(1) For the three months ended June 30, 2007 and June 30, 2006 and fiscal year ended June 30, 2007 and June 30, 2006, respectively.
SUN MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
June 30, June 30,
2007 2006*
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $3,620 $3,569
Short-term marketable debt securities 962 496
Accounts receivable, net 2,964 2,702
Inventories 524 540
Deferred and prepaid tax assets 200 209
Prepaid expenses and other current assets 1,058 757
Total current assets 9,328 8,273
Property, plant and equipment, net 1,533 1,812
Long-term marketable debt securities 1,360 783
Goodwill 2,514 2,610
Other acquisition-related intangible assets, net 633 929
Other non-current assets 470 675
$15,838 $15,082
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt
and short-term borrowings $1 $503
Accounts payable 1,428 1,446
Accrued payroll-related liabilities 842 777
Accrued liabilities and other 887 1,190
Deferred revenues 2,073 1,988
Warranty reserve 220 261
Total current liabilities 5,451 6,165
Long-term debt 1,264 575
Long-term deferred revenues 659 506
Other non-current obligations 1,285 1,492
Total stockholders' equity 7,179 6,344
$15,838 $15,082
* Derived from audited financial statements
SUN MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Fiscal Years Ended
June 30, June 30,
2007 2006
Cash flows from operating activities:
Net income (loss) $473 $(864)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 517 575
Amortization of other acquisition
related intangible assets 313 330
Deferred taxes (23) (19)
Impairment of assets 16 155
Gain on investments, net (42) (10)
Stock-based compensation expense 214 225
Purchased in-process research and development - 60
Changes in operating assets and liabilities:
Accounts receivable, net (235) (163)
Inventories (5) 44
Prepaid and other assets (212) 245
Accounts payable (5) 130
Other liabilities (53) (68)
Net cash provided by operating activities 958 640
Cash flows from investing activities:
Increase in restricted cash (5) (69)
Purchases of marketable debt securities (3,088) (1,831)
Proceeds from sales of marketable
debt securities 1,335 5,434
Proceeds from maturities of marketable
debt securities 725 580
Proceeds from sales of equity investments, net 16 15
Purchases of property, plant and equipment (488) (388)
Proceeds from sales of property,
plant and equipment 451 -
Payments for acquisitions, net of cash acquired (23) (3,162)
Net cash provided by (used in)
investing activities (1,077) 579
Cash flows from financing activities:
Purchase of hedge on convertible notes (83) -
Proceeds from issuance of common stock, net 44 249
Proceeds from borrowings and other obligations 720 50
Principal payments on borrowings
and other obligations (511) -
Net cash provided by financing activities 170 299
Net decrease in cash and cash equivalents 51 1,518
Cash and cash equivalents, beginning of period 3,569 2,051
Cash and cash equivalents, end of period $3,620 $3,569
SUN MICROSYSTEMS, INC.
NON-GAAP CALCULATION OF NET INCOME (LOSS) EXCLUDING SPECIAL ITEMS
(unaudited)
(in millions, except per share amounts)
Three Months Ended Fiscal Years Ended
June 30, June 30, June 30, June 30,
2007 2006 2007 2006
Calculation of net income (loss)
excluding special items:
Net income (loss)*, ** $329 $(301) $473 $(864)
Restructuring and related
impairment of long-lived assets 15 296 97 354
Purchased in-process research
and development - - - 60
Gain (loss) on equity
investments, net (1) 4 (6) (27)
Settlement income - (54) (54) (54)
Related tax effects (5) (8) (24) (19)
Net income (loss) excluding
special items $338 $(63) $486 $(550)
Net income (loss) excluding
special items per common
share - basic $0.10 $(0.02) $0.14 $(0.16)
Net income (loss) excluding
special items per common
share - diluted $0.09 $(0.02) $0.13 $(0.16)
Shares used in the calculation
of net income (loss) excluding
special items per common
share - basic 3,555 3,475 3,531 3,437
Shares used in the calculation
of net income (loss) excluding
special items per common
share - diluted 3,632 3,475 3,606 3,437
* Net income for the three months and year ended June 30, 2007 included
$48 million and $214 million of stock-based compensation expense or
approximately $0.01 per share and $0.06 per share, respectively. Net loss
for the three months and year ended June 30, 2006 included $63 million and
$225 million of stock-based compensation expense or approximately $0.02
per share and $0.07 per share, respectively.
** Net income for the three months and year ended June 30, 2007
included $70 million and $303 million of purchase price accounting
adjustments and intangible asset amortization relating to our fiscal 2006
acquisitions or approximately $0.02 per share and $0.08 per share,
respectively. Net loss for the three months and year ended June 30, 2006
included $86 million and $440 million of purchase price accounting
adjustments and intangible asset amortization relating to our fiscal 2006
acquisitions or approximately $0.02 per share and $0.13 per share,
respectively.
Web site: http://sun.com//
« Previous Page 1 | 2
