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Technology Stocks : Micron Only Forum -- Ignore unavailable to you. Want to Upgrade?

To: t2 who wrote (51992)	10/4/2000 5:21:30 PM
From: DJBEINO	Respond to of 53903

micron.com Boise, Idaho, October 4, 2000 - Micron Technology, Inc., today reported net income of $727 million, or $1.20 per share - diluted, on net sales of $2.6 billion for its fourth fiscal quarter ended August 31, 2000. For fiscal 2000 the Company had net income of $1.5 billion, or $2.56 per share - diluted, on net sales of $7.3 billion. Net loss for fiscal 1999 was $69 million, or $0.13 per share - diluted, on net sales of $3.8 billion. Net income for the third fiscal quarter of 2000 was $275 million, or $0.47 per share - diluted on net sales of $1.8 billion. Steve Appleton, Chairman, CEO and President, commented on the fourth fiscal quarter and year-end results: "We are very proud of our execution and extremely pleased to announce these outstanding results. This was a strong quarter and an exceptional year for Micron Technology." Fiscal 2000 net income of $1.5 billion is primarily attributable to the Company's semiconductor operations. For fiscal 2000, megabit sales of semiconductor memory were approximately 140% higher than in 1999, principally as a result of the Company's efforts to enhance capacity utilization and increase manufacturing efficiencies in its facilities including those acquired from Texas Instruments at the beginning of fiscal 1999. The Company's semiconductor operations gross margin improved to 51% for fiscal 2000 as compared to 25% for fiscal 1999, primarily as a result of reduced costs per megabit for semiconductor memory products. The increase in fourth fiscal quarter net income from third fiscal quarter resulted principally from an increase in per megabit in average sales price and, to a lesser extent, an increase in megabits sold. The gross margin for the Company's semiconductor operations was 58% in the fourth fiscal quarter as compared to 43% for the third fiscal quarter. On August 30, 2000, the Company completed the sale of its Richardson, Texas, facility to TriQuint Semiconductor, Inc. for a pre-tax gain of $42 million (approximately $0.04 per diluted share for the fourth fiscal quarter). Net sales for the Company's PC operations decreased as a percentage of the Company's total net sales to 15% in fiscal 2000 from 33% in fiscal 1999. Net sales for the Company's PC operations increased 15% and unit sales of PC systems increased approximately 35% in the fourth fiscal quarter as compared to the third fiscal quarter. Gross margin percent for PC operations declined to 12% in the fourth fiscal quarter from 13% in the third fiscal quarter. The Company has called for the redemption, effective October 11, 2000, of the Company's 6-1/2% Convertible Subordinated Notes due October 1, 2005 (the "Notes"). The Notes are held by Texas Instruments and the aggregate principal amount outstanding on the Notes is $740 million. The Notes may be converted into approximately 24.7 million shares of the Company's common stock. This press release is intended to provide a summary of results for the fourth quarter and fiscal year 2000. The Company's quarter and year end conference call will be available online at www.micron.com beginning at 3:30 p.m. MDT today. (In order to access the webcast, you need Internet Explorer 4.0 or higher, RealPlayer or Windows Media Player and speakers for the audio.) A webcast replay will be available until October 16, 2000. A taped replay of the conference call will be available at 402/220-9161 beginning at 5 p.m. MDT today and continuing through October 5, 2000.