Micron Technology, Inc., Reports Results for the First Quarter of Fiscal 2012
Micron Technology, Inc.
21.12.2011 22:19
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BOISE, Idaho, 2011-12-21 22:19 CET (GLOBE NEWSWIRE) --
Micron Technology, Inc., (Nasdaq:MU) today announced results of operations for
its first quarter of fiscal 2012, which ended December 1, 2011. For the first
quarter, the company had a net loss attributable to Micron shareholders of $187
million, or $0.19 per diluted share, on net sales of $2.1 billion. The results
for the first quarter of fiscal 2012 compare to a net loss of $135 million, or
$0.14 per diluted share, on net sales of $2.1 billion for the fourth quarter of
fiscal 2011, and net income of $155 million, or $0.15 per diluted share, on net
sales of $2.3 billion for the first quarter of fiscal 2011.
The company's consolidated gross margin remained at 15 percent for the first
quarter of fiscal 2012. Improvements in NAND Flash margins were offset by
declines in DRAM. Revenue from sales of NAND Flash products was 6 percent
higher in the first quarter of fiscal 2012 compared to the fourth quarter of
fiscal 2011 due to an 18 percent increase in sales volume partially offset by a
10 percent decrease in average selling prices. Revenue from sales of DRAM
products was essentially unchanged in the first quarter of fiscal 2012 compared
to the previous quarter, as a 14 percent increase sales volume was offset by a
12 percent decrease in average selling prices. Sales of NOR Flash products were
approximately 14 percent of total net sales for the first quarter of fiscal
2012.
Cash flows from operations for the first quarter of fiscal 2012 were $404
million. During the first quarter of fiscal 2012, the company invested
approximately $750 million in capital expenditures. The company ended the
quarter with cash and short-term investments of $1.9 billion.
The company will host a conference call Wednesday, Dec. 21 at 2:30 p.m. MST to
discuss its financial results. The call, audio and slides will be available
online at http://investors.micron.com/events.cfm. A webcast replay will be
available on the company's website until Dec. 28, 2012. A taped audio replay of
the conference call will also be available at (404) 537-3406 (conference
number: 37217947) beginning at 5:30 p.m. MST Wednesday, Dec. 21, 2011 and
continuing until 5:30 p.m. MST on Wednesday, Dec. 28, 2011.
Micron Technology, Inc., is one of the world's leading providers of advanced
semiconductor solutions. Through its worldwide operations, Micron manufactures
and markets a full range of DRAM, NAND Flash and NOR Flash memory, as well as
other innovative memory technologies, packaging solutions and semiconductor
systems for use in leading-edge computing, consumer, networking, embedded and
mobile products. Micron's common stock is traded on the NASDAQ under the MU
symbol. To learn more about Micron Technology, Inc., visit www.micron.com.
The Micron Technology, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6950
MICRON TECHNOLOGY, INC.
CONSOLIDATED FINANCIAL SUMMARY
(in millions except per share amounts)
1st Qtr. 4th Qtr. 1st Qtr.
Dec. 1, Sep. 1, Dec. 2,
2011 2011 2010
-----------------------------
Net sales $2,090 $2,140 $2,252
Cost of goods sold 1,785 1,819 1,728
-----------------------------
Gross margin 305 321 524
Selling, general and administrative 151 155 140
Research and development 230 209 185
Other operating (income) expense, net (1) 6 8 (191)
-----------------------------
Operating income (loss) (82) (51) 390
Interest income (expense), net (33) (28) (30)
Other non-operating income (expense), net (2) -- 1 (114)
Income tax (provision) benefit (3) 2 (16) (48)
Equity in net income (losses) of equity method (74) (40) (26)
investees
Net (income) loss attributable to noncontrolling -- (1) (17)
interests
-----------------------------
Net income (loss) attributable to Micron $ (187) $ (135) $155
=============================
Earnings (loss) per share:
Basic $ (0.19) $ (0.14) $0.16
Diluted (0.19) (0.14) 0.15
Number of shares used in per share calculations:
Basic 981.4 992.2 972.9
Diluted 981.4 992.2 1,031.3
CONSOLIDATED FINANCIAL SUMMARY, Continued
As of
Dec. 1, Sep. 1,
2011 2011
-----------------
Cash and short-term investments $1,915 $2,160
Receivables 1,383 1,497
Inventories 2,097 2,080
Total current assets 5,491 5,832
Property, plant and equipment, net 7,472 7,555
Total assets 14,211 14,752
Accounts payable and accrued expenses 1,413 1,830
Current portion of long-term debt 146 140
Total current liabilities 2,021 2,480
Long-term debt 1,973 1,861
Total Micron shareholders' equity 8,271 8,470
Noncontrolling interests in subsidiaries 1,438 1,382
Total equity 9,709 9,852
Three Months
Ended
Dec. 1, Dec. 2,
2011 2010
-----------------
Net cash provided by operating activities $404 $732
Net cash used for investing activities (714) (436)
Net cash provided by (used for) financing activities 65 (798)
Depreciation and amortization 581 517
Expenditures for property, plant and equipment (697) (465)
Payments on equipment purchase contracts (49) (105)
Net contributions from (distributions to) noncontrolling 55 (49)
interests
Noncash equipment acquisitions on contracts payable and 192 63
capital leases
(1) Other operating (income) expense consisted of the following:
1st Qtr. 4th Qtr. 1st Qtr.
Dec. 1, Sep. 1, Dec. 2,
2011 2011 2010
-----------------------------
(Gain) loss from changes in currency exchange $11 $ -- $7
rates
(Gain) loss on disposition of property, plant and 1 6 --
equipment
Samsung patent cross-license agreement -- -- (200)
Other (6) 2 2
-----------------------------
$6 $8 $ (191)
=============================
In the first quarter of fiscal 2011, the company entered into a 10-year patent
cross-license agreement with Samsung Electronics Co. Ltd. ('Samsung'). Under
the agreement, Samsung agreed to pay the company $275 million, of which $200
million was received in the first quarter of fiscal 2011. The license is a
life-of-patents license for existing patents and applications, and a 10-year
term license for all other patents.
(2) During the first quarter of fiscal 2011, in connection with a series of
debt restructure transactions, the company recognized a loss of $111 million as
follows:
-- $15 million from the exchange of $175 million in aggregate principal amount
of the company's 1.875% Convertible Senior Notes due 2014 (the '2014
Notes') for $175 million in aggregate principal amount of new 1.875%
Convertible Senior Notes due 2027;
-- $17 million (including transaction fees) from the repurchase of $176
million in aggregate principal amount of the company's 2014 Notes for $171
million in cash; and
-- $79 million (including transaction fees) from the repurchase of $91 million
in aggregate principal amount of the company's 4.25% Convertible Senior
Notes due 2013 for $166 million in cash.
(3) Income taxes for the first quarter of fiscal 2012 included a tax benefit
of $14 million related to the favorable resolution of certain prior year tax
matters. Income taxes in the first quarter of fiscal 2011 included a charge of
$33 million in connection with the receipt of $200 million from Samsung. The
company has a valuation allowance for a substantial portion of its net deferred
tax asset associated with its U.S. operations. Taxes attributable to U.S.
operations in fiscal 2012 and 2011 were substantially offset by changes in the
valuation allowance.
CONTACT: Kipp A. Bedard
Investor Relations
kbedard@micron.com
(208) 368-4465
Daniel Francisco
Media Relations
dfrancisco@micron.com
(208) 368-5584
News Source: NASDAQ OMX
21.12.2011 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Micron Technology, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US5951121038
WKN:
End of Announcement DGAP News-Service
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Micron Technology, Inc.
21.12.2011 22:19
---------------------------------------------------------------------------
BOISE, Idaho, 2011-12-21 22:19 CET (GLOBE NEWSWIRE) --
Micron Technology, Inc., (Nasdaq:MU) today announced results of operations for
its first quarter of fiscal 2012, which ended December 1, 2011. For the first
quarter, the company had a net loss attributable to Micron shareholders of $187
million, or $0.19 per diluted share, on net sales of $2.1 billion. The results
for the first quarter of fiscal 2012 compare to a net loss of $135 million, or
$0.14 per diluted share, on net sales of $2.1 billion for the fourth quarter of
fiscal 2011, and net income of $155 million, or $0.15 per diluted share, on net
sales of $2.3 billion for the first quarter of fiscal 2011.
The company's consolidated gross margin remained at 15 percent for the first
quarter of fiscal 2012. Improvements in NAND Flash margins were offset by
declines in DRAM. Revenue from sales of NAND Flash products was 6 percent
higher in the first quarter of fiscal 2012 compared to the fourth quarter of
fiscal 2011 due to an 18 percent increase in sales volume partially offset by a
10 percent decrease in average selling prices. Revenue from sales of DRAM
products was essentially unchanged in the first quarter of fiscal 2012 compared
to the previous quarter, as a 14 percent increase sales volume was offset by a
12 percent decrease in average selling prices. Sales of NOR Flash products were
approximately 14 percent of total net sales for the first quarter of fiscal
2012.
Cash flows from operations for the first quarter of fiscal 2012 were $404
million. During the first quarter of fiscal 2012, the company invested
approximately $750 million in capital expenditures. The company ended the
quarter with cash and short-term investments of $1.9 billion.
The company will host a conference call Wednesday, Dec. 21 at 2:30 p.m. MST to
discuss its financial results. The call, audio and slides will be available
online at http://investors.micron.com/events.cfm. A webcast replay will be
available on the company's website until Dec. 28, 2012. A taped audio replay of
the conference call will also be available at (404) 537-3406 (conference
number: 37217947) beginning at 5:30 p.m. MST Wednesday, Dec. 21, 2011 and
continuing until 5:30 p.m. MST on Wednesday, Dec. 28, 2011.
Micron Technology, Inc., is one of the world's leading providers of advanced
semiconductor solutions. Through its worldwide operations, Micron manufactures
and markets a full range of DRAM, NAND Flash and NOR Flash memory, as well as
other innovative memory technologies, packaging solutions and semiconductor
systems for use in leading-edge computing, consumer, networking, embedded and
mobile products. Micron's common stock is traded on the NASDAQ under the MU
symbol. To learn more about Micron Technology, Inc., visit www.micron.com.
The Micron Technology, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6950
MICRON TECHNOLOGY, INC.
CONSOLIDATED FINANCIAL SUMMARY
(in millions except per share amounts)
1st Qtr. 4th Qtr. 1st Qtr.
Dec. 1, Sep. 1, Dec. 2,
2011 2011 2010
-----------------------------
Net sales $2,090 $2,140 $2,252
Cost of goods sold 1,785 1,819 1,728
-----------------------------
Gross margin 305 321 524
Selling, general and administrative 151 155 140
Research and development 230 209 185
Other operating (income) expense, net (1) 6 8 (191)
-----------------------------
Operating income (loss) (82) (51) 390
Interest income (expense), net (33) (28) (30)
Other non-operating income (expense), net (2) -- 1 (114)
Income tax (provision) benefit (3) 2 (16) (48)
Equity in net income (losses) of equity method (74) (40) (26)
investees
Net (income) loss attributable to noncontrolling -- (1) (17)
interests
-----------------------------
Net income (loss) attributable to Micron $ (187) $ (135) $155
=============================
Earnings (loss) per share:
Basic $ (0.19) $ (0.14) $0.16
Diluted (0.19) (0.14) 0.15
Number of shares used in per share calculations:
Basic 981.4 992.2 972.9
Diluted 981.4 992.2 1,031.3
CONSOLIDATED FINANCIAL SUMMARY, Continued
As of
Dec. 1, Sep. 1,
2011 2011
-----------------
Cash and short-term investments $1,915 $2,160
Receivables 1,383 1,497
Inventories 2,097 2,080
Total current assets 5,491 5,832
Property, plant and equipment, net 7,472 7,555
Total assets 14,211 14,752
Accounts payable and accrued expenses 1,413 1,830
Current portion of long-term debt 146 140
Total current liabilities 2,021 2,480
Long-term debt 1,973 1,861
Total Micron shareholders' equity 8,271 8,470
Noncontrolling interests in subsidiaries 1,438 1,382
Total equity 9,709 9,852
Three Months
Ended
Dec. 1, Dec. 2,
2011 2010
-----------------
Net cash provided by operating activities $404 $732
Net cash used for investing activities (714) (436)
Net cash provided by (used for) financing activities 65 (798)
Depreciation and amortization 581 517
Expenditures for property, plant and equipment (697) (465)
Payments on equipment purchase contracts (49) (105)
Net contributions from (distributions to) noncontrolling 55 (49)
interests
Noncash equipment acquisitions on contracts payable and 192 63
capital leases
(1) Other operating (income) expense consisted of the following:
1st Qtr. 4th Qtr. 1st Qtr.
Dec. 1, Sep. 1, Dec. 2,
2011 2011 2010
-----------------------------
(Gain) loss from changes in currency exchange $11 $ -- $7
rates
(Gain) loss on disposition of property, plant and 1 6 --
equipment
Samsung patent cross-license agreement -- -- (200)
Other (6) 2 2
-----------------------------
$6 $8 $ (191)
=============================
In the first quarter of fiscal 2011, the company entered into a 10-year patent
cross-license agreement with Samsung Electronics Co. Ltd. ('Samsung'). Under
the agreement, Samsung agreed to pay the company $275 million, of which $200
million was received in the first quarter of fiscal 2011. The license is a
life-of-patents license for existing patents and applications, and a 10-year
term license for all other patents.
(2) During the first quarter of fiscal 2011, in connection with a series of
debt restructure transactions, the company recognized a loss of $111 million as
follows:
-- $15 million from the exchange of $175 million in aggregate principal amount
of the company's 1.875% Convertible Senior Notes due 2014 (the '2014
Notes') for $175 million in aggregate principal amount of new 1.875%
Convertible Senior Notes due 2027;
-- $17 million (including transaction fees) from the repurchase of $176
million in aggregate principal amount of the company's 2014 Notes for $171
million in cash; and
-- $79 million (including transaction fees) from the repurchase of $91 million
in aggregate principal amount of the company's 4.25% Convertible Senior
Notes due 2013 for $166 million in cash.
(3) Income taxes for the first quarter of fiscal 2012 included a tax benefit
of $14 million related to the favorable resolution of certain prior year tax
matters. Income taxes in the first quarter of fiscal 2011 included a charge of
$33 million in connection with the receipt of $200 million from Samsung. The
company has a valuation allowance for a substantial portion of its net deferred
tax asset associated with its U.S. operations. Taxes attributable to U.S.
operations in fiscal 2012 and 2011 were substantially offset by changes in the
valuation allowance.
CONTACT: Kipp A. Bedard
Investor Relations
kbedard@micron.com
(208) 368-4465
Daniel Francisco
Media Relations
dfrancisco@micron.com
(208) 368-5584
News Source: NASDAQ OMX
21.12.2011 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Micron Technology, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US5951121038
WKN:
End of Announcement DGAP News-Service
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