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August 30, 2009

Sun Microsystems Q4 revenue down 31%

Reports net loss of $147m, compared to net profit of $88m on year-ago

By CBR Staff Writer

Sun Microsystems has reported a 31% drop in its revenue for the fourth quarter of 2009, compared to the same period in 2008, as the computer server and software maker’s planned acquisition by Oracle nears completion.

The company posted revenue of $2.62 billion in the fourth quarter of 2009, compared to $3.78 billion in the same period last year. Operating loss for the quarter was $218m, compared to operating income of $63m in the fourth quarter of 2008.

For the quarter ended June 30, 2009, the company posted a net loss of $147m or $0.20 per share, compared to a net profit of $88m or $0.11 per share in the same period a year-ago.

Excluding stock-based compensation and acquisition-related costs and other items, the loss was $0.03 per share, compared with earnings of $0.35 per share in the fourth quarter of 2008.

For the full fiscal year, the company reported net revenue of $11.45 billion, down from $13.88 billion in the previous year. Net loss was $2.23 billion or $2.99 per share, compared to a net profit of $403m or $0.5 per share in the previous year.

Earlier, Oracle said it is expecting to complete the acquisition of Sun Microsystems by the end of August. As per the planned transaction, Oracle has agreed to buy Sun Microsystems’ shares for $9.50 each. The deal got the approval from the US Department of Justice (DoJ), and is expected to get the approval from European antitrust regulators soon.

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