Micron Ends Year Badly, Reports $706 Million Loss
Micron Technology today announced results of operations for the company's first quarter of fiscal 2009, which ended December 4, 2008. For the first quarter of fiscal 2009, the company posted a net loss of $706 million, or $0.91 per diluted share, on net sales of $1.4 billion. These results reflect a non-cash charge to cost of goods sold of $369 million to write down the value of work in process and finished goods inventories of memory products to their estimated market values and a benefit of $157 million from first quarter sales of products that were subject to
previous write-downs. In the first quarter of fiscal 2009, the company generated $359 million in cash flow from operating activities and ended the quarter with cash and investments of $1.0 billion.
previous write-downs. In the first quarter of fiscal 2009, the company generated $359 million in cash flow from operating activities and ended the quarter with cash and investments of $1.0 billion.