Sun Microsystems Inc. on Friday posted a $147 million loss as sales tumbled 31 percent in its fiscal fourth quarter, or the last quarter as an independent company.

Sun is soon going to be taken over by software maker Oracle Corp in a $7.38 billion buyout.

The company reported $147 million or 20 cents a share loss, against a profit of $88 million, or 11 cents a share a year earlier.

With the exclusion of stock-based compensation and acquisition-related costs and other items, the loss reported was three cents a share compared with earnings of 35 cents a share a year earlier.

Sales were down by 31 percent to $2.63 billion.

However, Sun is determined that the acquisition will boost its profit.

The acquisition, said Oracle, will be completed by August 31, as the company won U.S. antitrust approval for the deal.

Shares in the Santa Clara, California-based Sun slipped 0.2 percent to $9.32 after closing at $9.34 on the Nasdaq.