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Micron Technology, Inc., Reports Results For The Third Quarter Of Fiscal 2013

BOISE, Idaho, June 19, 2013 (GLOBE NEWSWIRE) -- Micron Technology, Inc., (Nasdaq:MU) today announced results of operations for its third quarter of fiscal 2013, which ended May 30, 2013. For the third quarter, the company had net income attributable to Micron shareholders of $43 million, or $0.04 per diluted share, on net sales of $2.3 billion. The results for the third quarter of fiscal 2013 compare to a net loss of $286 million, or ($0.28) per diluted share, on net sales of $2.1 billion for the second quarter of fiscal 2013, and 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.

The company's consolidated gross margin improved to 24 percent in the third quarter of fiscal 2013 compared to 18 percent in the second quarter of fiscal 2013. Gross margins for both DRAM and NAND Flash products improved due to increases in average selling prices. DRAM gross margins also benefited from decreases in manufacturing costs.

Revenues from sales of DRAM products in the third quarter of fiscal 2013 were 23 percent higher compared to the second quarter due to a 16 percent increase in average selling prices and a 6 percent increase in sales volume. Revenues from sales of NAND Flash products were 7 percent higher in the third quarter of fiscal 2013 compared to the second quarter primarily due to an 8 percent increase in Trade NAND Flash average selling prices.

Cash flows from operations for the third quarter of fiscal 2013 were $624 million, while investments in capital expenditures were $235 million. The company ended the third fiscal quarter with cash and investments of $2.9 billion.

"As the memory market shows improvement in both DRAM and NAND fundamentals, we continue to focus our efforts on advancing our operational efficiency," said Micron CEO Mark Durcan. "We have also made progress in securing the necessary approvals related to the Elpida acquisition and are optimistic we will be able to close the transaction in our fiscal fourth quarter ending August 29, 2013."

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