Sunny smiles – as all time record results break $5 billion barrier

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Sun Microsystems broke through the $5 billion revenue mark for the first time ever in its results for the fourth quarter. Revenues were $5.017 billion, up 42 per cent compared with the previous fourth quarter.

Net income was $659.5 million, up 67 per cent compared with last year’s $395.3 million. Fourth quarter earnings per share was $.39, an increase of 63 per cent over the corresponding period a year ago.

During the fourth quarter, special items resulted in a net gain of $92.7 million. These comprised gains on the sale of equity investments of $95.8 million and a charge for in-process research and development of $3.1 million in the acquisition of Innosoft International.

“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. “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 McNealy. “Enterprises and service providers are coming to Sun to help them build their network infrastructure and e-commerce business. 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 Lehman, Sun’s executive vice president of Corporate Resources, 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. We saw growth in virtually all the important markets; including telecommunications, financial services, retail and manufacturing.”

Lehman concluded, “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, IBM and Compaq 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.”

With more than $15 billion in annual revenues, Sun can be found in more than 150 countries.

Sun

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