Fourth quarter net loss, in accordance with U.S. Generally Accepted Accounting Principles (GAAP), was $(1.86) billion, or a loss of $(8.25) per share, compared to GAAP net income of $106 million, or $0.45 per share, in the fourth quarter of fiscal 2007. The GAAP net loss for fiscal 2008 was $(2.07) billion, or $(9.19) per share, compared to net income of $219 million, or $0.93 per share in fiscal 2007.
“Despite a very difficult pricing environment, macroeconomic turmoil and the impact on consumer purchasing, we delivered sequential revenue growth in the fourth quarter. However, we are very disappointed with our fourth quarter bottom line results, which included significant asset impairment and inventory related charges. We are focused on managing our business through the difficult global economic climate and limited visibility in 2009. We are taking significant steps to curtail our captive output, conserve cash, and reduce capital and operating expenditures. We continue to invest in technology leadership while creating new demand with the exciting products we announced at the January 2009 Consumer Electronics Show,” said Eli Harari, Chairman and CEO. “We believe that drastic industry-wide capital expenditure cuts announced for 2009 will contribute to a better balance between supply and demand and an improved pricing environment in our markets later in 2009 and into 2010.”