capitalize on increased market opportunities, Sun`s continued investment to retain its competitive advantage and its focus on trade offs to align cost structure with revenue growth expectations. Sun`s actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include risks related to continuing adverse changes in general economic conditions, failure to reduce costs, lack of success in the timely development, production and acceptance of new products and services and in technical advancements, and Sun`s ability to compete in the highly competitive and rapidly changing marketplace. These and other risks are detailed from time to time in Sun`s periodic reports filed with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K for its fiscal year ended June 30, 2000 and its quarterly reports on Form 10-Q for the quarters ended October 1, 2000 and December 31, 2000.

About Sun Microsystems, Inc.

Since its inception in 1982, a singular vision -- The Network Is The Computer(TM) -- has propelled Sun Microsystems, Inc., to its position as a leading provider of industrial-strength hardware, software and services that power the `net and allow companies worldwide to take their businesses to the nth. With $19.2 billion in annual revenues, Sun can be found in more than 170 countries and on the World Wide Web at http://www.sun.com.

NOTE: Sun, Sun Microsystems, the Sun logo, iPlanet, Sun StorEdge, Solaris, Netra, Sun Cobalt, Sun Fire and The Network is The Computer are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries. All SPARC trademarks are used under license and are trademarks or registered trademarks of SPARC International, Inc. in the United States and other countries. Products bearing SPARC trademarks are based upon an architecture developed by Sun Microsystems, Inc.

SUN MICROSYSTEMS, INC.
` CONDENSED CONSOLIDATED STATEMENTS OF INCOME*
hIn millions, except per share amounts)

Three Months Ended Nine Months Ended
(unaudited) (unaudited)
April 1, March 26, April 1, March 26,
2001 2000 2001 2000

Net revenues $4,095 $4,005 $14,255 $10,705

Costs and expenses:
Cost of sales ` 2,403 1,913 7,689 5,145
Research and development 486 417 `1,473 1,172
Selling, general and
administrative ` ` 1,053 1,067 3,531 2,902
In-process research and
development 1 5 72 9

Total costs and expenses 3,943 3,402 12,765 9,228

Operating income 152 603 1,490 1,477

Interest income, net 110 44 276 105

Gain (loss) on investments (13) 112 (12) 112

Income before income taxes 249 759 1,754 1,694

` Provision for income taxes 113 250 685 560

Net income $136 $509 $1,069 $1,134

Net income per common share
- basic $0.04 $0.16 $0.33 $0.36

Net income per common share
- diluted $0.04 $0.15 $0.31 $0.34

Shares used in the calculation
of net income per common share
- basic ` 3,256 3,170 3,230 3,142

Shares used in the calculation
of net income per common share
- diluted 3,417 3,397 3,428 3,369


* Share and per share amounts for all periods presented have been adjusted
to reflect stock splits (effected in theform of stock dividends)
through April 1, 2001.


SUN MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
` (In millions)
April 1, June 30,
` 2001 2000
ASSETS (unaudited) (audited)
Current assets:

Cash, cash equivalents and short-term investments $2,229 $2,475

Accounts receivable, net ` 2,913 2,690

` Inventories 899 557

Other current assets 1,687 1,155

Total current assets 7,728 6,877

Property, plant and equipment, net 2,564 2,095

Long-term investments 5,020 4,496

Other assets, net 2,599 684

$17,911 $14,152

LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:

Short-term borrowings $2 $7

Accounts payable 1,023 924

Accrued liabilities 2,385 2,117

Income taxes payable 139 422

` Deferred revenues and customer deposits 1,619 1,289

Total current liabilities 5,168 4,759

Long-term debt and other obligations 2,181 2,084

Stockholders` equity ` 10,562 7,309

$17,911 `$14,152


SUN MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED PRO FORMA STATEMENTS OF INCOME*
(In millions, except per share amounts)

Three Months Ended Nine Months Ended
(unaudited) (unaudited)
April 1, March 26, April 1, March 26,
2001 2000 2001 2000
Net revenues $4,095 $4,005 $14,255 $10,705

Costs and expenses:
Cost of sales 2,391 1,905 7,666 5,116
Research and development 480 415 1,461 1,164
Selling, general and
administrative 937 1,046 3,345 2,843

Total costs and expenses 3,808 3,366 12,472 9,123

Operating income ` 287 639 1,783 1,582

Interest income, net 110 44 276 105

Income before income taxes 397 683 2,059 1,687

Provision for income taxes 134 219 `692 541

Net income $263 $464 $1,367 $1,146

Net income per common share
- basic $0.08 $0.15 $0.42 $0.36

Net income per common share
- diluted ` $0.08 $0.14 $0.40 $0.34

Shares used in the calculation
of net income per common share
- basic 3,256 3,170 3,230 3,142

Shares used in the calculation
of net income per common share
- diluted 3,417 3,397 3,428 3,369

Adjustments to net income
under GAAP:
Acquisition-related charges $134 $31 $221 $96
In-process research and
development 1 ` 5 72 9
(Gain) loss on investments 13 (112) 12 (112)
Related tax effects ` (21) 31 (7) 19

Total adjustments $127 (45) $298 $12


* The above Condensed Consolidated Pro Forma Statements of Income are
presented for illustrative purposes only and are not prepared in
accordance with generally accepted accounting principles.

SOURCE Sun Microsystems, Inc.

CONTACT: investors, Mark Paisley, 650-336-2238, or [e-mail],
or press, Elizabeth McNichols, 650-786-0368, or [e-mail],
or industry analysts, Angela Grady, 650-786-7252, or [e-mail], all
of Sun Microsystems, Inc.

URL: http://sun.com
http://www.prnewswire.com

[calciner]

kurzfassung

Sun Microsystems trifft gesenkte Erwartungen


Der amerikanische Technologiekonzern Sun Microsystems hat seine gesenkten Gewinnerwartungen für das dritte Fiskalquartal geschlagen. Die Umsatzzahlen verfehlten jedoch die Erwartungen der Analysten.

Der Umsatz stieg demnach um 2 Prozent auf 4,1 Milliarden Dollar während der Gewinn bei 263 Millionen Dollar oder 8 Cents je Aktie lag. Im Vorjahresquartal fiel noch ein Gewinn von 464 Millionen Dollar oder 14 Cents je Aktie an.

Mitte Februar gab Sun bekannt, einen Gewinn zwischen 7 und 9 Cents je Aktie zu erwarten bei einem 13 prozentigen Anstieg der Umsätze. Analysten erwarteten einen Gewinn von 7 Cents je Aktie bei Umsätzen von 4,45 Milliarden Dollar.

Nachbörslich verliert Sun von 20,71 auf 19,85 Dollar