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Micron Technology, Inc., Reports Results For The Fourth Quarter And 2012 Fiscal Year

BOISE, Idaho, Sept. 27, 2012 (GLOBE NEWSWIRE) -- Micron Technology, Inc., (Nasdaq:MU) today announced results of operations for its fourth quarter and 2012 fiscal year, which ended August 30, 2012. For the fourth quarter, the company had a net loss attributable to Micron shareholders of $243 million, or $0.24 per diluted share, on net sales of $2.0 billion. The results for the fourth quarter of fiscal 2012 compare to a net loss of $320 million, or $0.32 per diluted share, on net sales of $2.2 billion for the third quarter of fiscal 2012, and a net loss of $135 million, or $0.14 per diluted share, on net sales of $2.1 billion for the fourth quarter of fiscal 2011.

For the 2012 fiscal year, the company had a net loss attributable to Micron shareholders of $1.03 billion, or $1.04 per diluted share, on net sales of $8.2 billion. Cash flows from operations were $2.1 billion for fiscal 2012. The results for fiscal 2012 compare to net income of $167 million, or $0.17 per diluted share, on net sales of $8.8 billion for the 2011 fiscal year. Revenues from sales of NAND Flash products were 14 percent higher in fiscal 2012 compared to fiscal 2011 due to a 106 percent increase in unit sales volume from the ramp of the IM Flash Singapore wafer fabrication facility partially offset by a 45 percent decrease in average selling prices. Revenues from sales of DRAM products were 12 percent lower in fiscal 2012 compared to fiscal 2011 due to a 45 percent decrease in average selling prices, partially offset by a 59 percent increase in unit sales volumes.

"In 2012, despite difficult market conditions and lower average selling prices, we continued to execute on our technology and manufacturing roadmaps and moved our products increasingly into premium segments. Our focus throughout 2013 is to drive additional cost reductions and advance our leading-edge memory technology to achieve increased manufacturing efficiencies," said Micron CEO Mark Durcan.

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