Today Sun announced its final results for the first quarter of fiscal year 2009, ending September 28, 2008.
Revenues for the first quarter of fiscal 2009 were $2.990 billion, a decrease of 7.1 percent as compared with $3.219 billion for the first quarter of fiscal 2008. Total gross margin as a percent of revenues was 40.2, a decrease of 8.3 percentage points, as compared with the first quarter of fiscal 2008.
Net loss for the first quarter of fiscal 2009 on a GAAP basis was $1.677 billion, or $(2.24) per share on a diluted basis, as compared with a net income of $89 million, or $0.10 per share, for the first quarter of fiscal 2008. GAAP net loss per share includes a $1.445 billion non-cash charge for goodwill impairment. It also includes a restructuring charge of approximately $63 million pursuant to the restructuring that commenced in the fourth quarter of fiscal 2008.
On a non-GAAP basis, net loss for the first quarter of fiscal 2009 was $65 million, or $(0.09) per share on a diluted basis, as compared with a non-GAAP net income of $285 million, or $0.32 per share, for the first quarter of fiscal 2008. Non-GAAP net loss per share excludes amortization of acquisition-related intangibles, stock-based compensation, restructuring and related impairment of long-lived assets, the goodwill impairment charge, net gain on equity investments and the tax effect of these non-GAAP adjustments.
Sun ended the quarter with a cash and marketable debt securities balance of $3.121 billion and generated cash flow from operations for the first quarter of fiscal 2009 of $148 million.
Jonathan Schwartz has a weblog entry explaining the results.