Micron Technology Reports Results for the Second Quarter of Fiscal 2014

BY  | FROM GLOBE NEWSWIRE | 2014-04-08 15:35

  BOISE, Idaho, April 3, 2014 (GLOBE NEWSWIRE) -- Micron Technology, Inc., (Nasdaq:MU) today announced results of operations for its second quarter of fiscal 2014, which ended February 27, 2014. Revenues in the second quarter of fiscal 2014 were $4.11 billion and were 2 percent higher compared to the first quarter of fiscal 2014 and 98 percent higher compared to the second quarter of fiscal 2013.

  GAAP Income and Per Share Data – On a GAAP(1) basis, net income attributable to Micron shareholders in the second quarter of fiscal 2014 was $731 million, or $0.61 per diluted share, compared to net income of $358 million, or $0.30 per diluted share, in the first quarter of fiscal 2014 and a net loss of ($286) million, or ($0.28) per diluted share, in the second quarter of fiscal 2013.

  Non-GAAP Income and Per Share Data – On a non-GAAP(2) basis, net income attributable to Micron shareholders in the second quarter of fiscal 2014 was $989 million, or $0.85 per diluted share, compared to net income of $881 million, or $0.77 per diluted share, in the first quarter of fiscal 2014. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.

  Revenues from sales of Trade NAND Flash products were 11 percent higher in the second quarter of fiscal 2014 compared to the first quarter of fiscal 2014 primarily due to a 35 percent increase in sales volume offset by an 18 percent decrease in average selling prices. Revenues from sales of DRAM products were essentially unchanged in the second quarter of fiscal 2014 compared to the first quarter of fiscal 2014 as both sales volumes and average selling prices remained stable. The company's overall consolidated gross margin was 34 percent in the second quarter of fiscal 2014 compared to 32 percent in the first quarter of fiscal 2014 as a result of a higher DRAM gross margin.

  Cash flows from operations for the second quarter of fiscal 2014 were $1.39 billion, while investments in capital expenditures were $565 million. The company ended the second fiscal quarter with cash and marketable investments of $5.06 billion.

  The company will host a conference call Thursday, April 3 at 2:30 p.m. MDT to discuss its financial and operating results. The call, audio, slides, other operational and financial information, and guidance will be available online at http://investors.micron.com/events.cfm. A webcast replay will be available on the company's website until April 10, 2015. A taped audio replay of the conference call will also be available at (404) 537-3406 (conference number: 12756761) beginning at 5:30 p.m. MDT Thursday, April 3, 2014 and continuing until 5:30 p.m. MDT on Thursday, April 10, 2014.

  Micron Technology, Inc., is one of the world's leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets a full range of DRAM, NAND Flash and NOR Flash memory, as well as other innovative memory technologies, packaging solutions and semiconductor systems for use in leading-edge computing, consumer, networking, embedded and mobile products. Micron's common stock is traded on the NASDAQ under the MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com.

  (1) GAAP represents U.S. Generally Accepted Accounting Principles.

  (2) Non-GAAP represents GAAP excluding the impact of certain activities which the company's management excludes in analyzing the company's operating results and understanding trends in the company's earnings. Non-GAAP also includes the impact on shares used in per share calculations of the company's outstanding capped call transactions. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.

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