Zeev, ok here is the long version if it will all print.Micron Technology, Inc., Reports Consolidated Results for the First Quarter of Fiscal Year 2002
Updated: Tuesday, December 18, 2001 05:02 PM ET Printer-friendly version
BOISE, Idaho--(BUSINESS WIRE)--Dec. 18, 2001--Micron Technology, Inc. (NYSE:MU, news, msgs), today announced a net loss for the first quarter of fiscal 2002 of $266 million, or $0.44 per diluted share, on $424 million of net sales. These results compare to a net loss of $576 million, or $0.96 per diluted share, on $480 million of net sales for the fourth quarter of fiscal 2001 and income from continuing operations of $360 million, or $0.59 per diluted share, on $1,572 million of net sales for the first quarter a year ago.
The Company's results include inventory write-downs of $173 million in the first quarter of fiscal 2002 and $466 million in the fourth quarter of fiscal 2001 to record inventories at their lower of cost or market values. Average selling prices for the Company's semiconductor memory products for the first quarter of fiscal 2002 decreased 24% when compared to the preceding quarter and decreased 88% when compared to the first quarter a year ago. Megabit shipments in the first quarter of fiscal 2002 increased approximately 20% compared to the immediately preceding quarter and approximately 130% compared to the first quarter of the prior year. Megabit inventories in work in process and finished goods decreased approximately 20% at the end of the first quarter of fiscal 2002 compared to their levels at the end of the fourth quarter of fiscal 2001. The Company finished the first quarter of fiscal 2002 with cash and liquid investments of approximately $1.7 billion.
The Company will host a conference call today at 3:30 p.m. MST to discuss its consolidated financial results. The conference call, including audio and slides, will be available online at www.micron.com. (In order to access the webcast, you will need Internet Explorer 4.0 or higher, RealPlayer or Windows Media Player and speakers for audio.) A webcast replay will be available until December 26, 2001. A taped replay of the audio portion of the call will be available at 973/341-3080 (confirmation code: 3020959) beginning at 5:30 p.m. MST today and continuing until 6:00 p.m. MST on December 19, 2001.
Micron Technology, Inc., and its subsidiaries manufacture and market DRAMs, very fast SRAMs, Flash Memory, other semiconductor components, and memory modules. Micron's common stock is traded on the New York Stock Exchange (NYSE) under the MU symbol. To learn more about Micron Technology, Inc., visit its web site at www.micron.com.
MICRON TECHNOLOGY, INC.
CONSOLIDATED FINANCIAL SUMMARY
(Amounts in millions except per share data)
QUARTER ENDED QUARTER ENDED
Nov. 29, Nov. 30, Aug. 30,
2001 2000 2001
-------- -------- --------
Net sales:
Semiconductor Operations $ 423.9 $ 1,558.0 $ 470.5
Web-hosting Operations -- 13.5 9.6
Other -- 0.1 0.2
-------- -------- --------
Total net sales 423.9 1,571.6 480.3
Cost of goods sold (1) 636.5 809.1 1,056.6
-------- -------- --------
Gross margin (212.6) 762.5 (576.3)
Selling, general and
administrative (2) 79.9 106.4 204.4
Research and development 154.5 139.0 105.1
Other operating expense
(income) (3) 5.0 (3.2) 42.8
-------- -------- --------
Operating income (loss) (452.0) 520.3 (928.6)
Interest income, net 14.8 36.2 16.4
Other non-operating income
(expense) (2) (5.9) 5.1 (107.9)
Income tax (provision) benefit (4) 177.2 (196.0) 445.2
Minority interest in income from
continuing operations -- (6.1) (0.6)
-------- -------- --------
Income (loss) from continuing
operations (265.9) 359.5 (575.5)
Loss from discontinued
PC Operations -- (7.3) --
-------- -------- --------
Net income (loss) $ (265.9) $ 352.2 $ (575.5)
======== ======== ========
Basic earnings (loss) per share:
Continuing operations $ (0.44) $ 0.62 $ (0.96)
Net income (loss) (0.44) 0.61 (0.96)
Diluted earnings (loss) per share:
Continuing operations $ (0.44) $ 0.59 $ (0.96)
Net income (loss) (0.44) 0.58 (0.96)
Number of shares used in per share
calculations:
Basic 599.2 581.9 597.7
Diluted 599.2 609.4 597.7
SELECTED FINANCIAL DATA
AS OF
Nov. 29, 2001 Aug. 30, 2001
------------- -------------
Cash and liquid investments $ 1,731.6 $ 1,678.3
Receivables (5) 296.6 791.6
Inventories (1) 451.0 491.1
Total current assets 2,523.9 3,137.7
Property, plant and equipment, net 4,570.6 4,704.1
Total assets 8,022.1 8,363.2
Accounts payable and accrued expenses 461.4 512.9
Current portion of long-term debt 85.6 86.2
Total current liabilities 643.6 687.0
Long-term debt 404.5 445.0
Total shareholders' equity 6,903.3 7,134.8
QUARTER ENDED
Nov. 29, 2001 Nov. 30, 2000
------------- -------------
Depreciation and amortization $ 297.6 $ 268.2
Expenditures for property, plant
and equipment 182.6 499.7
Equipment acquisitions on contracts
payable and capital leases 26.7 37.3
In the third quarter of fiscal 2001, the Company completed the divestiture of its PC business. The Company's consolidated financial information presents the net effect of discontinued PC 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. In the fourth quarter of fiscal 2001, the Company contributed its interest in its Interland Web-hosting Operations to the Micron Technology Foundation.
(1) The Company's results include inventory write-downs of $173
million in the first quarter of fiscal 2002 and $466 million
in the fourth quarter of fiscal 2001 to record inventories at
their lower of cost or market values.
(2) The Company incurred charges in the fourth quarter of fiscal
2001 of $97 million in other non-operating expense for the
write-down of its investment in Interland and $94 million in
selling, general and administrative expense for the
contribution of the Interland shares to the Micron Technology
Foundation.
(3) Other operating expense in the fourth quarter of fiscal 2001
includes losses of $44 million from the write-off of certain
costs associated with the Company's Lehi facility.
(4) The Company's effective tax rate for the first quarter of
fiscal 2002 was 40% and primarily reflected the statutory
corporate income tax rate, the net effect of state taxes and
the effect of foreign income at non-U.S. tax rates. The
Company's future effective income tax rate will vary based on
fluctuations in the mix of income and losses among tax
jurisdictions with differing rates.
(5) During the first quarter of fiscal 2002, the Company received
$547 million in cash for the refund of income taxes.
*T
CONTACT: Micron Technology, Inc.
Media Relations -
Sean Mahoney, 208/368-3127
smahoney@micron.com |
