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Sun's fourth-quarter revenue falls 13 percent

Posted on: Tuesday, 22 July 2003, 06:00 CDT

SAN JOSE, California (AP) -- Sun Microsystems Inc.'s fiscal fourth-quarter sales dropped 13 percent and its earnings failed to meet Wall Street's expectations Tuesday as the server and software maker continued to struggle with weak demand.

For the three months ended June 30, Sun earned US$12 million, or break-even on a per-share basis, compared with a profit of $61 million, or 2 cents per share, in the same period a year ago. Sales were $2.98 billion, down from $3.42 billion a year ago.

Analysts were expecting Sun to post a profit of 2 cents per share on sales of $3.07 billion, according to a survey by Thomson First Call.

Sun said it generated $335 million from operating activities during the fourth quarter, and its balance of cash and marketable securities was more than $5.7 billion.

``We enter the new fiscal year with an intense focus toward growing revenue, improving profitability and maintaining positive cash flow from operations,'' said Scott McNealy, Sun's chief executive.

Before Sun announced its results, shares closed up 21 cents, to $4.77, in Tuesday trading on the Nasdaq Stock Market. In the extended session, they lost 29 cents, or 6 percent.

For the year, Sun lost $2.38 billion, or 75 cents per share, on sales of $11.43 billion. Last year, it lost $587 million, or 18 cents per share, on sales of $12.5 billion. The net loss for fiscal 2003 includes a noncash impairment expense of $2.13 billion.

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http://www.sun.com

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