Micron reports net loss for 2Q/2012

For the second quarter, the company had a net loss attributable to Micron shareholders of $224 million, or $0.23 per diluted share, on net sales of $2.1 billion. The results for the second quarter of fiscal 2012 compare to a net loss of $187 million, or $0.19 per diluted share, on net sales of $2.1 billion for the first quarter of fiscal 2012, and net income of $72 million, or $0.07 per diluted share, on net sales of $2.3 billion for the second quarter of fiscal 2011. Revenues from sales of NAND Flash products and DRAM products were slightly higher in the second quarter of fiscal 2012 compared to the first quarter of fiscal 2012, due primarily to approximate 20 percent increases in sales volumes offset by decreases in average selling prices. The company's consolidated gross margin declined to 13 percent in the second quarter of fiscal 2012 compared to 15 percent for the first quarter of fiscal 2012, due primarily to declines in gross margins for the company's NOR Flash products in the wireless market. Sales of NOR Flash products were approximately 11 percent of total net sales for the second quarter of fiscal 2012. Cash flows from operations for the second quarter of fiscal 2012 were $574 million. During the second quarter of fiscal 2012, the company invested approximately $429 million in capital expenditures. The company ended the second quarter with cash and short-term investments of $2.1 billion.