Sun last week revised its fiscal fourth-quarter financial results with a $1.05 billion charge.
Suns revised fourth-quarter results indicate a $1.04 billion loss for the period ending June 30. The company previously reported a small profit of $12 million.
In a statement, Sun officials said the reason for the charge was “to increase a valuation allowance for its net deferred tax assets in accordance with the Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes.”