Micron Technology, Inc., Reports Results for the First Quarter of Fiscal 2010

BOISE, Idaho — (BUSINESS WIRE) — December 22, 2009 — Micron Technology, Inc., (NYSE: MU) today announced results of operations for its first quarter of fiscal 2010, which ended December 3, 2009. For the first quarter of fiscal 2010, the company had net income attributable to Micron shareholders of $204 million, or $0.23 per diluted share, on net sales of $1.74 billion. These results compare to a loss of $100 million, or $0.12 per diluted share, on net sales of $1.3 billion for the fourth quarter of fiscal 2009 and a loss of $718 million, or $0.93 per diluted share, on net sales of $1.4 billion for the first quarter of fiscal 2009. Amounts and presentations for periods prior to fiscal 2010 have been recast for the effects of the adoption of new accounting standards for convertible debt and noncontrolling interests.

“We realize there are still challenges in the global economy, but our team members deserve a lot of credit for generating positive operating cash flow throughout the downturn,” said Steve Appleton, Micron Chairman and CEO. “Our technology, cost competitiveness and strong balance sheet will provide a great foundation for taking advantage of improving market conditions.”

Revenue from sales of DRAM products increased 50 percent in the first quarter compared to the fourth quarter due to a 25 percent increase in sales volume and a 21 percent increase in average selling prices. Revenue from sales of NAND Flash products increased 21 percent in the first quarter compared to the fourth quarter due to a 16 percent increase in sales volume and a five percent increase in average selling prices. The company’s gross margin on sales of memory products improved from 12 percent in the fourth quarter of fiscal 2009 to 27 percent in the first quarter of fiscal 2010 due primarily to the increases in average selling prices.

The company generated $326 million in cash flows from operations in the first quarter of fiscal 2010 and ended the quarter with cash and investments of approximately $1.6 billion.

The company will host a conference call today at 2:30 p.m. MST to discuss its financial results. The call, audio and slides will be available online at www.micron.com. A webcast replay will be available on the company’s web site until Dec. 22, 2010. A taped audio replay of the conference call will also be available at 706-645-9291 (conference number: 45034396) beginning at 5:30 p.m. MST today and continuing until 5:30 p.m. MST on Dec. 29, 2009.

Micron Technology, Inc., is one of the world’s leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAM, NAND flash memory, CMOS image sensors, other semiconductor components, and memory modules for use in leading-edge computing, consumer, networking and mobile products. To learn more about Micron Technology, Inc., visit www.micron.com.

This press release contains forward-looking statements regarding future market conditions. Actual events or results may differ materially from those contained in the forward-looking statements. Please refer to the documents the Company files on a consolidated basis from time to time with the Securities and Exchange Commission, specifically the Company’s most recent Form 10-K. These documents contain and identify important factors that could cause the actual results for the Company on a consolidated basis to differ materially from those contained in our forward-looking statements (see Risk Factors). Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements after the date of this report to conform to actual results.

 MICRON TECHNOLOGY, INC.

CONSOLIDATED FINANCIAL SUMMARY

(in millions except per share amounts)

1st Qtr.   4th Qtr.   1st Qtr.
Dec. 3, Sep. 3, Dec. 4,
2009 2009 2008
 
Net sales $ 1,740 $ 1,302 $ 1,402
Cost of goods sold (1)   1,297     1,133     1,851  
Gross margin 443 169 (449 )
Selling, general and administrative 97 82 102
Research and development 137 139 178
Restructure (2) (1 ) 12 (66 )
Other operating (income) expense (3)   9     (15 )   9  
Operating income (loss) 201 (49 ) (672 )
Interest income (expense), net (45 ) (43 ) (31 )
Other non-operating income (expense) (4) 56 (1 ) (10 )
Income tax (provision) benefit (5) 7 13 (13 )
Equity in net losses of equity method investees (17 ) (34 ) (5 )
Net loss attributable to noncontrolling interests   2     14     13  
Net income (loss) attributable to Micron $ 204   $ (100 ) $ (718 )
 
Earnings (loss) per share:
Basic $ 0.24 $ (0.12 ) $ (0.93 )
Diluted 0.23 (0.12 ) (0.93 )
 
Number of shares used in per share calculations:
Basic 846.3 844.3 773.3
Diluted 1,000.7 844.3 773.3
 

CONSOLIDATED FINANCIAL SUMMARY, Continued

As of
Dec. 3,   Sep. 3,
2009 2009
 
Cash and short-term investments $ 1,565 $ 1,485
Receivables 1,091 798
Inventories (1) 1,037 987
Total current assets 3,769 3,344
Property, plant and equipment 6,876 7,089
Total assets 11,726 11,459
 
Accounts payable and accrued expenses 1,059 1,037
Current portion of long-term debt 618 424
Total current liabilities 2,242 1,892
Long-term debt (6) 2,143 2,379
 
Total Micron shareholders’ equity 5,195 4,953
Noncontrolling interests in subsidiaries (7) 1,896 1,986
Total equity 7,091 6,939
 
Three Months Ended
Dec. 3, Dec. 4,
2009 2008
 
Net cash provided by operating activities $ 326 $ 359
Net cash used for investing activities (25 ) (489 )
Net cash used for financing activities (221 ) (88 )
 
Depreciation and amortization 491 605
Expenditures for property, plant and equipment (62 ) (270 )
Payments on equipment purchase contracts (49 ) (64 )
Net distributions to noncontrolling interests (88 ) (150 )
 
Noncash equipment acquisitions on contracts payable and capital leases 176 153

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