Micron Technology, Inc., Reports Results for the Third Quarter of Fiscal 2014
BOISE, Idaho, June 23, 2014 (GLOBE NEWSWIRE) -- Micron Technology, Inc., ( MU) today announced results of operations for its third quarter of fiscal 2014, which ended May 29, 2014. Revenues for the third quarter of fiscal 2014 were $3.98 billion and were 3 percent lower compared to the second quarter of fiscal 2014 and 72 percent higher compared to the third quarter of fiscal 2013.
GAAP Income and Per Share Data -- On a GAAP(1) basis, net income attributable to Micron shareholders for the third quarter of fiscal 2014 was $806 million, or $0.68 per diluted share, compared to net income of $731 million, or $0.61 per diluted share, for the second quarter of fiscal 2014 and net income of $43 million, or $0.04 per diluted share, for the third quarter of fiscal 2013.
Non-GAAP Income and Per Share Data -- On a non-GAAP(2) basis, net income attributable to Micron shareholders for the third quarter of fiscal 2014 was $913 million, or $0.79 per diluted share, compared to net income of $989 million, or $0.85 per diluted share, for the second quarter of fiscal 2014. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.
Revenues for both DRAM and NAND Flash products were down slightly for the third quarter of fiscal 2014 compared to the second quarter of fiscal 2014. The company's overall consolidated gross margin of 34 percent for the third quarter of fiscal 2014 was consistent with the second quarter of fiscal 2014, as mix-related decreases in average selling prices were essentially offset by corresponding decreases in manufacturing costs.
Cash flows from operations for the third quarter of fiscal 2014 were $1.46 billion, while investments in capital expenditures were $576 million. The company ended the third fiscal quarter of fiscal 2014 with cash and marketable investments of $4.81 billion.
The company will host a conference call Monday, June 23 at 2:30 p.m. MT to discuss its financial results. The call, audio, slides, other operational and financial information, and guidance will be available online at globenewswire.com. A webcast replay will be available on the company's website until June 23, 2015. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 56949074) beginning at 5:30 p.m. MT, Monday, June 23, 2014 and continuing until 5:30 p.m. MT, Monday, June 30, 2014.For Investor Relations and other company updates, follow @MicronTech on Twitter at globenewswire.com.
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