Sun Microsystems FY 2002 revenue growth target 15 pct

NEW YORK (AFX) - Sun MicroSystems Inc said it is looking to a highly flexible long-term strategy that will see fiscal year revenue growth around 15 pct while continuing to "work down cost structures." 	    Sun MicroSystems chief executive officer Scott McNealy said in a conference call that the company expects to improve gross margins by the end of the fiscal year.	    However, the company noted that it does not expect to achieve the high margins of more than 50 pct of the past years, but margins in the high 40s are attainable within a couple of quarters if the economy shows some recovery.	    Chief Financial officer Michael Lehman said the cashflow for fiscal year is expected to grow faster than earnings per share.	    The company said it sees fourth-quarter earnings growing slightly, but EPS is expected to remain flat to lower.	    While McNealy said that the economic slowdown has affected the IT market, "it is the wrong time to be betting against the internet."	    Total sales are also expected to grow about 15 pct, Lehman said. 	    The company remains committed and also believes it can achieve a normalised growth of 20 to 35 pct under "normal economic conditions," McNealy said. 	    Sun also said it sees "huge opportunity for growth" in markets such as China, Italy, Poland and Spain. 

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