-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FnYtgmt4nJ4/hybiwOttm0/qVjf3IwC7O2FcHcdJQsRXSGyD2uPoRrtWWMaRJ45j BBbUyqz8L+XptEWN5BzxUQ== 0000891618-99-003262.txt : 19990726 0000891618-99-003262.hdr.sgml : 19990726 ACCESSION NUMBER: 0000891618-99-003262 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990722 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUN MICROSYSTEMS INC CENTRAL INDEX KEY: 0000709519 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPUTERS [3571] IRS NUMBER: 942805249 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-15086 FILM NUMBER: 99669683 BUSINESS ADDRESS: STREET 1: 901 SAN ANTONIO RD CITY: PALO ALTO STATE: CA ZIP: 94303 BUSINESS PHONE: 6509601300 MAIL ADDRESS: STREET 1: 901 SAN ANTONIO ROAD CITY: PALO ALTO STATE: CA ZIP: 94303 8-K 1 FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 July 22, 1999 - -------------------------------------------------------------------------------- Date of Report (Date of earliest event reported): SUN MICROSYSTEMS, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-15086 94-2805249 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.)
901 San Antonio Road, Palo Alto, California 94303 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (650) 960-1300 -------------------------- N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 ITEM 5. OTHER EVENTS On July 22, 1999, the Company reported its earnings for the quarter and fiscal year ended June 30, 1999. The Company's revenues for the fourth quarter were a record $3.515 billion, up 22 percent compared with the fourth quarter of fiscal 1998. The Company's net income for the fourth quarter reached an all time high of $395 million, compared with last year's net income of $288 million (excluding a charge related to an acquisition), up 37%. The Company's fourth quarter earnings per share was $.48, compared with the previous year's earnings per share of $.37 (excluding the charge related to an acquisition), an increase of 30 percent. Including the charge related to an acquisition, the Company's net income and earnings per share for the fourth quarter of fiscal year 1998 were reported as $273 million and $.35, respectively. For the full 1999 fiscal year, the Company reported revenues of $11.726 billion, up 20 percent over the prior year. The Company's net income for the fiscal year was $1.157 billion, up 28 percent over the prior year (excluding acquisition-related charges for fiscal years 1998 and 1999). The Company's earnings per share for the year was $1.42, an increase of 23 percent from the previous year's results (excluding acquisition-related charges for fiscal years 1998 and 1999). Including acquisition-related charges, the Company's net income and earnings per share for the fiscal year 1999 were $1.031 billion and $1.27, respectively. All earnings per share amounts represent diluted earnings per share as defined within Statement of Financial Accounting Standards No. 128. Attached hereto as Exhibit 99.1 and incorporated herein by reference are the Company's Condensed Consolidated Statements of Income, Pro Forma Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets for the three months ended June 30, 1999 and the fiscal year ended June 30, 1999. The operating results for any periods are not necessarily indicative of results for an subsequent period. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits 99.1 Condensed Consolidated Financial Statements for Registrant's fiscal quarter and year ended June 30, 1999. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 23, 1999 SUN MICROSYSTEMS, INC. By: /s/ MICHAEL E. LEHMAN ------------------------------ Michael E. Lehman Vice President, Corporate Resources and Chief Financial Officer 4 INDEX TO EXHIBITS
Exhibit - ------- 99.1 Condensed Consolidated Financial Statements for Registrant's fiscal quarter and year ended June 30, 1999.
EX-99.1 2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1 EXHIBIT 99.1 SUN MICROSYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts)
THREE MONTHS ENDED FISCAL YEAR ENDED (unaudited) -------------------------- -------------------------- June 30, June 30, June 30, June 30, 1999 1998 1999 1998 -------------------------- -------------------------- Net revenues $3,514,645 $2,881,065 $11,726,297 $9,790,840 Costs and expenses: Cost of sales 1,688,289 1,392,636 5,648,360 4,693,336 Research and development 352,611 279,166 1,262,517 1,013,782 Selling, general and administrative 909,912 792,715 3,172,955 2,777,264 In-process research and development 0 14,100 120,700 176,384 --------- --------- ---------- --------- Total costs and expenses 2,950,812 2,478,617 10,204,532 8,660,766 --------- --------- ---------- --------- Operating income 563,833 402,448 1,521,765 1,130,074 Interest income, net 25,908 12,958 83,924 46,092 --------- --------- ---------- --------- Income before income taxes 589,741 415,406 1,605,689 1,176,166 Provision for income taxes 194,571 142,418 574,355 413,304 --------- --------- ---------- --------- Net income $395,170 $272,988 $1,031,334 $762,862 ========= ========= ========== ========= Net income per common share - basic $0.51 $0.36 $1.35 $1.02 ========= ========= ========== ========= Net income per common share - diluted $0.48 $0.35 $1.27 $0.97 ========= ========= ========== ========= Shares used in the calculation of net income per share - basic 773,900 748,898 765,853 747,456 ========= ========= ========== ========= Shares used in the calculation of net income per share - diluted 827,695 788,256 814,241 788,548 ========= ========= ========== =========
2 SUN MICROSYSTEMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
JUNE 30, JUNE 30, 1999 1998 -------- -------- ASSETS Current assets: Cash, cash equivalents and short-term investments $2,665,051 $1,298,452 Accounts receivable, net 2,286,911 1,845,765 Inventories 307,873 346,446 Other current assets 856,515 656,862 ---------- ---------- Total current assets 6,116,350 4,147,525 Property, plant and equipment, net 1,608,921 1,300,612 Other assets, net 695,081 262,925 ---------- ---------- $8,420,352 $5,711,062 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term borrowings $1,646 $7,169 Accounts payable 753,838 495,603 Accrued liabilities 1,646,565 1,166,491 Income taxes payable 402,813 188,641 Other current liabilities 422,115 264,967 ---------- ---------- Total current liabilities 3,226,977 2,122,871 Long-term debt and other obligations 381,595 74,563 Stockholders' equity 4,811,780 3,513,628 ---------- ---------- $8,420,352 $5,711,062 ========== ==========
3 SUN MICROSYSTEMS, INC. PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME EXCLUDING ACQUISITION-RELATED CHARGES (In thousands, except per share amounts)
THREE MONTHS ENDED FISCAL YEAR ENDED (unaudited) (unaudited) ------------------------- --------------------------- June 30, June 30, June 30, June 30, 1999 1998 1999 1998 ---------- ---------- ----------- ---------- Net revenues $3,514,645 $2,881,065 $11,726,297 $9,790,840 Costs and expenses: Cost of sales 1,688,289 1,392,636 5,648,360 4,693,336 Research and development 352,611 279,166 1,262,517 1,013,782 Selling, general and administrative 909,912 792,715 3,172,955 2,777,264 ---------- ---------- ----------- ---------- Total costs and expenses 2,950,812 2,464,517 10,083,832 8,484,382 ---------- ---------- ----------- ---------- Operating income 563,833 416,548 1,642,465 1,306,458 Interest income, net 25,908 12,958 83,924 46,092 ---------- ---------- ----------- ---------- Income before income taxes 589,741 429,506 1,726,389 1,352,550 Provision for income taxes 194,571 141,737 569,664 446,333 ---------- ---------- ----------- ---------- Net income $395,170 $287,769 $1,156,725 $906,217 ========== ========== =========== ========== Net income per common share - basic $0.51 $0.38 $1.51 $1.21 ========== ========== =========== ========== Net income per common share - diluted $0.48 $0.37 $1.42 $1.15 ========== ========== =========== ========== Shares used in the calculation of net income per share - - basic 773,900 748,898 765,853 747,456 ========== ========== =========== ========== Shares used in the calculation of net income per share - - diluted 827,695 788,256 814,241 788,548 ========== ========== =========== ==========
Notes: The above pro forma amounts have been adjusted to eliminate acquisition-related charges of $14.1 million, $120.7 million, and $176.4 million for in-process R&D and the related income tax effects for the three months ended June 30, 1998, and the twelve months ended June 30, 1999 and 1998, respectively. -----END PRIVACY-ENHANCED MESSAGE-----