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Article Excerpt
(Full text of a statement. Contact details below.)
BW)(ID-MICRON-TECHNOLOGY)(MU.NYSE) Micron Technology, Inc., Reports Results for the Third Quarter of Fiscal 2009
Technology Writers
BOISE, Idaho--(BUSINESS WIRE) - Jun. 25, 2009-- Micron Technology, Inc., (NYSE:MU) today announced results of operations for the company's third quarter of fiscal 2009, which ended June 4, 2009. For the third quarter of fiscal 2009, the company posted a net loss of $290 million, or $0.36 per diluted share, on net sales of $1.1 billion. The company ended the quarter with cash and investments of $1.3 billion.
Revenue from sales of DRAM products increased 14 percent in the third quarter compared to the second quarter principally due to an increase in sales volumes for DRAM products. Revenue from sales of NAND Flash products was flat in the third quarter compared to the second quarter.
Significant cost reductions in NAND Flash production contributed to comparably lower average selling prices to Intel Corporation, the company's IM Flash joint venture partner. However, the effects of these lower average selling prices to Intel were offset by an overall 20 percent increase in NAND Flash sales volume and a significant increase in average selling prices to all other trade customers.
Memory production in the third quarter was significantly higher compared to the preceding quarter. Increases in bit production resulted from the company's continued transition to higher density 34 nanometer (nm) NAND Flash products and 50nm DRAM products.
The company's gross margin on sales of memory products improved from negative 30 percent in the second quarter of fiscal 2009 to positive 11 percent in the third quarter, resulting from significant decreases in per gigabit manufacturing costs and the benefit in the third quarter from sales of products previously written down. As a result of these decreases in per gigabit manufacturing costs and increases in average selling prices, there was no lower of cost or market write-down of memory inventories during the third quarter. Cost of goods sold in the third quarter includes approximately $30 million of charges for unused production capacity at the company's Inotera and IM Flash joint ventures and an estimated benefit of $242 million from sales in the third quarter of products written down in previous periods.
Sales of CMOS image sensors in the third quarter increased 53 percent compared to the preceding quarter as a result of...
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