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Micron Electronics

(MUEI)

met Wall Street's expectations for the fiscal first quarter, but lower DRAM pricing led the company to report earnings that fell sharply from the year-ago period.

The computing hardware company earned $2 million, or 2 cents a share, in the latest first quarter, down from $15 million, or 15 cents a share, in the year-ago period. Analysts polled by

First Call/Thomson Financial

expected the company to earn 2 cents a share in the quarter.

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Micron Electronics, which is 61%-owned by

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Micron Technology

(MU) - Get Micron Technology, Inc. Report

, said revenue increased to $404 million in the quarter, up from $353 million in the same period a year ago. Micron Technology also

reported earnings today, but missed analysts' expectations.

Shares of Micron Electronics ended regular session

Nasdaq

trading unchanged at $3.31 and remained at that price in after-hours

Island

activity.