EARNINGS:
SUN MICROSYSTEMS REPORTS ALL TIME RECORD FIRST
QUARTER RESULTS
50 Percent Growth in EPS on 25 Percent Revenue Growth
MOUNTAIN VIEW, California -- October 15, 1996 -- Sun Microsystems, Inc., (NASDAQ: SUNW) today reported results for the first quarter which ended September 29, 1996. Revenues for the first quarter were $1.859 billion, up over 25 percent from the $1.485 billion reported for the corresponding period a year ago. The company's first quarter net income increased more than 45 percent to $123.4 million, compared with $84.7 million in the first quarter of the prior fiscal year. First quarter earnings per share was $.63, an increase of 50 percent from the $.42 reported for the same period a year ago.
"These record results can be attributed to our long-time dedication to enterprise network computing," said Scott McNealy, Chairman, President and CEO of Sun Microsystems, Inc. "As the industry increasingly embraces our motto `The Network Is The ComputerTM,' our market opportunities continue to expand. We are now entering the
era of JavaTM computing that features mission-critical servers and thin network clients. Sun is again leading the charge."
Michael E. Lehman, Sun's Chief Financial Officer, said, "Our current fiscal year is off to a solid start. Customers are choosing Sun because of our commitment to open interfaces, and the strength of our UltraSPARCTM-based servers and workstations, powered by our software product families: WorkShopTM, SolarisTM, and SolsticeTM.
The investments that we have been making in worldwide service and support capability, as well as higher levels of demand creation resources, have been paying off. The result is that Sun is being viewed as a pure play leader of network computing for the enterprise."
Lehman concluded, "We are enthused about the market opportunities that are becoming increasingly available to us. Our financial position and business model are strong, enabling us to make investments in research and development across all our product lines as we develop and enhance the Java computing paradigm."
With annual revenues exceeding $7 billion, Sun Microsystems, Inc. provides products and services that enable customers to build and maintain open network computing environments. Widely recognized as a proponent of open standards, the company is involved in the design, manufacture and sale of products, technologies and services for commercial and technical computing. Sun's SPARCTM workstations, multiprocessing servers, SPARC microprocessors, Solaris operating software and ISO-certified service organization each rank No. 1 in the UNIX industry. Java, Sun's platform- independent programming language, provides a comprehensive solution to the challenge of programming for complex networks, including the Internet. Sun Microsystems was founded in 1982, and is headquartered in Mountain View, California.
Sun, the Sun logo, Sun Microsystems, The Network Is The Computer, Java, WorkShop, Solaris, and Solstice are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries. UltraSPARC is a trademark of SPARC International, Inc. 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.
Press announcements and other information about Sun Microsystems are available on the Internet via the World Wide Web using a tool such as Netscape or NCSA Mosaic. Type sun.com at the URL prompt. |
