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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (40838)	12/23/1998 7:24:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 132070

Wednesday December 23, 6:42 pm Eastern Time Micron Technology posts loss but beats estimates (Combines takes, adds details) BOISE, Idaho, Dec 23 (Reuters) - Micron Technology Inc., (NYSE:MU - news) battered by falling prices for its computer memory chips, posted a loss for the latest quarter Wednesday, although the results were better than analysts had expected. Micron said it lost $46 million, or 19 cents per diluted share, in the first quarter ending Dec. 3, compared with net income of $6.5 million or 3 cents a share a year earlier. Net sales fell to $794 million from $957 million. On average analysts had expected Micron to report a loss of 28 cents a share, according to First Call, which tracks estimates. Micron stock, which has surged from the mid-20s over the past three months, closed at $54 on the New York Stock Exchange, up $1.50, before the results were announced. Earlier this week stock in Micron's computer maker subsidiary Micron Electronics Inc tumbled when it reported revenues that were lower than expected. Micron Technology said the average selling price for its most popular SDRAM memory chips, used in personal computers sold under many leading brand names, rose 8 percent in the quarter, reversing a decline of about 60 percent in fiscal 1998. That allowed the company to boost gross profit margins on semiconductor products to 9 percent of revenues in the quarter, compared with a negative 10 percent in the fiscal fourth quarter. Micron also said unit sales of its personal computer systems rose 2 percent over the year-earlier period, but the average system price fell 23 percent as the company slashed prices of its notebook and other models. In October, Micron completed the purchase of Texas Instruments Inc.'s (NYSE:TXN - news) memory business for about $840 million and also got a $500 million investment from Intel Corp. (Nasdaq:INTC - news)