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Tech Industry

Sun adjusts earnings statements

Restates financial results for fiscal 2003 and fiscal 2005.

Sun Microsystems on Tuesday restated its financial results for fiscal years 2003 and 2004, and updated results for fiscal 2005. The changes arose from accounting errors related to deferred taxes in some foreign regions and other tax matters. Because of the correction, Sun effectively reduced its earlier stated fiscal 2005 earnings by $45 million and increased its fiscal 2003 results by the same amount, Chief Financial Officer Steve McGowan said. "We identified some errors we had through our Sarbanes-Oxley 404 internal control testing," he said, adding that the effect of the changes is "small" and didn't effect revenue, gross margins or pretax income.

The results changed fiscal 2003's net loss per share from $1.07 to $1.06. The preliminary fiscal 2005 results announced in August were reduced by 1 cent per share from a loss of 2 cents to 3 cents. Fiscal 2004 had smaller changes, and its per-share results were unchanged.