Tuesday, January 7th 2014

Micron Technology Reports Results for the First Quarter of Fiscal 2014

Micron Technology, Inc., today announced results of operations for its first quarter of fiscal 2014, which ended November 28, 2013. Revenues in the first quarter of fiscal 2014 were $4.04 billion and were 42 percent higher compared to the fourth quarter of fiscal 2013 and 120 percent higher compared to the first quarter of fiscal 2013.

GAAP Income and Per Share Data - On a GAAP basis, net income attributable to Micron shareholders was $358 million, or $0.30 per diluted share, compared to net income of $1.71 billion, or $1.51 per diluted share, in the fourth quarter of fiscal 2013 and a net loss of ($275) million, or ($0.27) per diluted share, in the first quarter of fiscal 2013.

Non-GAAP Income and Per Share Data - On a non-GAAP basis, net income attributable to Micron shareholders was $881 million, or $0.77 per diluted share, compared to net income of $317 million, or $0.29 per diluted share, in the fourth quarter of fiscal 2013. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.

Revenues from sales of DRAM products were 69 percent higher in the first quarter of fiscal 2014 compared to the fourth quarter of fiscal 2013 due primarily to an increase in sales volume resulting from the acquisition of Elpida. Revenues from sales of NAND Flash products were 8 percent higher in the first quarter of fiscal 2014 compared to the fourth quarter of fiscal 2013 primarily due to an 11 percent increase in sales volume offset by a slight decrease in average selling prices. The company's consolidated gross margin improved to 32 percent in the first quarter of fiscal 2014 compared to 25 percent in the fourth quarter of fiscal 2013 primarily due to an increase in volume of products resulting from the acquisition of Elpida and to product mix.

Cash flows from operations for the first quarter of fiscal 2014 were $1.51 billion, while investments in capital expenditures were $669 million. The company ended the first fiscal quarter with cash and marketable investments of $4.41 billion.
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