NAND Flash sales 8% higher in 2Q/2011 for Micron

The results for the second quarter of fiscal 2011 compare to net income of USD 155 million, or USD 0.15 per diluted share, on net sales of USD 2.3 billion for the first quarter of fiscal 2011, and net income of USD 365 million, or USD 0.39 per diluted share, on net sales of USD 2.0 billion for the second quarter of fiscal 2010. Revenue from sales of DRAM products was 6% lower in the second quarter of fiscal 2011 compared to the first quarter of fiscal 2011 due to a 23% decrease in average selling prices largely offset by an increase in volume. Revenue from sales of NAND Flash products was 8% higher in the second quarter of fiscal 2011 compared to the first quarter of fiscal 2011 due to an increase in volume partially offset by a 4% decrease in average selling prices. Revenue from sales of NOR Flash products was 7% lower in the second quarter of fiscal 2011 compared to the first quarter of fiscal 2011 due primarily to a decrease in average selling prices. The company's consolidated gross margin was 19%t in the second quarter of fiscal 2011 and was lower compared to its gross margin of 23% in the first quarter of fiscal 2011 due primarily to the decreases in average selling prices partially offset by decreases in manufacturing costs. Cash flows from operations for the second quarter of fiscal 2011 were USD 809 million. During the second quarter of fiscal 2011, the company invested USD 840 million in capital expenditures. In addition, during the second quarter, the company completed the acquisition of the remaining noncontrolling interests in TECH in two cash transactions aggregating USD 159 million. The company ended the second fiscal quarter with cash and short-term investments of USD 2.2 billion.