EXHIBIT 99.1
SUN MICROSYSTEMS REPORTS PROFIT FOR
FISCAL 2005 SECOND QUARTER
SANTA CLARA, Calif. - Jan 13, 2005 - Sun Microsystems, Inc., (NASDAQ: SUNW) reported results today for its fiscal second quarter, which ended December 26, 2004.
Revenues for the second quarter were $2.843 billion, a decrease of 1.6 percent as compared with $2.888 billion for the second quarter of fiscal 2004. Total gross margin as a percent of revenues was 42.3 percent, an increase of 0.5 percentage points as compared with the second quarter of fiscal 2004. Net profit for the second quarter of fiscal 2005 was $19 million or $0.01 per share as compared with a net loss of $125 million or a net loss of $0.04 per share for the second quarter of fiscal 2004. This Q2 fiscal 2005 profit includes a charge of $24 million for previously announced workforce and real estate restructuring, a $9 million gain on equity investments, and a $6 million benefit for related tax effects. Excluding these amounts, net income for Q2 fiscal 2005 on a non-GAAP basis was $28 million or $0.01 per share as compared with a net loss, on a non-GAAP basis, in Q2 fiscal 2004 of $99 million or a net loss of $0.03 per share.
Cash generated from operating activities was $52 million for the quarter, and the cash and marketable debt securities balance increased to $7.464 billion.
“The second quarter delivered many positives, including x64 and x86 server unit volume growth, positive cash flow from operations, and stunning market reviews of SolarisTM 10 OS. It feels good to ring up a modest GAAP profit,” said Scott McNealy, chairman and chief executive officer, Sun Microsystems, Inc. “Sun has one of its most rock solid product line-ups in history today. Innovation is increasingly marked by business models as much as technology. Sun’s $1 per CPU/hour and the Sun JavaTM Enterprise System are emerging models for recurring revenue. We are clearly reestablishing relevance in key markets.”
Steve McGowan, Sun’s chief financial officer and executive vice president, corporate resources, said, “We’re pleased with our progress this quarter toward achieving our key financial goals. On a year-over-year basis, we increased our gross margin percentage, improved productivity by reducing R&D and SG&A expenses by $136 million and continued to generate positive cash flow from operations. This was all accomplished without compromising our product roadmaps.”
Sun has scheduled a conference call today to discuss its earnings for the second quarter at 1:30 p.m. (PT), which is being broadcast live atwww.sun.com/investors.
About Sun Microsystems, Inc.
Since its inception in 1982, a singular vision — “The Network Is The ComputerTM” — has propelled Sun Microsystems, Inc. (Nasdaq: SUNW) to its position as a leading provider of industrial-strength hardware, software and services that make the Net work. Sun can be found in more than 100 countries and on the World Wide Web athttp://www.sun.com.
FOR MORE INFORMATION
INVESTOR CONTACT:
Jeff Boldt (650) 786-0333
jeff.boldt@sun.com
MEDIA CONTACT:
May G. Petry (650) 786-0034
may.petry@sun.com
INDUSTRY ANALYST CONTACT:
Joanne Masters (650) 786-0847
joanne.masters@sun.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding that innovation is increasingly marked by business models as much as technology, that Sun’s $1 per CPU/hour and the Sun Java Enterprise System are emerging models for recurring revenue, that we have clearly reestablished relevance in key markets and that our key financial goals were all accomplished without compromising our product roadmaps. Factors that could cause results to differ include risks associated with lack of success in technological advancements; lack of acceptance of new products; lack of marketing success; and cancellation or delay of projects. These and other risks are detailed from time to time in Sun’s periodic reports that are filed with the Securities and Exchange Commission, including our annual report on Form 10-K for the fiscal year ended June 30, 2004 and our quarterly report on Form 10-Q for the fiscal quarter ended September 26, 2004.
The company believes that presentation of results including items such as net income (loss) and gross margin on a non-GAAP basis provides meaningful supplemental information to both management and investors that is indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods.
Sun, Sun Microsystems, the Sun logo, Solaris, Sun Java Enterprise System and The Network Is The Computer are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and in other countries.
SUN MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in millions, except per share amounts)
| Three Months Ended | Six Months Ended | ||||||||||||||
| December 26, 2004 | December 28, 2003 | December 26, 2004 | December 28, 2003 | ||||||||||||
Net revenues: | |||||||||||||||
Products | $ | 1,842 | $ | 1,944 | $ | 3,518 | $ | 3,578 | |||||||
Services | 1,001 | 944 | 1,953 | 1,846 | |||||||||||
Total net revenues | 2,843 | 2,888 | 5,471 | 5,424 | |||||||||||
Cost of sales: | |||||||||||||||
Cost of sales-products | 1,068 | 1,107 | 2,072 | 2,072 | |||||||||||
Cost of sales-services | 572 | 573 | 1,123 | 1,128 | |||||||||||
Total cost of sales | 1,640 | 1,680 | 3,195 | 3,200 | |||||||||||
Gross margin | 1,203 | 1,208 | 2,276 | 2,224 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 447 | 471 | 863 | 938 | |||||||||||
Selling, general and administrative | 716 | 828 | 1,400 | 1,626 | |||||||||||
Restructuring charges | 24 | (10 | ) | 132 | (9 | ) | |||||||||
Purchased in-process research and development | — | — | — | 1 | |||||||||||
Total operating expenses | 1,187 | 1,289 | 2,395 | 2,556 | |||||||||||
Operating income (loss) | 16 | (81 | ) | (119 | ) | (332 | ) | ||||||||
Gain (loss) on equity investments, net | 9 | (36 | ) | 5 | (61 | ) | |||||||||
Interest income, net | 33 | 20 | 64 | 41 | |||||||||||
Income (loss) before income taxes | 58 | (97 | ) | (50 | ) | (352 | ) | ||||||||
Provision for income taxes | 39 | 28 | 78 | 59 | |||||||||||
Net income (loss) | $ | 19 | $ | (125 | ) | $ | (128 | ) | $ | (411 | ) | ||||
Net income (loss) per common share – basic | $ | 0.01 | $ | (0.04 | ) | $ | (0.04 | ) | $ | (0.13 | ) | ||||
Net income (loss) per common share – diluted | $ | 0.01 | $ | (0.04 | ) | $ | (0.04 | ) | $ | (0.13 | ) | ||||
Shares used in the calculation of net income (loss) per common share – basic | 3,360 | 3,262 | 3,349 | 3,248 | |||||||||||
Shares used in the calculation of net income (loss) per common share – diluted | 3,400 | 3,262 | 3,349 | 3,248 | |||||||||||
SUN MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
| December 26, 2004 | June 30, 2004* | |||||
| (unaudited) | ||||||
| ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 1,863 | $ | 2,141 | ||
Short-term marketable debt securities | 1,776 | 1,460 | ||||
Accounts receivable, net | 1,842 | 2,339 | ||||
Inventories | 429 | 464 | ||||
Deferred and prepaid tax assets | 88 | 62 | ||||
Prepaid expenses and other current assets | 869 | 837 | ||||
Total current assets | 6,867 | 7,303 | ||||
Property, plant and equipment, net | 1,903 | 1,996 | ||||
Long-term marketable debt securities | 3,825 | 4,007 | ||||
Goodwill | 406 | 406 | ||||
Other acquisition-related intangible assets, net | 90 | 127 | ||||
Other non-current assets, net | 648 | 664 | ||||
| $ | 13,739 | $ | 14,503 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
Current liabilities: | ||||||
Current portion of long-term debt and short-term borrowings | $ | — | $ | 257 | ||
Accounts payable | 963 | 1,057 | ||||
Accrued payroll-related liabilities | 604 | 622 | ||||
Accrued liabilities and other | 1,196 | 1,308 | ||||
Deferred revenues | 1,313 | 1,617 | ||||
Warranty reserve | 236 | 252 | ||||
Total current liabilities | 4,312 | 5,113 | ||||
Long-term debt | 1,145 | 1,175 | ||||
Long-term deferred revenues | 519 | 557 | ||||
Other non-current obligations | 1,242 | 1,220 | ||||
Total stockholders’ equity | 6,521 | 6,438 | ||||
| $ | 13,739 | $ | 14,503 | |||
| * | Derived from audited financial statements |
SUN MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
| Six Months Ended | ||||||||
| December 26, 2004 | December 28, 2003 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (128 | ) | $ | (411 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 323 | 361 | ||||||
Amortization of other intangible assets and unearned equity compensation | 49 | 46 | ||||||
Deferred taxes | (3 | ) | — | |||||
Loss (gain) on equity investments, net | (5 | ) | 61 | |||||
Purchased in-process research and development | — | 1 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable, net | 508 | 178 | ||||||
Inventories | 37 | (63 | ) | |||||
Prepaid and other assets | (76 | ) | (59 | ) | ||||
Accounts payable | (88 | ) | 4 | |||||
Other liabilities | (441 | ) | (449 | ) | ||||
Net cash provided by (used in) operating activities | 176 | (331 | ) | |||||
Cash flows from investing activities: | ||||||||
Purchases of marketable debt securities | (2,943 | ) | (5,065 | ) | ||||
Proceeds from sales of marketable debt securities | 2,287 | 5,029 | ||||||
Proceeds from maturities of marketable debt securities | 508 | — | ||||||
Proceeds from sales of equity investments, net | 13 | 10 | ||||||
Acquisition of property, plant and equipment, net | (141 | ) | (127 | ) | ||||
Acquisition of spare parts and other assets | (42 | ) | (26 | ) | ||||
Payments for acquisitions, net of cash acquired | — | (190 | ) | |||||
Net cash used in investing activities | (318 | ) | (369 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of common stock, net | 114 | 113 | ||||||
Principal payments on borrowings and other obligations | (250 | ) | — | |||||
Net cash provided by (used in) financing activities | (136 | ) | 113 | |||||
Net decrease in cash and cash equivalents | (278 | ) | (587 | ) | ||||
Cash and cash equivalents, beginning of period | 2,141 | 2,015 | ||||||
Cash and cash equivalents, end of period | $ | 1,863 | $ | 1,428 | ||||
SUN MICROSYSTEMS, INC.
NON-GAAP CALCULATION OF NET INCOME (LOSS) EXCLUDING SPECIAL ITEMS
(unaudited)
(in millions, except per share amounts)
| Three Months Ended | Six Months Ended | |||||||||||||||
| December 26, 2004 | December 28, 2003 | December 26, 2004 | December 28, 2003 | |||||||||||||
Calculation of net income (loss) excluding special items: | ||||||||||||||||
Net income (loss) | $ | 19 | $ | (125 | ) | $ | (128 | ) | $ | (411 | ) | |||||
Restructuring charges | 24 | (10 | ) | 132 | (9 | ) | ||||||||||
Purchased in-process research and development | — | — | — | 1 | ||||||||||||
Loss (gain) on equity investments, net | (9 | ) | 36 | (5 | ) | 61 | ||||||||||
Settlement of litigation | — | — | 55 | — | ||||||||||||
Related tax effects | (6 | ) | — | (13 | ) | — | ||||||||||
Net income (loss) excluding special items | $ | 28 | $ | (99 | ) | $ | 41 | $ | (358 | ) | ||||||
Net income (loss) excluding special items per common share – basic | $ | 0.01 | $ | (0.03 | ) | �� | $ | 0.01 | $ | (0.11 | ) | |||||
Net income (loss) excluding special items per common share – diluted | $ | 0.01 | $ | (0.03 | ) | $ | 0.01 | $ | (0.11 | ) | ||||||
Shares used in the calculation of net income (loss) excluding special items per common share – basic | 3,360 | 3,262 | 3,349 | 3,248 | ||||||||||||
Shares used in the calculation of net income (loss) excluding special items per common share – diluted | 3,400 | 3,262 | 3,378 | 3,248 | ||||||||||||
SUN MICROSYSTEMS, INC.
OPERATIONS ANALYSIS – CONSOLIDATED (UNAUDITED)
| STATEMENTS OF OPERATIONS | FY 2005 | FY 2004 | FY 2003 | ||||||||||||||||||||||||||||||||||||
(in millions except per share amounts) | Q1 | Q2 | FY05 | Q1 | Q2 | Q3 | Q4 | FY04 | Q1 | Q2 | Q3 | Q4 | FY03 | ||||||||||||||||||||||||||
NET REVENUES | |||||||||||||||||||||||||||||||||||||||
Products | 1,676 | 1,842 | 3,518 | 1,634 | 1,944 | 1,711 | 2,066 | 7,355 | 1,880 | 2,013 | 1,897 | 2,003 | 7,793 | ||||||||||||||||||||||||||
Services | 952 | 1,001 | 1,953 | 902 | 944 | 940 | 1,044 | 3,830 | 867 | 902 | 893 | 979 | 3,641 | ||||||||||||||||||||||||||
TOTAL | 2,628 | 2,843 | 5,471 | 2,536 | 2,888 | 2,651 | 3,110 | 11,185 | 2,747 | 2,915 | 2,790 | 2,982 | 11,434 | ||||||||||||||||||||||||||
Growth vs. prior year (%) | 3.6 | % | -1.6 | % | 0.9 | % | -7.7 | % | -0.9 | % | -5.0 | % | 4.3 | % | -2.2 | % | -4.0 | % | -6.2 | % | -10.2 | % | -12.8 | % | -8.5 | % | |||||||||||||
Growth vs. prior quarter (%) | -15.5 | % | 8.2 | % | -15.0 | % | 13.9 | % | -8.2 | % | 17.3 | % | -19.7 | % | 6.1 | % | -4.3 | % | 6.9 | % | |||||||||||||||||||
COST OF SALES | |||||||||||||||||||||||||||||||||||||||
Products | 949 | 1,068 | 2,017 | 965 | 1,107 | 980 | 1,238 | 4,290 | 1,093 | 1,118 | 1,021 | 1,110 | 4,342 | ||||||||||||||||||||||||||
Cost of settlement | 55 | 0 | 55 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Total | 1,004 | 1,068 | 2,072 | 965 | 1,107 | 980 | 1,238 | 4,290 | 1,093 | 1,118 | 1,021 | 1,110 | 4,342 | ||||||||||||||||||||||||||
Services | 551 | 572 | 1,123 | 555 | 573 | 603 | 648 | 2,379 | 522 | 534 | 526 | 568 | 2,150 | ||||||||||||||||||||||||||
TOTAL | 1,555 | 1,640 | 3,195 | 1,520 | 1,680 | 1,583 | 1,886 | 6,669 | 1,615 | 1,652 | 1,547 | 1,678 | 6,492 | ||||||||||||||||||||||||||
% of revenue | 59.2 | % | 57.7 | % | 58.4 | % | 59.9 | % | 58.2 | % | 59.7 | % | 60.6 | % | 59.6 | % | 58.8 | % | 56.7 | % | 55.4 | % | 56.3 | % | 56.8 | % | |||||||||||||
PRODUCTS GROSS MARGIN | |||||||||||||||||||||||||||||||||||||||
Products | 727 | 774 | 1,501 | 669 | 837 | 731 | 828 | 3,065 | 787 | 895 | 876 | 893 | 3,451 | ||||||||||||||||||||||||||
% of product revenue | 43.4 | % | 42.0 | % | 42.7 | % | 40.9 | % | 43.1 | % | 42.7 | % | 40.1 | % | 41.7 | % | 41.9 | % | 44.5 | % | 46.2 | % | 44.6 | % | 44.3 | % | |||||||||||||
Cost of settlement | (55 | ) | 0 | (55 | ) | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | -0 | ||||||||||||||||||||||||
% of product revenue | -3.3 | % | 0.0 | % | -1.6 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||||||||
Total product margin | 672 | 774 | 1,446 | 669 | 837 | 731 | 828 | 3,065 | 787 | 895 | 876 | 893 | 3,451 | ||||||||||||||||||||||||||
% of product revenue | 40.1 | % | 42.0 | % | 41.1 | % | 40.9 | % | 43.1 | % | 42.7 | % | 40.1 | % | 41.7 | % | 41.9 | % | 44.5 | % | 46.2 | % | 44.6 | % | 44.3 | % | |||||||||||||
Services gross margin | 401 | 429 | 830 | 347 | 371 | 337 | 396 | 1,451 | 345 | 368 | 367 | 411 | 1,491 | ||||||||||||||||||||||||||
% of service revenue | 42.1 | % | 42.9 | % | 42.5 | % | 38.5 | % | 39.3 | % | 35.9 | % | 37.9 | % | 37.9 | % | 39.8 | % | 40.8 | % | 41.1 | % | 42.0 | % | 41.0 | % | |||||||||||||
Total excluding settlement | 1,128 | 1,203 | 2,331 | 1,016 | 1,208 | 1,068 | 1,224 | 4,516 | 1,132 | 1,263 | 1,243 | 1,304 | 4,942 | ||||||||||||||||||||||||||
% of revenue | 42.9 | % | 42.3 | % | 42.6 | % | 40.1 | % | 41.8 | % | 40.3 | % | 39.4 | % | 40.4 | % | 41.2 | % | 43.3 | % | 44.6 | % | 43.7 | % | 43.2 | % | |||||||||||||
Cost of settlement | (55 | ) | 0 | (55 | ) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
% of revenue | -2.1 | % | 0.0 | % | -1.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||||||||
TOTAL GROSS MARGIN | 1,073 | 1,203 | 2,276 | 1,016 | 1,208 | 1,068 | 1,224 | 4,516 | 1,132 | 1,263 | 1,243 | 1,304 | 4,942 | ||||||||||||||||||||||||||
% of revenue | 40.8 | % | 42.3 | % | 41.6 | % | 40.1 | % | 41.8 | % | 40.3 | % | 39.4 | % | 40.4 | % | 41.2 | % | 43.3 | % | 44.6 | % | 43.7 | % | 43.2 | % | |||||||||||||
R&D | 416 | 447 | 863 | 467 | 471 | 470 | 518 | 1,926 | 437 | 451 | 467 | 482 | 1,837 | ||||||||||||||||||||||||||
% of revenue | 15.8 | % | 15.7 | % | 15.8 | % | 18.4 | % | 16.3 | % | 17.7 | % | 16.7 | % | 17.2 | % | 15.9 | % | 15.5 | % | 16.7 | % | 16.2 | % | 16.1 | % | |||||||||||||
PURCHASED IN PROCESS R&D | 0 | 0 | 0 | 1 | 0 | 0 | 69 | 70 | 0 | 4 | 0 | 0 | 4 | ||||||||||||||||||||||||||
% of revenue | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 2.2 | % | 0.6 | % | 0.0 | % | 0.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||||||||
SG&A | 684 | 716 | 1,400 | 798 | 828 | 842 | 849 | 3,317 | 882 | 830 | 791 | 826 | 3,329 | ||||||||||||||||||||||||||
% of revenue | 26.0 | % | 25.2 | % | 25.6 | % | 31.5 | % | 28.7 | % | 31.8 | % | 27.3 | % | 29.7 | % | 32.1 | % | 28.5 | % | 28.4 | % | 27.7 | % | 29.1 | % | |||||||||||||
RESTRUCTURING CHARGES | 108 | 24 | 132 | 1 | (10 | ) | 203 | 150 | 344 | 24 | 357 | (4 | ) | (6 | ) | 371 | |||||||||||||||||||||||
% of revenue | 4.1 | % | 0.8 | % | 2.4 | % | 0.0 | % | -0.3 | % | 7.7 | % | 4.8 | % | 3.1 | % | 0.9 | % | 12.2 | % | -0.1 | % | -0.2 | % | 3.2 | % | |||||||||||||
IMPAIRMENT EXPENSE | 0 | 0 | 0 | 0 | 0 | 0 | 49 | 49 | 0 | 2,125 | 0 | 0 | 2125 | ||||||||||||||||||||||||||
% of revenue | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 1.6 | % | 0.4 | % | 0.0 | % | 72.9 | % | 0.0 | % | 0.0 | % | 18.6 | % | |||||||||||||
TOTAL OPERATING EXPENSES | 1,208 | 1,187 | 2,395 | 1,267 | 1,289 | 1,515 | 1,635 | 5,706 | 1,343 | 3,767 | 1,254 | 1,302 | 7,666 | ||||||||||||||||||||||||||
% of revenue | 46.0 | % | 41.8 | % | 43.8 | % | 50.0 | % | 44.6 | % | 57.1 | % | 52.6 | % | 51.0 | % | 48.9 | % | 129.2 | % | 44.9 | % | 43.7 | % | 67.0 | % | |||||||||||||
OPERATING INCOME (LOSS) | (135 | ) | 16 | (119 | ) | (251 | ) | (81 | ) | (447 | ) | (411 | ) | (1,190 | ) | (211 | ) | (2,504 | ) | (11 | ) | 2 | (2,724 | ) | |||||||||||||||
Operating margin | -5.1 | % | 0.6 | % | -2.2 | % | -9.9 | % | -2.8 | % | -16.9 | % | -13.2 | % | -10.6 | % | -7.7 | % | -85.9 | % | -0.4 | % | 0.1 | % | -23.8 | % | |||||||||||||
Interest income, net | 31 | 33 | 64 | 21 | 20 | 23 | 30 | 94 | 39 | 38 | 33 | 45 | 155 | ||||||||||||||||||||||||||
Gain (loss) on equity investments, net | (4 | ) | 9 | 5 | (25 | ) | (36 | ) | 3 | (6 | ) | (64 | ) | (31 | ) | (11 | ) | (16 | ) | (26 | ) | (84 | ) | ||||||||||||||||
Settlement income | 0 | 0 | 0 | 0 | 0 | 0 | 1,597 | 1,597 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
PRETAX INCOME (LOSS) | (108 | ) | 58 | (50 | ) | (255 | ) | (97 | ) | (421 | ) | 1,210 | 437 | (203 | ) | (2,477 | ) | 6 | 21 | (2,653 | ) | ||||||||||||||||||
Pretax income (loss) margin | -4.1 | % | 2.0 | % | -0.9 | % | -10.1 | % | -3.4 | % | -15.9 | % | 38.9 | % | 3.9 | % | -7.4 | % | -85.0 | % | 0.2 | % | 0.7 | % | -23.2 | % | |||||||||||||
INCOME TAX PROVISION (BENEFIT) | 39 | 39 | 78 | 31 | 28 | 339 | 427 | 825 | (92 | ) | (194 | ) | 2 | 1,060 | 776 | ||||||||||||||||||||||||
TAX RATE (%) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 45.5 | % | 7.8 | % | 44.0 | % | N/A | N/A | |||||||||||||||||||||||
NET INCOME (LOSS) (Reported) | (147 | ) | 19 | (128 | ) | (286 | ) | (125 | ) | (760 | ) | 783 | (388 | ) | (111 | ) | (2,283 | ) | 4 | (1,039 | ) | (3,429 | ) | ||||||||||||||||
Growth vs. prior year (%) | 48.6 | % | 115.2 | % | 68.9 | % | -157.7 | % | 94.5 | % | -19100.0 | % | 175.4 | % | 88.7 | % | 38.3 | % | -429.7 | % | 110.8 | % | -1803.3 | % | -484.2 | % | |||||||||||||
Growth vs. prior quarter (%) | -118.8 | % | 112.9 | % | 72.5 | % | 56.3 | % | -508.0 | % | 203.0 | % | -282.0 | % | -1956.8 | % | 100.2 | % | -26075.0 | % | |||||||||||||||||||
Net income (loss) margin | -5.6 | % | 0.7 | % | -2.3 | % | -11.3 | % | -4.3 | % | -28.7 | % | 25.2 | % | -3.5 | % | -4.0 | % | -78.3 | % | 0.1 | % | -34.8 | % | -30.0 | % | |||||||||||||
EPS (Diluted) (Reported) | (0.04 | ) | 0.01 | (0.04 | ) | (0.09 | ) | (0.04 | ) | (0.23 | ) | 0.23 | (0.12 | ) | (0.04 | ) | (0.72 | ) | 0.00 | (0.32 | ) | (1.07 | ) | ||||||||||||||||
Growth vs. prior year (%) | 55.6 | % | 125.0 | % | 69.2 | % | -125.0 | % | 94.4 | % | N/A | 171.9 | % | -88.8 | % | 33.3 | % | -453.8 | % | 100.0 | % | -1700.0 | % | -494.4 | % | ||||||||||||||
Growth vs. prior quarter (%) | -117.4 | % | 125.0 | % | 71.9 | % | 55.6 | % | -475.0 | % | 200.0 | % | -300.0 | % | -1700.0 | % | 100.0 | % | N/A | ||||||||||||||||||||
SHARES (CSE)(Diluted) | 3,343 | 3,400 | 3,349 | 3,235 | 3,262 | 3,286 | 3,348 | 3,277 | 3,168 | 3,181 | 3,218 | 3,219 | 3,190 | ||||||||||||||||||||||||||
OUTSTANDING SHARES | 3,344 | 3,375 | 3,375 | 3,240 | 3,280 | 3,293 | 3,336 | 3,336 | 3,116 | 3,194 | 3,200 | 3,236 | 3,236 | ||||||||||||||||||||||||||
| FY 2005 | FY 2004 | FY 2003 | |||||||||||||||||||||||||||||||||||||
(in millions) | Q1 | Q2 | FY05 | Q1 | Q2 | Q3 | Q4 | FY04 | Q1 | Q2 | Q3 | Q4 | FY03 | ||||||||||||||||||||||||||
| REVENUE BY GEOGRAPHY | |||||||||||||||||||||||||||||||||||||||
UNITED STATES ($M) | 1,105 | 1,132 | 2,237 | 1,162 | 1,214 | 1,037 | 1,356 | 4,769 | 1,242 | 1,267 | 1,212 | 1,327 | 5,048 | ||||||||||||||||||||||||||
Growth vs. prior year (%) | -4.9 | % | -6.8 | % | -5.9 | % | -6.4 | % | -4.2 | % | -14.4 | % | 2.2 | % | -5.5 | % | -7.8 | % | -11.8 | % | -15.8 | % | -22.6 | % | -14.9 | % | |||||||||||||
Growth vs. prior quarter (%) | -18.5 | % | 2.4 | % | -12.4 | % | 4.5 | % | -14.6 | % | 30.8 | % | -27.5 | % | 2.0 | % | -4.3 | % | 9.5 | % | |||||||||||||||||||
EUROPE ($M) | 918 | 975 | 1,893 | 780 | 966 | 941 | 1,026 | 3,713 | 806 | 932 | 886 | 954 | 3,578 | ||||||||||||||||||||||||||
Growth vs. prior year (%) | 17.7 | % | 0.9 | % | 8.4 | % | -3.2 | % | 3.6 | % | 6.2 | % | 7.5 | % | 3.8 | % | -0.4 | % | 3.6 | % | -4.1 | % | -2.0 | % | -0.8 | % | |||||||||||||
Growth vs. prior quarter (%) | -10.5 | % | 6.2 | % | -18.2 | % | 23.8 | % | -2.6 | % | 9.0 | % | -17.2 | % | 15.6 | % | -4.9 | % | 7.7 | % | |||||||||||||||||||
JAPAN ($M) | 183 | 190 | 373 | 185 | 192 | 207 | 178 | 762 | 250 | 243 | 243 | 200 | 936 | ||||||||||||||||||||||||||
Growth vs. prior year (%) | -1.1 | % | -1.0 | % | -1.1 | % | -26.0 | % | -21.0 | % | -14.8 | % | -11.0 | % | -18.6 | % | -12.9 | % | -16.8 | % | -12.6 | % | -1.5 | % | -11.7 | % | |||||||||||||
Growth vs. prior quarter (%) | 2.8 | % | 3.8 | % | -7.5 | % | 3.8 | % | 7.8 | % | -14.0 | % | 23.2 | % | -2.8 | % | 0.0 | % | -17.7 | % | |||||||||||||||||||
REST OF WORLD ($M) | 422 | 546 | 968 | 409 | 516 | 466 | 550 | 1,941 | 449 | 473 | 449 | 501 | 1,872 | ||||||||||||||||||||||||||
Growth vs. prior year (%) | 3.2 | % | 5.8 | % | 4.6 | % | -8.9 | % | 9.1 | % | 3.8 | % | 9.8 | % | 3.7 | % | 7.4 | % | -1.5 | % | -3.6 | % | -5.5 | % | -1.2 | % | |||||||||||||
Growth vs. prior quarter (%) | -23.3 | % | 29.4 | % | -18.4 | % | 26.2 | % | -9.7 | % | 18.0 | % | -15.3 | % | 5.3 | % | -5.1 | % | 11.6 | % | |||||||||||||||||||
| % of Total Revenue | |||||||||||||||||||||||||||||||||||||||
UNITED STATES (%) | 42.0 | % | 39.8 | % | 40.9 | % | 45.8 | % | 42.1 | % | 39.1 | % | 43.6 | % | 42.6 | % | 45.2 | % | 43.5 | % | 43.4 | % | 44.5 | % | 44.1 | % | |||||||||||||
EUROPE (%) | 34.9 | % | 34.3 | % | 34.6 | % | 30.8 | % | 33.4 | % | 35.5 | % | 33.0 | % | 33.2 | % | 29.3 | % | 32.0 | % | 31.8 | % | 32.0 | % | 31.3 | % | |||||||||||||
JAPAN (%) | 7.0 | % | 6.7 | % | 6.8 | % | 7.3 | % | 6.6 | % | 7.8 | % | 5.7 | % | 6.8 | % | 9.1 | % | 8.3 | % | 8.7 | % | 6.7 | % | 8.2 | % | |||||||||||||
REST OF WORLD (%) | 16.1 | % | 19.2 | % | 17.7 | % | 16.1 | % | 17.9 | % | 17.6 | % | 17.7 | % | 17.4 | % | 16.4 | % | 16.2 | % | 16.1 | % | 16.8 | % | 16.4 | % | |||||||||||||
| PRODUCTS AND SERVICES REVENUE | |||||||||||||||||||||||||||||||||||||||
COMPUTER SYSTEMS PRODUCTS ($M) | 1,354 | 1,507 | 2,861 | 1,282 | 1,568 | 1,365 | 1,639 | 5,854 | 1,512 | 1,621 | 1,530 | 1,580 | 6,243 | ||||||||||||||||||||||||||
Growth vs. prior year (%) | 5.6 | % | -3.9 | % | 0.4 | % | -15.2 | % | -3.3 | % | -10.8 | % | 3.7 | % | -6.2 | % | -10.6 | % | -11.8 | % | -17.9 | % | -21.1 | % | -15.6 | % | |||||||||||||
Growth vs. prior quarter (%) | -17.4 | % | 11.3 | % | -18.9 | % | 22.3 | % | -12.9 | % | 20.1 | % | -24.5 | % | 7.2 | % | -5.6 | % | 3.3 | % | |||||||||||||||||||
NETWORK STORAGE PRODUCTS ($M) | 322 | 335 | 657 | 352 | 376 | 346 | 427 | 1,501 | 368 | 392 | 367 | 423 | 1,550 | ||||||||||||||||||||||||||
Growth vs. prior year (%) | -8.5 | % | -10.9 | % | -9.8 | % | -4.3 | % | -4.1 | % | -5.7 | % | 0.9 | % | -3.2 | % | 0.8 | % | -7.1 | % | -9.4 | % | -16.2 | % | -8.7 | % | |||||||||||||
Growth vs. prior quarter (%) | -24.6 | % | 4.0 | % | -16.8 | % | 6.8 | % | -8.0 | % | 23.4 | % | -27.1 | % | 6.5 | % | -6.4 | % | 15.3 | % | |||||||||||||||||||
SUPPORT SERVICES ($M) | 745 | 774 | 1,519 | 731 | 745 | 731 | 792 | 2,999 | 683 | 702 | 704 | 755 | 2,844 | ||||||||||||||||||||||||||
Growth vs. prior year (%) | 1.9 | % | 3.9 | % | 2.9 | % | 7.0 | % | 6.1 | % | 3.8 | % | 4.9 | % | 5.5 | % | 16.8 | % | 12.3 | % | 10.7 | % | 9.1 | % | 12.1 | % | |||||||||||||
Growth vs. prior quarter (%) | -5.9 | % | 3.9 | % | -3.2 | % | 1.9 | % | -1.9 | % | 8.3 | % | -1.3 | % | 2.8 | % | 0.3 | % | 7.2 | % | |||||||||||||||||||
CLIENT SOLUTIONS & KNOWLEDGE SERVICES ($M) | 207 | 227 | 434 | 171 | 199 | 209 | 252 | 831 | 184 | 200 | 189 | 224 | 797 | ||||||||||||||||||||||||||
Growth vs. prior year (%) | 21.1 | % | 14.1 | % | 17.3 | % | -7.1 | % | -0.5 | % | 10.6 | % | 12.5 | % | 4.3 | % | -16.0 | % | -10.3 | % | -6.4 | % | 1.4 | % | -7.9 | % | |||||||||||||
Growth vs. prior quarter (%) | -17.9 | % | 9.7 | % | -23.7 | % | 16.4 | % | 5.0 | % | 20.6 | % | -16.7 | % | 8.7 | % | -5.5 | % | 18.5 | % | |||||||||||||||||||
| NET BOOKINGS ($M) | 2,453 | 2,976 | 5,429 | 2,538 | 2,980 | 2,617 | 3,179 | 11,314 | 2,601 | 2,989 | 2,688 | 3,020 | 11,298 | ||||||||||||||||||||||||||
Growth vs. prior year (%) | -3.3 | % | -0.1 | % | -1.6 | % | -2.4 | % | -0.3 | % | -2.6 | % | 5.3 | % | 0.1 | % | -4.3 | % | -6.4 | % | -13.0 | % | -13.4 | % | -9.5 | % | |||||||||||||
Growth vs. prior quarter (%) | -22.8 | % | 21.3 | % | -16.0 | % | 17.4 | % | -12.2 | % | 21.5 | % | -25.4 | % | 14.9 | % | -10.1 | % | 12.4 | % | |||||||||||||||||||
BACKLOG ($M) | 659 | 792 | 792 | 707 | 799 | 765 | 834 | 834 | 695 | 769 | 667 | 705 | 705 | ||||||||||||||||||||||||||
BALANCE SHEETS
| FY 2005 | FY 2004 | FY 2003 | ||||||||||||||||||||||||||||||||||||
(in millions) | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||||||||||
CASH & ST INVESTMENTS | 3,520 | 3,639 | 2,520 | 2,160 | 2,372 | 3,601 | 2,632 | 2,606 | 2,636 | 3,062 | |||||||||||||||||||||||||||||
ACCOUNTS RECEIVABLE, NET | 1,730 | 1,842 | 1,905 | 2,214 | 2,201 | 2,339 | 2,133 | 2,291 | 2,296 | 2,381 | |||||||||||||||||||||||||||||
RAW MATERIALS | 66 | 60 | 103 | 93 | 92 | 78 | 103 | 85 | 73 | 93 | |||||||||||||||||||||||||||||
WORK IN PROCESS | 155 | 154 | 137 | 161 | 180 | 131 | 197 | 217 | 152 | 134 | |||||||||||||||||||||||||||||
FINISHED GOODS | 195 | 215 | 186 | 226 | 225 | 255 | 209 | 182 | 172 | 189 | |||||||||||||||||||||||||||||
TOTAL INVENTORIES | 416 | 429 | 426 | 480 | 497 | 464 | 509 | 484 | 397 | 416 | |||||||||||||||||||||||||||||
OTHER CURRENT ASSETS | 842 | 957 | 890 | 966 | 1,246 | 899 | 1,629 | 1,447 | 1,302 | 920 | |||||||||||||||||||||||||||||
TOTAL CURRENT ASSETS | 6,508 | 6,867 | 5,741 | 5,820 | 6,316 | 7,303 | 6,903 | 6,828 | 6,631 | 6,779 | |||||||||||||||||||||||||||||
PP&E, NET | 1,918 | 1,903 | 2,152 | 2,115 | 2,075 | 1,996 | 2,408 | 2,321 | 2,265 | 2,267 | |||||||||||||||||||||||||||||
GOODWILL | 406 | 406 | 389 | 466 | 470 | 406 | 2,182 | 326 | 326 | 326 | |||||||||||||||||||||||||||||
LT MARKETABLE DEBT SECURITIES | 3,913 | 3,825 | 3,006 | 3,001 | 3,111 | 4,007 | 2,612 | 2,671 | 2,902 | 2,679 | |||||||||||||||||||||||||||||
OTHER NON-CURRENT ASSETS, NET | 762 | 738 | 825 | 822 | 811 | 791 | 1,271 | 1,323 | 1,421 | 934 | |||||||||||||||||||||||||||||
TOTAL ASSETS | 13,507 | 13,739 | 12,113 | 12,224 | 12,783 | 14,503 | 15,376 | 13,469 | 13,545 | 12,985 | |||||||||||||||||||||||||||||
SHORT TERM BORROWINGS | 0 | 0 | 263 | 263 | 257 | 257 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
ACCOUNTS PAYABLE | 807 | 963 | 780 | 906 | 1,011 | 1,057 | 798 | 809 | 870 | 903 | |||||||||||||||||||||||||||||
ACCRUED LIABILITIES & OTHER | 2,105 | 2,036 | 1,652 | 1,583 | 1,884 | 2,182 | 1,873 | 1,900 | 1,792 | 1,773 | |||||||||||||||||||||||||||||
DEFERRED REVENUES | 1,346 | 1,313 | 1,214 | 1,213 | 1,342 | 1,617 | 1,109 | 1,079 | 1,162 | 1,453 | |||||||||||||||||||||||||||||
TOTAL CURRENT LIABILITIES | 4,258 | 4,312 | 3,909 | 3,965 | 4,494 | 5,113 | 3,780 | 3,788 | 3,824 | 4,129 | |||||||||||||||||||||||||||||
LT DEBT | 1,163 | 1,145 | 1,215 | 1,214 | 1,209 | 1,175 | 1,500 | 1,519 | 1,495 | 1,531 | |||||||||||||||||||||||||||||
LT DEFERRED REVENUES | 524 | 519 | 462 | 463 | 537 | 557 | 547 | 520 | 512 | 450 | |||||||||||||||||||||||||||||
OTHER NON-CURRENT OBLIGATIONS | 1,264 | 1,242 | 364 | 343 | 990 | 1,220 | 240 | 369 | 354 | 384 | |||||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | 6,298 | 6,521 | 6,163 | 6,239 | 5,553 | 6,438 | 9,309 | 7,273 | 7,360 | 6,491 | |||||||||||||||||||||||||||||
TOTAL LIABILITIES & SE | 13,507 | 13,739 | 12,113 | 12,224 | 12,783 | 14,503 | 15,376 | 13,469 | 13,545 | 12,985 | |||||||||||||||||||||||||||||
CASH FLOW | Q1 | Q2 | FY05 | Q1 | Q2 | Q3 | Q4 | FY04 | Q1 | Q2 | Q3 | Q4 | FY03 | ||||||||||||||||||||||||||
OPERATING ACTIVITIES | 124 | 52 | 176 | (49 | ) | (282 | ) | 385 | 2,172 | 2,226 | 182 | 141 | 379 | 335 | 1,037 | ||||||||||||||||||||||||
INVESTING ACTIVITIES | 157 | (475 | ) | (318 | ) | (492 | ) | 123 | (338 | ) | (1,604 | ) | (2,311 | ) | 126 | (293 | ) | (108 | ) | (253 | ) | (528 | ) | ||||||||||||||||
FINANCING ACTIVITIES | (235 | ) | 99 | (136 | ) | 7 | 106 | 31 | 67 | 211 | (696 | ) | 73 | 10 | 95 | (518 | ) | ||||||||||||||||||||||
KEY METRICS | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||||||||||
INVENTORY TURNS (hist.) | 15.9 | 14.7 | 13.7 | 13.3 | 14.5 | 15.2 | 10.9 | 12.8 | 14.3 | 12.9 | |||||||||||||||||||||||||||||
INVENTORY TURNS-PRODUCT ONLY (hist.) | 10.3 | 9.4 | 9.0 | 8.7 | 9.3 | 9.8 | 7.8 | 9.0 | 9.9 | 8.6 | |||||||||||||||||||||||||||||
DAYS SALES OUTSTANDING | 59 | 58 | 68 | 69 | 75 | 68 | 70 | 71 | 74 | 72 | |||||||||||||||||||||||||||||
DAYS PAYABLES OUTSTANDING | (46 | ) | (53 | ) | (46 | ) | (49 | ) | (57 | ) | (50 | ) | (44 | ) | (44 | ) | (51 | ) | (48 | ) | |||||||||||||||||||
DAYS OF SUPPLY ON HAND | 24 | 24 | 25 | 26 | 28 | 22 | 28 | 26 | 23 | 22 | |||||||||||||||||||||||||||||
L-T DEBT/EQUITY (%) | 18.5 | % | 17.6 | % | 19.7 | % | 19.5 | % | 21.8 | % | 18.3 | % | 16.1 | % | 20.9 | % | 20.3 | % | 23.6 | % | |||||||||||||||||||
ROE (12 mo. avg.)(%) | -4.1 | % | -1.7 | % | -52.8 | % | -22.0 | % | -36.2 | % | -6.4 | % | -5.3 | % | -26.3 | % | -27.6 | % | -45.1 | % | |||||||||||||||||||
BOOK VALUE PER SHARE ($) | 1.88 | 1.93 | 1.90 | 1.90 | 1.69 | 1.93 | 2.99 | 2.28 | 2.30 | 2.01 | |||||||||||||||||||||||||||||
PRICE PER SHARE @ CLOSE | 4.13 | 5.44 | 3.84 | 4.38 | 4.11 | 4.33 | 2.67 | 3.25 | 3.43 | 4.65 | |||||||||||||||||||||||||||||
ROA (12 mo. avg.)(%) | -1.9 | % | -0.8 | % | -27.7 | % | -11.4 | % | -17.6 | % | -3.0 | % | -3.1 | % | -15.2 | % | -15.8 | % | -24.8 | % | |||||||||||||||||||
DEPREC. & AMORT. ($M) | 187 | 185 | 218 | 189 | 175 | 231 | 272 | 275 | 216 | 265 | |||||||||||||||||||||||||||||
CAPITAL EXPENDITURES ($M) | 56 | 85 | 55 | 72 | 62 | 60 | 83 | 98 | 57 | 135 | |||||||||||||||||||||||||||||
NUMBER OF EMPLOYEES | 32,449 | 31,855 | 36,014 | 35,802 | 35,386 | 34,962 | 39,001 | 36,460 | 35,745 | 36,068 | |||||||||||||||||||||||||||||
REV. PER EMP. (12 mo.)($K) | 347.5 | 352.6 | 311.6 | 312.7 | 312.5 | 319.9 | 317.5 | 334.3 | 332.1 | 317.0 | |||||||||||||||||||||||||||||
GM PER EMP. (12mo.)($K) | 140.9 | 143.4 | 134.0 | 133.3 | 129.9 | 129.2 | 128.0 | 140.3 | 141.3 | 137.0 | |||||||||||||||||||||||||||||
OP EXP AS % OF REV (12mo.) | 50.1 | % | 49.4 | % | 67.6 | % | 45.7 | % | 48.6 | % | 51.0 | % | 48.9 | % | 65.0 | % | 65.0 | % | 67.0 | % | |||||||||||||||||||
NET INCOME (LOSS) PER EMP. (12mo.)($K) | (7.7 | ) | (3.3 | ) | (100.1 | ) | (40.4 | ) | (62.5 | ) | (11.1 | ) | (13.3 | ) | (65.0 | ) | (65.2 | ) | (95.1 | ) | |||||||||||||||||||
SUN MICROSYSTEMS, INC.
OPERATIONS ANALYSIS – CONSOLIDATED (UNAUDITED)
NON-GAAP CALCULATION OF NET INCOME (LOSS)
| FY 2005 | FY 2004 | FY 2003 | ||||||||||||||||||||||||||||||||||||
(in millions except per share amounts) | Q1 | Q2 | FY05 | Q1 | Q2 | Q3 | Q4 | FY04 | Q1 | Q2 | Q3 | Q4 | FY03 | ||||||||||||||||||||||||||
GAAP net income (loss) | (147 | ) | 19 | (128 | ) | (286 | ) | (125 | ) | (760 | ) | 783 | (388 | ) | (111 | ) | (2,283 | ) | 4 | (1,039 | ) | (3,429 | ) | ||||||||||||||||
In-process research and development | 0 | 0 | 0 | 1 | 0 | 0 | 69 | 70 | 0 | 4 | 0 | 0 | 4 | ||||||||||||||||||||||||||
Restructuring charges | 108 | 24 | 132 | 1 | (10 | ) | 203 | 150 | 344 | 24 | 357 | (4 | ) | (6 | ) | 371 | |||||||||||||||||||||||
Loss (gain) on equity investments, net | 4 | (9 | ) | (5 | ) | 25 | 36 | (3 | ) | 6 | 64 | 31 | 11 | 16 | 26 | 84 | |||||||||||||||||||||||
Impairment expense | 0 | 0 | 0 | 0 | 0 | 0 | 49 | 49 | 0 | 2,125 | 0 | 0 | 2,125 | ||||||||||||||||||||||||||
Settlement income | 0 | 0 | 0 | 0 | 0 | 0 | (1,597 | ) | (1,597 | ) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Settlement of litigation** | 55 | 0 | 55 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Valuation allowance on deferred tax assets | 0 | 0 | 0 | 0 | 0 | 300 | 0 | 300 | 0 | 0 | 0 | 1,051 | 1,051 | ||||||||||||||||||||||||||
Related tax effects | (7 | ) | (6 | ) | (13 | ) | 0 | 0 | 0 | 367 | 367 | (22 | ) | (204 | ) | (5 | ) | (8 | ) | (239 | ) | ||||||||||||||||||
Net income (loss) excluding special items | 13 | 28 | 41 | (259 | ) | (99 | ) | (260 | ) | (173 | ) | (791 | ) | (78 | ) | 10 | 11 | 24 | (33 | ) | |||||||||||||||||||
Growth vs. prior year (%) | 105.0 | % | 128.3 | % | 111.5 | % | -232.1 | % | -1090.0 | % | -2463.6 | % | -820.8 | % | -2297.0 | % | 50.6 | % | 110.1 | % | 155.0 | % | -65.2 | % | 84.1 | % | |||||||||||||
EPS (Diluted) excluding special items * | 0.00 | 0.01 | 0.01 | (0.08 | ) | (0.03 | ) | (0.08 | ) | (0.05 | ) | (0.24 | ) | (0.02 | ) | 0.00 | 0.00 | 0.01 | (0.01 | ) | |||||||||||||||||||
Growth vs. prior year (%) | 100.0 | % | 133.3 | % | 109.1 | % | -300.0 | % | N/A | N/A | -600.0 | % | -2300.0 | % | 60.0 | % | 100.0 | % | 100.0 | % | -50.0 | % | 83.3 | % | |||||||||||||||
SHARES (CSE)(Diluted) | 3,343 | 3,400 | 3,349 | 3,235 | 3,262 | 3,286 | 3,348 | 3,277 | 3,168 | 3,181 | 3,218 | 3,219 | 3,190 | ||||||||||||||||||||||||||
OUTSTANDING SHARES | 3,344 | 3,375 | 3,375 | 3,240 | 3,280 | 3,293 | 3,336 | 3,336 | 3,116 | 3,194 | 3,200 | 3,236 | 3,236 | ||||||||||||||||||||||||||
| * | For the quarters ended September 26, 2004, June 30, 2004, and 2003 and December 29, 2002, Sun used 3,356, 3,327, 3,251 shares and 3,205 shares, respectively, to calculate the “Net income (loss) excluding special items.” |
For all other periods, the number of shares used to calculate “EPS (Diluted) (Reported)” and “EPS (Diluted) excluding special items” were the same.
| ** | Included in cost of sales – products |