Maybe this will help? ESIO will probably turn pretty quickly when the market feels better. Never heard of Survivor. Hope that's about a dotcom investor.
Regards, Mark
Micron earnings beat expectations
June 22, 2000 06:12 PM
(Adds details, background, byline, previous BOISE, Idaho) By Michael Fitzpatrick
LOS ANGELES, June 22 (Reuters) - Micron Technology Inc.MU , the world's second-biggest maker of computer memory chips, on Thursday posted better-than-expected profits, buoyed by a surge in semiconductor sales.
The Boise, Idaho-based company posted net income of $275 million, or 47 cents a share on a diluted basis, for its third fiscal quarter ended June 1. That compared with a year-ago loss of $28 million, or 5 cents a share. The per share results for both years reflect a 2-for-1 stock split effective May 1.
Wall Street analysts had expected the company to post earnings of 34 cents a share, according to First Call/Thomson Financial.
Sales rose to $1.8 billion from $864 million.
While semiconductor market conditions have improved and average selling prices were up in late May and early June, Micron said that average selling prices for the third fiscal quarter were about 20 percent lower than the second fiscal quarter.
The rise in selling prices was likely to show up in the current quarter and later in the calendar year, analysts said.
Semiconductor sales for the third quarter were $1.5 billion, up 30 percent from the second fiscal quarter due to a a significant increase in megabits of memory shipped, Micron said. Total megabits of memory produced in the third fiscal quarter were about 30 percent higher than the second quarter, Micron said.
Without nonrecurring adjustment, gross margin on semiconductor memory products was 40 percent in the latest quarter, down from 41 percent in the second quarter.
The company's overall gross margin was 36 percent excluding the nonrecurring adjustment, in the third quarter, off from 37 percent in the immediately preceding quarter.
Gross margin in the latest quarter benefited from a $49 million, or about a 5 cents a share, nonrecurring adjustment of costs of products purchased under a joint venture supply arrangement. Including that, the company's overall gross margin was 39 percent.
Micron said unit shipments of its PC systems rose 19 percent in the third quarter vs. the second quarter, primarily due to a 21 percent rise in desktop unit shipments for to small business and retail-direct sales.
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