Sun reported results today for its fiscal 2004 third quarter, which ended March 28, 2004.

Revenues for the third quarter of fiscal 2004 were $2.651 billion, a sequential decrease of 8.2 percent and a year-over-year decline of 5.0 percent as compared with $2.790 billion for the third quarter of fiscal 2003. Total gross margin for the quarter as a percent of revenues was 40.3 percent, a decrease of 1.5 percentage points sequentially and a decrease of 4.3 percentage points as compared with the third quarter of fiscal 2003.

Net loss for the quarter was $760 million or $0.23 per share as compared with net income of $4 million or $0.00 per share for the third quarter of fiscal 2003. This loss includes a non-cash charge of $300 million for an increase in the valuation allowance for deferred tax assets, a charge of $203 million for workforce and real estate restructuring, and a gain of $3 million on equity investments.

Excluding these amounts, net loss for the quarter on a non-GAAP basis would have been $260 million or a net loss per share of $0.08.