Net revenue declined 13 percent from fiscal 2008 to $1.48 billion. GAAP gross margin was $560 million, or 37.7 percent of net revenue versus $655 million, or 38.6 percent of net revenue last year. GAAP net loss was $44 million, or ($0.20) per diluted share. This compares with GAAP net income of $83 million, or $0.38 per diluted share in fiscal 2008.
Non-GAAP gross margin was $629 million, or 42.4 percent of net revenue compared with $718 million, or 42.3 percent of net revenue in fiscal year 2008. Non-GAAP net income of $147 million, or $0.66 per diluted share, compares with $179 million, or $0.81 per diluted share last fiscal year. Adjusted EBITDA was $319 million compared with $351 million in fiscal year 2008.
| Fiscal Year Non-GAAP Results | Change | |||||
| (Dollars in millions, except EPS) | 2009 | 2008 | Y/Y | |||
| Net Revenue | $1,484 | $1,699 | -13% | |||
| Gross Margin | 42.4% | 42.3% | +10bps | |||
| Operating Expenses | $398 | $446 | -$48 | |||
| Net Income | $147 | $179 | -$32 | |||
| Earnings Per Share - Diluted | $0.66 | $0.81 | -$0.15 | |||
