This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

(2)   Other operating expense in fiscal 2012 includes $17 million from the termination of a lease with IM Flash Technologies, LLC ("IMFT"), a joint venture of the company, and a charge of $10 million to write off a receivable in connection with resolution of certain prior year tax matters. 

(3)   On July 31, 2013, the company completed its acquisition of Elpida Memory, Inc. ("Elpida"), a Japanese corporation. Elpida's assets include, among others: a 300mm DRAM wafer fabrication facility located in Hiroshima, Japan; its 65% ownership interest in Rexchip Electronics Corporation ("Rexchip"), a Taiwanese corporation and manufacturing joint venture, whose assets include a 300mm DRAM wafer fabrication facility located in Taiwan; and an assembly and test facility located in Akita, Japan. Elpida's semiconductor memory products include Mobile DRAM targeted toward mobile phones and tablets. In a related transaction, on July 31, 2013, the company completed its acquisition from Powerchip Technology Corporation and certain of its affiliates (collectively, the "Powerchip Group") of an additional 24% interest in Rexchip. The total purchase price was $949 million and the provisional fair value of the net assets acquired, net of noncontrolling interests, was $2,433 million. As a result, the company recorded a gain of $1,484 million in connection with the acquisition. The provisional fair values of assets and liabilities acquired include, among other items, cash and restricted cash aggregating $1,618 million (which includes the company's payment to Elpida of $556 million set aside for the first Elpida creditor installment), inventories of $962 million; property, plant and equipment of $935 million; net deferred tax assets of $917 million and debt of ($2,134) million. The provisional fair values are subject to change within the one-year measurement period ending in the fourth quarter of fiscal 2014.

(4)   Other non-operating income (expense) consisted of the following:

   4th Qtr. 3rd Qtr.  4th Qtr. Year Ended
   Aug. 29 ,  May 30 ,  Aug. 30 ,  Aug. 29,  Aug. 30,
   2013  2013  2012  2013  2012
Gain (loss) from changes in currency exchange rates $ 2 $ (45) $ 8 $ (229) $ (6)
Gain on Inotera issuance of shares  48  --  --  48  --
Loss on extinguishment of debt  --  --  --  (31)  --
Gain (loss) from investments  (4)  (1)  (4)  (5)  35
Other  (1)  1  1  (1)  --
  $ 45 $ (45) $ 5 $ (218) $ 29

Gain (loss) from changes in currency exchange rates in the third quarter and full fiscal 2013 included currency losses of $47 million and $225 million, respectively, from changes in the market value of currency hedges executed in connection with the company's acquisition of Elpida and Rexchip. Other non-operating income in the fourth quarter of fiscal 2013 includes a gain of $48 million recognized in connection with the May 2013 issuance of common shares by Inotera Memories, Inc. As a result of the issuance, the company's interest in Inotera decreased to 35.5%. Loss from extinguishment of debt in fiscal 2013 included $31 million recognized in the second quarter in connection with the partial repurchase of the company's 2014 Notes. In order to improve comparability with the company's industry peers, gains and losses from currency exchange rates have been reclassified from operating to non-operating. As a result, $59 million of losses for the first quarter of fiscal 2013 and $8 million of gains and $6 million of losses for the fourth quarter of fiscal 2012 and full fiscal year 2012, respectively, were reclassified from the amounts previously reported in other operating (income) expense to other non-operating income (expense).

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs