Thursday, March 22nd 2012
Micron Technology Reports Results for the Second Quarter of Fiscal 2012
Micron Technology, Inc., today announced results of operations for its second quarter of fiscal 2012, which ended March 1, 2012. For the second quarter, the company had a net loss attributable to Micron shareholders of $224 million, or $0.23 per diluted share, on net sales of $2.1 billion. The results for the second quarter of fiscal 2012 compare to a net loss of $187 million, or $0.19 per diluted share, on net sales of $2.1 billion for the first quarter of fiscal 2012, and net income of $72 million, or $0.07 per diluted share, on net sales of $2.3 billion for the second quarter of fiscal 2011.
Revenues from sales of NAND Flash products and DRAM products were slightly higher in the second quarter of fiscal 2012 compared to the first quarter of fiscal 2012, due primarily to approximate 20 percent increases in sales volumes offset by decreases in average selling prices. The company's consolidated gross margin declined to 13 percent in the second quarter of fiscal 2012 compared to 15 percent for the first quarter of fiscal 2012, due primarily to declines in gross margins for the company's NOR Flash products in the wireless market. Sales of NOR Flash products were approximately 11 percent of total net sales for the second quarter of fiscal 2012.
Cash flows from operations for the second quarter of fiscal 2012 were $574 million. During the second quarter of fiscal 2012, the company invested approximately $429 million in capital expenditures. The company ended the second quarter with cash and short-term investments of $2.1 billion.
The company will host a conference call Thursday, March 22 at 2:30 p.m. MDT to discuss its financial results. The call, audio and slides will be available online at investors.micron.com/events.cfm. A webcast replay will be available on the company's website until March 22, 2013. A taped audio replay of the conference call will also be available at (404) 537-3406 (conference number: 62533629) beginning at 5:30 p.m. MDT Thursday, March 22, 2012 and continuing until 5:30 p.m. MDT on Thursday, March 29, 2012.
Revenues from sales of NAND Flash products and DRAM products were slightly higher in the second quarter of fiscal 2012 compared to the first quarter of fiscal 2012, due primarily to approximate 20 percent increases in sales volumes offset by decreases in average selling prices. The company's consolidated gross margin declined to 13 percent in the second quarter of fiscal 2012 compared to 15 percent for the first quarter of fiscal 2012, due primarily to declines in gross margins for the company's NOR Flash products in the wireless market. Sales of NOR Flash products were approximately 11 percent of total net sales for the second quarter of fiscal 2012.
Cash flows from operations for the second quarter of fiscal 2012 were $574 million. During the second quarter of fiscal 2012, the company invested approximately $429 million in capital expenditures. The company ended the second quarter with cash and short-term investments of $2.1 billion.
The company will host a conference call Thursday, March 22 at 2:30 p.m. MDT to discuss its financial results. The call, audio and slides will be available online at investors.micron.com/events.cfm. A webcast replay will be available on the company's website until March 22, 2013. A taped audio replay of the conference call will also be available at (404) 537-3406 (conference number: 62533629) beginning at 5:30 p.m. MDT Thursday, March 22, 2012 and continuing until 5:30 p.m. MDT on Thursday, March 29, 2012.
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