The earning are out! From SUNW's site:
SUN MICROSYSTEMS REPORTS ALL TIME
RECORD QUARTER; REVENUES SURPASS FIVE
BILLION DOLLARS
Fourth Quarter Net Income grew 67% on Revenue
Growth of 42%
PALO ALTO, CA -- July 20, 2000 -- Sun Microsystems, Inc., (NASDAQ: SUNW) broke
through the $5 billion quarterly revenue mark for the first time ever, in its reported results for
the fourth quarter which ended June 30, 2000. Revenues for the fourth quarter were $5.017
billion, up 42 percent compared with the fourth quarter of fiscal 1999. Net income for the
fourth quarter was $659.5 million, up 67 percent compared with last year's net income of
$395.3 million (excluding gains on the sale of equity investments and acquisition-related
charges for fiscal year 2000). Fourth quarter earnings per share was $.39, an increase of 63
percent over the corresponding period a year ago (excluding gains on the sale of equity
investments and acquisition-related charges for fiscal year 2000).
During the fourth quarter, special items resulted in a net gain of $92.7 million. These items
were comprised of gains on the sale of equity investments of $95.8 million and an
acquisition-related charge for in-process research and development of $3.1 million in
connection with the acquisition of Innosoft International, Inc. Including these special items, net
income and earnings per share for the fourth quarter of fiscal year 2000 were reported as
$720.4 million and $.42 respectively.
For the full 2000 fiscal year, Sun reported revenues of $15.721 billion, up 33 percent over the
corresponding period a year ago. Net income was $1.725 billion, up 49 percent over the
same period a year earlier (excluding gains on the sale of equity investments for fiscal year
2000 and acquisition-related charges for years 2000 and 1999). Earnings per share,
excluding these special items, was $1.02, an increase of 46 percent from the previous year's
results. Including special items, net income was $1.854 billion and earnings per share totalled
$1.10 for fiscal year 2000.
"At the end of the day, the numbers tell the story regarding customer acceptance of our
products and services," said Scott McNealy, Chief Executive Officer of Sun Microsystems. "In
every important metric, including market share gains, we had an incredible quarter. In just the
last few years, our market share has risen from the number four open system server provider
to an undisputed number one."
"Our vision, focus and execution are the driving forces behind this record setting year," said
Scott McNealy. "With the dramatic success of our core technology platforms, SPARCTM,
SolarisTM, Sun StorEdgeTM, JavaTM, JiniTM, JiroTM, iPlanetTM, and ForteTM, Sun's
position as one of the Internet's leading innovators has never been stronger. Enterprises and
service providers are coming to Sun to help them build out their network infrastructure and
e-commerce business."
McNealy concluded, "Our belief is that everything with a digital or electronic heartbeat will one
day be connected to the Internet and often to Sun servers."
Michael E. Lehman, Sun's Executive Vice President of Corporate Resources and Chief
Financial Officer, commented, "This was a very satisfying end to a remarkable year. We set
fiscal year financial records for bookings, revenue, gross margin, net income and EPS.
Business was strong across all geographies. We saw growth in virtually all the important
markets; including telecommunications, financial services, retail and manufacturing. We
continued to gain market share as we set quarterly and annual unit shipment records across
all the system product lines from workstations to the high end Enterprise 10000 server."
Lehman concluded, "With the recent introduction of our new Sun StorEdge hardware,
software and service offerings, combined with our Solaris 8 systems running with our
UltraSparc III processor slated for this coming year, we are well positioned to continue our
momentum in the marketplace. In addition, our recent Java OneTM developers conference
showcased over 330 companies and partners utilizing Java technology. The Java 2 Platform
continues to be a leading standard for developers building and deploying applications for the
enterprise and for wireless devices. New licensees include Oracle, BEA Systems, Inc., IBM
and Compaq Computer Company for the Java 2 Enterprise Edition, and Nokia and Siemens
for the Java 2 Micro Edition. They join an already impressive list of companies who support
the Java Platform."
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 Sun's
strategies, business growth opportunities, and investments, which are based on current
expectations that involve risks and uncertainties. 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 surrounding the timely development, production and
acceptance of new products and services, 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 report on Form 10-K for its fiscal year ended June 30, 1999
and its reports on Form 10-Q for its fiscal quarters ended March 26, 2000, December 26,
1999 and September 26, 1999.
About Sun Microsystems, Inc.
Since its inception in 1982, a singular vision - "The Network Is The Computer [tm]" - has
propelled Sun Microsystems, Inc. (Nasdaq: SUNW), to its position as a leading provider
hardware, software and services for establishing enterprise-wide intranets and expanding the
power of the Internet. With more than $15 billion in annual revenues, Sun can be found in
more than 150 countries and on the World Wide Web at sun.com.
Sun, the Sun logo, Sun Microsystems, Sun StorEdge, Solaris, Java
One, Jini, Jiro, iPlanet, Forte, iForce 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.com
Lynn |
