Thursday March 29, 5:01 pm Eastern Time
Press Release
Micron Technology, Inc., Reports Consolidated Results for the Second Quarter of Fiscal 2001
BOISE, Idaho--(BUSINESS WIRE)--March 29, 2001--Micron Technology, Inc. (NYSE:MU - news), today confirmed its March 21, 2001 announcement that the pretax results of its Semiconductor Operations were slightly profitable for the second fiscal quarter ended March 1, 2001 on net sales of $1,051 million. The Company's consolidated net loss for the second quarter of fiscal 2001 was $88 million (or $0.15 per diluted share) which includes the effects of the net loss from the Micron Electronics, Inc. (MEI), discontinued PC operations of $84 million (or $0.14 per diluted share) and the net loss from MEI's continuing Web hosting operation. The Company's consolidated financial information presents the net effect of discontinued operations separate from the results of the Company's continuing operations. Historical financial information of the Company has been restated to present consistently the discontinued operations.
The Company's loss from continuing operations, net of taxes, for the second quarter of fiscal 2001 was $4 million (or $0.01 per diluted share) on consolidated net sales of $1,066 million. Income from continuing operations, net of taxes, for the first quarter of fiscal 2001 was $359 million (or $0.59 per diluted share) on net sales of $1,572 million.
Net sales from the Company's Semiconductor Operations decreased approximately 33% in the second quarter of fiscal 2001 compared to the immediately preceding quarter primarily due to the effect of an approximate 50% decrease in average selling prices for the Company's semiconductor memory products, partially offset by an approximate 33% increase in megabits shipped. Gross margin on sales of semiconductor products decreased to 18% for the second quarter of fiscal 2001 from 49% for the first quarter, primarily reflecting the lower average selling prices for the Company's semiconductor memory products. Net sales from the Semiconductor Operations for the first quarter of fiscal 2001 were $1,558 million.
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