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Micron with net loss of USD 135 million in 4Q

Micron Technology reported a net loss of USD 135 million, or USD 0.14 per diluted share, on net sales of USD 2.1 billion.

For the 2011 fiscal year, the company had net income attributable to Micron shareholders of USD 167 million, or USD 0.17 per diluted share, on net sales of USD 8.8 billion. Cash flows from operations were USD 2.5 billion for fiscal 2011. The results for fiscal 2011 compare to net income of USD 1.85 billion, or USD 1.85 per diluted share, on net sales of USD 8.5 billion for the 2010 fiscal year. The trial phase of the Rambus antitrust case that was heard in the San Francisco Superior Court ended on September 21, 2011 and the jury is currently deliberating the verdict. The company is unable to predict the outcome of this suit and is unable to reasonably estimate the range of possible loss. An unfavorable outcome could have a material adverse impact on the company's results of operations for the fourth quarter of fiscal 2011. The company's consolidated gross margin declined to 15% for the fourth quarter of fiscal 2011 from 22% for the third quarter of fiscal 2011 due primarily to significant declines in DRAM average selling prices. Revenue from sales of NAND Flash products was 11% higher in the fourth quarter of fiscal 2011 compared to the third quarter of fiscal 2011 due to a 40% increase in sales volume partially offset by a decrease in average selling prices. Revenue from sales of DRAM products was 12% lower in the fourth quarter of fiscal 2011 compared to the third quarter of fiscal 2011 due to the declines in average selling prices partially offset by an increase in sales volume. Sales of NOR Flash products were approximately 17% of total net sales for the fourth quarter of fiscal 2011. Cash flows from operations for the fourth quarter of fiscal 2011 were USD 354 million. During the fourth quarter of fiscal 2011, the company invested USD 928 million in capital expenditures. In addition, during the fourth quarter, the company issued USD 690 million of convertible debt and repurchased USD 150 million of its common stock. The company ended the quarter with cash and short-term investments of USD 2.2 billion. For all of fiscal 2011, the company invested approximately USD 2.9 billion in capital and paid down its debt by a net amount of approximately USD 260 million.

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March 28 2024 10:16 am V22.4.20-2
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