Sun sees losses continue but fall
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US software and computer server maker Sun Microsystems reports a reduction in first quarter losses.
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Sun Microsystems Inc. SUNW.O on  Thursday reported a small quarterly net profit, after a  year-earlier loss, but a new range of products has so far  failed to ignite sales at the maker of computer servers and  storage equipment.
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SunTrust Banks Inc., the seventh- largest US bank, said it will restate results for the first and second quarters of this year because the company incorrectly calculated loan losses.
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The pace of job losses in mortgage lending slowed in December, as some companies shifted workers to other areas of financial services, but the losses may pick up again in the new year as the U.S. housing market continues to weaken and credit remains tight.
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Sun Microsystems Inc. returned to a loss in its fiscal first quarter as the server and software maker paid for its recent restructuring efforts and a settlement with Eastman Kodak Co.
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Sun Microsystems Inc. ,  which has struggled in recent years to remain profitable and  boost revenue, said on Wednesday it would cut as many as 5,000  jobs, or 13 percent of its workforce, over the next six months.
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Sun Microsystems Inc. SUNW.O on  Thursday reported a small quarterly net profit, reversing a  year-earlier loss, as narrower costs offset a slight revenue  decline.
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Computer maker Sun Microsystems Inc. reduced its net income by &#36;12 million for its fiscal fourth quarter, citing new information related to property leases and the finalization of the accounting for its settlement with Microsoft Corp.
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Network computer maker Sun  Microsystems Inc. on Thursday posted a narrower quarterly loss  as revenue rose for the second consecutive quarter on higher  sales of servers after three years of declines.
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(InfoWorld) - Sun Microsystems, buoyed by its first profitable quarter in more than a year and a half, said Tuesday it has a goal of generating an operating margin of 10 percent by its 2009 fiscal year. Sun executives set the goal, though they cautioned that a lot of things have to happen in order to reach it, during a conference with analysts Tuesday in San Francisco. Sun CEO Jonathan Schwartz said increased adoption of Sun's freely-distributed Solaris operating system,Â its recently announced partnership with Intel, and other strategic moves, will help it grow revenue. At the same time, said Sun CFO Michael Lehman, the company will continue to reduce its cost structure using a number of levers, though not employee layoffs. "Our cost structure is still too high," Lehman said, "but we do not intend to have a big layoff and just lower the numbers." The company is going to reduce general and administrative expenses and research and development spending as a percentage of revenue so that those expenses provide a better return, he said. For example, Sun is converting its own business software infrastructure to standardize on Oracle's 11i bundle of enterprise resource planning software, including general ledger, payroll, andÂ CRM software. The conversion is expected to cost more than $200 million, Lehman said, but it will save Sun the expense of having to manage 1,000 different types of software throughout its company. "We have put a stake in the ground, and we are on a journey," Lehman said. Sun posted net income of $126 million, or $0.03 per share, on $3.566 billion in revenue, in its fiscal 2007 second quarter ended Dec. 31, 2006. It was Sun's first profitable quarter after five successive quarterly losses. Sun recorded an operating margin of 2.9 percent in the second quarter and forecasts a 4 percent operating margin in its fourth quarter. On the revenue side, Schwartz said the company's decision to give away its Solaris operating system and open source its Java software create opportunities for Sun to sell hardware and services to those users. Sun's recently announced deal with Intel to install Intel processors in its servers, while Intel markets Solaris, will also create new sales opportunities. "We are now fully outfitted to pursue 100 percent of the market. There is no opportunity that we are precluded from bidding on. There is no customer that we cannot serve," Schwartz said. Sun's turnaround strategy is finally showing up in its financials, said Nathan Brookwood, an industry analyst with Insight 64, a research firm. "You had to take it on faith a year ago." Sun previously only sold servers and workstations running its Sparc processors. Now, because it also uses Intel and AMD processors, it can appeal to broader markets, said Brookwood. "Three years ago if you wanted to buy hardware from Sun, you had to sign up for the Sparc religion. Some people believe in other religions, and they didn't want to have to do a religious conversion to buy from Sun," he said. Sun's operating margin goals seem "conservative" to Sun financial analyst Andrew Neff of Bear Stearns & Co. In a research note to investors, Neff, who also attended the conference, said "Sun has more work to do on costs, [but] we believe its outlook can further improve."
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Take-Two investors that may have been looking for some good news got it late Monday as the company reported a narrower-than-expected loss.
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Credit Suisse First Boston raised estimates and the target price on Sun Microsystems (nasdaq: SUNW - news - people ) after the company broke even on per-share, pro forma basis for the fiscal first quarter.
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The deep-discount retailer reports slightly improved results though losses persist.
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Mitsubishi Motors Corp. said Monday that its losses grew in the first half of the fiscal year as the Japanese automaker struggled to recover from an auto-defect scandal that has sent sales plunging. The company lowered its sales expectations for the year and said it expected a larger full-year loss than previously forecast.
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update Gateway on Thursday posted a narrower third-quarter loss, helped by cost cuts and an increase in PC unit shipments, that could allow it to climb ever closer to turning a profit.
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Software giant's deal with Sun has raised some questions.
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SEPTEMBER 14, 2004 (IDG NEWS SERVICE) - Sun Microsystems Inc. trimmed its fourth-quarter and full-year 2004 results this week to incorporate the final accounting of asset retirement obligations and its settlement with Microsoft Corp.