Sun Microsystems Reports Second Quarter Fiscal Year 2008 ResultsImproved Margins and Bookings Growth Signal Strength in Customer Demand SANTA CLARA, CA January 24, 2008 Sun Microsystems, Inc. (NASDAQ: JAVA) reported results today for its fiscal second quarter, which ended December 30, 2007.
Revenues for the second quarter of fiscal 2008 were $3.615 billion, an increase of approximately 1.4 percent as compared with $3.566 billion for the second quarter of fiscal 2007. Total gross margin as a percent of revenues was 48.5, an increase of 3.5 percentage points, as compared with the second quarter of fiscal 2007. Net income for the second quarter of fiscal 2008 on a GAAP basis was $260 million, or $0.31 per share(1), as compared with a net income of $133 million, or $0.15 per share, for the second quarter of fiscal 2007. GAAP net income for the second quarter of fiscal 2008 included a $32 million restructuring charge. Cash generated from operations for the second quarter of fiscal 2008 was $336 million, and the cash and marketable debt securities balance at the end of the quarter was $4.677 billion. "Today's results clearly demonstrate steady progress against our financial targets and highlight the accelerating demand set to fuel growth in the back half of the fiscal year," said Jonathan Schwartz, CEO of Sun Microsystems. "Headlining the results were improved margins and strong bookings along with double digit growth in emerging markets including India, China, Latin America, Eastern Europe, the Middle East and Africa. Adding to the momentum were the Solaris Operating System OEM agreement with Dell and our introduction of the industry's first open source datacenter virtualization and management platform, Sun xVM." Sun has scheduled a conference call today to discuss its financial results for the second quarter fiscal year 2008 at 1:30 p.m. (PT), which is being broadcast live at www.sun.com/investors. Sun's Annual Analyst Summit (SAS) will be held February 4-6 in San Francisco, Calif. Financial analysts and portfolio managers who wish to attend in person are invited to register at www.cplan.com/sunanalyst2008. The general public is invited to attend online at www.sun.com/investors. About Sun Microsystems, Inc.Sun Microsystems develops the technologies that power the global marketplace. Guided by a singular vision -- "The Network is the Computer" -- Sun drives network participation through shared innovation, community development and open source leadership. Sun can be found in more than 100 countries and on the Web at http://sun.com.
Sun, Sun Microsystems, the Sun logo, Solaris, Java and The Network is the Computer are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries.
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