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To: Skeeter Bug who wrote (39594)	10/2/1998 11:34:00 PM
From: Carl R.	Read Replies (2) \| Respond to of 53903

I am not clear at all the terms of the deal with TI. Do you know of a source where I could find out more? There are lots of things I'd like to know. Any debts MU assumed, payment terms on the TI loans, number of shares issued to TI, structure of the TI joint venture deals, etc. Also, during the conference call they made reference to the fact that the "twinstar" fab was already closed. But a bizarre thing that they said in the call, I thought, was that the joint venture partners were responsible for providing all capital to upgrade joint venture fabs. Say what? MU owns some share (half???) of the joint venture, and provides know how, but the partner has to put up all the money? Can this be right? Sounds like a sweet deal to me. If I understood right, it might explain why MU only thinks they need $1 billion over 3 years for the TI fabs, with the $750 million from TI being most of it. Here is another note, by the way. The TI deal is supposed to add about $.25 a quarter to their loss next year. But that would be including the extra shares issued to TI, I presume, so the loss would be more like $300 million from the TI operations next year. On the other hand, their is no doubt some depreciation of TI facilities included in that loss, so the actual cash loss may be small. But it would really help me project their cash needs if I knew more about this deal. Carl

To: Skeeter Bug who wrote (39594)	10/3/1998 12:12:00 AM
From: Carl R.	Read Replies (1) \| Respond to of 53903

New estimates from first call: 10 analysts revised their estimates post earnings, 8 up, 2 down. For this quarter the consensus now is a loss of .30, improved from .31 loss with a range from -.47 to -.09. For next quarter the consensus is no a loss of .13, up from the prior estimate of a loss of .14. For this year the consensus is a loss of .24, up from the pre earnings announcement figure of -.27. The range is from a loss of 1.55 to a profit of 1.00. Two estimates are in the vicinity of a loss of $1.50, three in the vicinity of a loss of $1.00, two more around a loss of $.50, and 6 are positive. For the year 2.000 the consensus is a profit of $2.19, but only three analysts have made an estimate that far out. Thus estimates have not changed much, but they did rise a penny per quarter or so. The other comment is that only two analysts thing MU will lose more than $200 million this quarter, so I suspect they may be able to fund that equipment they need. Carl