Lexar Media Posts Quarterly Loss

Lexar Media ( LEXR) belatedly delivered its fourth-quarter financial results Tuesday, posting a $23.8 million loss. But with the company destined to be swallowed by Micron Technology ( MU), investors shrugged off the poor results.

Shares of Lexar were up a penny to $8.71 in extended trading.

Freemont, Calif.-based Lexar, which sells flash memory cards for digital cameras and other electronic devices, announced last week that it had agreed to be acquired by Micron in a $688 million stock purchase. The deal is expected to close in the third quarter.

For the three months ended Dec. 31, Lexar said it generated $239.1 million in revenue, a 27% increase from the $188.5 million the company recorded in the year-ago period.

The company had a loss of 29 cents a share, compared with the 80-cents-a-share loss it recorded at the same time last year, but down sequentially from the third quarter's 2-cents-a-share profit. The company had announced earlier that it would not host a conference call to discuss the results.

Lexar had initially projected earning a profit in the fourth quarter, with plans to release its financial results in mid-February. The company revised its guidance last month, anticipating a loss of 21 cents to 26 cents a share, and postponed its quarterly earnings results until March. Lexar blamed the loss on the rising costs of goods sold and competitive pricing pressures in the retail environment.

Lexar procures the NAND flash chips that go into its products from Samsung, unlike rival SanDisk ( SNDK) which produces its own chips through a partnership with Toshiba.

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