Micron Technology, Inc., Reports Results for the First Quarter of Fiscal 2013

Micron Technology, Inc., Reports Results for the First Quarter of Fiscal 2013

BOISE, Idaho, Dec. 20, 2012 (GLOBE NEWSWIRE) -- Micron Technology, Inc.,
(Nasdaq:MU) today announced results of operations for its first quarter of
fiscal 2013, which ended November 29, 2012. For the first quarter, the company
had a net loss attributable to Micron shareholders of $275 million, or $0.27
per diluted share, on net sales of $1.8 billion. The results for the first
quarter of fiscal 2013 compare to a net loss of $243 million, or $0.24 per
diluted share, on net sales of $2.0 billion for the fourth quarter of fiscal
2012, and a net loss of $187 million, or $0.19 per diluted share, on net sales
of $2.1 billion for the first quarter of fiscal 2012.

Revenues from sales of NAND Flash products were 4 percent lower in the first
quarter of fiscal 2013 compared to the fourth quarter of fiscal 2012, due to a
9 percent decrease in sales volume, partially offset by a 5 percent increase
in average selling prices. Trade NAND Flash sales volume in the first quarter
of fiscal 2013 decreased compared to the fourth quarter of fiscal 2012
primarily as a result of lower production of NAND Flash products. Revenues
from sales of DRAM products in the first quarter of fiscal 2013 were 9 percent
lower compared to the fourth quarter of fiscal 2012 primarily due to an 11
percent decrease in average selling prices. Sales of NOR Flash products were
relatively unchanged for the first quarter of fiscal 2013 compared to the
fourth quarter of fiscal 2012.

The company's consolidated gross margin of 12 percent in the first quarter of
fiscal 2013 was up slightly from 11 percent in the fourth quarter of fiscal
2012. Improvements in margin from sales of NAND Flash and NOR Flash products
were offset by slight declines in margins from sales of DRAM products.

Cash flows from operations for the first quarter of fiscal 2013 were $236
million. During the first quarter of fiscal 2013, the company invested $538
million in capital expenditures and ended the quarter with cash and
investments of $2.8 billion.

The company will host a conference call Thursday, December 20 at 2:30 p.m. MST
to discuss its financial results. The call, audio and slides will be available
online at http://investors.micron.com/events.cfm. A webcast replay will be
available on the company's website until December 27, 2013. A taped audio
replay of the conference call will also be available at (404) 537-3406
(conference number: 79770323) beginning at 5:30 p.m. MST, Thursday, December
20, 2012 and continuing until 5:30 p.m. MST, Thursday, December 27, 2012.

Micron Technology, Inc., is one of the world's leading providers of advanced
semiconductor solutions. Through its worldwide operations, Micron manufactures
and markets a full range of DRAM, NAND Flash and NOR Flash memory, as well as
other innovative memory technologies, packaging solutions and semiconductor
systems for use in leading-edge computing, consumer, networking, embedded and
mobile products. Micron's common stock is traded on the NASDAQ under the MU
symbol. To learn more about Micron Technology, Inc., visit www.micron.com.

The Micron Technology, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6950

MICRON TECHNOLOGY, INC.
CONSOLIDATED FINANCIAL SUMMARY
(in millions except per share amounts)

                                                1st Qtr. 4th Qtr. 1st Qtr.
                                                Nov. 29, Aug. 30, Dec. 1,
                                                2012     2012     2011
                                                                  
Net sales                                       $1,834   $1,963   $2,090
Cost of goods sold                               1,617    1,744    1,785
Gross margin                                     217      219      305
Selling, general and administrative              119      139      151
Research and development                        224      235      230
Other operating (income) expense, net (1)        31       (15)     6
Operating loss                                   (157)    (140)    (82)
Interest income (expense), net                   (54)     (52)     (33)
Other non-operating income (expense), net        1        (4)      --
Income tax (provision) benefit (2)               (13)     (14)     2
Equity in net losses of equity method investees  (52)     (32)     (74)
Net income attributable to noncontrolling        --        (1)       --
interests
Net loss attributable to Micron                  $(275)   $(243)   $(187)
                                                                  
Loss per share:                                                    
Basic                                            $(0.27)  $(0.24)  $(0.19)
Diluted                                          (0.27)   (0.24)   (0.19)
                                                                  
Number of shares used in per share calculations:                   
Basic                                            1,013.7  1,013.1  981.4
Diluted                                          1,013.7  1,013.1  981.4


CONSOLIDATED FINANCIAL SUMMARY, Continued
                                                          As of
                                                          Nov. 29, Aug. 30,
                                                          2012     2012
                                                                   
Cash and short-term investments                            $2,271   $2,559
Receivables                                                1,139    1,289
Inventories                                                1,831    1,812
Total current assets                                       5,315    5,758
Long-term marketable investments                           527      374
Property, plant and equipment, net                         7,199    7,103
Total assets                                               14,067   14,328
                                                                   
Accounts payable and accrued expenses                      1,584    1,641
Current portion of long-term debt                          266      224
Total current liabilities                                  2,138    2,243
Long-term debt (3)                                         3,169    3,038
                                                                   
Total Micron shareholders' equity                          7,469    7,700
Noncontrolling interests in subsidiaries                   717      717
Total equity                                               8,186    8,417
                                                          
                                                          
                                                          Three Months Ended
                                                          Nov. 29, Dec. 1,
                                                          2012     2011
                                                                   
Net cash provided by operating activities                  $236     $404
Net cash used for investing activities                     (639)    (714)
Net cash provided by financing activities                  46       65
                                                                   
Depreciation and amortization                              485      581
Expenditures for property, plant and equipment             (434)    (697)
Payments on equipment purchase contracts                   (104)    (49)
Net contributions from noncontrolling interests            --       55
                                                                   
Noncash equipment acquisitions on contracts payable and    59       192
capital leases

(1) Other operating (income) expense consisted of the following:

                                                1st Qtr. 4th Qtr. 1st Qtr.
                                                Nov. 29, Aug. 30, Dec. 1,
                                                2012     2012     2011
                                                                  
(Gain) loss from changes in currency exchange    $59      $(8)     $11
rates
(Gain) loss on disposition of property, plant    (5)      (5)       1
and equipment
Other                                            (23)     (2)      (6)
                                                $31      $(15)    $6

Other operating (income) expense included losses of $62 million in the first
quarter of fiscal 2013 and gains of $9 million in the fourth quarter of fiscal
2012 from changes in the market value of the company's yen currency hedges
executed in connection with its planned acquisition of Elpida Memory, Inc. In
addition, other operating income in the first quarter of fiscal 2013 included
a gain of $25 million resulting from the termination by the company's
Transform Solar joint venture of a lease to a portion of the company's
manufacturing facilities in Boise, Idaho.

(2) Income taxes for the first quarter of fiscal 2012 included a tax benefit
of $14 million related to the favorable resolution of certain prior year tax
matters. Remaining taxes in fiscal 2013 and 2012 primarily reflected taxes on
the company's non-U.S. operations. The company has a valuation allowance for
its net deferred tax asset associated with its U.S. operations. Taxes
attributable to the company's U.S. operations in fiscal 2013 and 2012 were
substantially offset by changes in the valuation allowance.


(3) During the first quarter of fiscal 2013, the company entered into two
credit facilities. The first was a revolving credit facility providing for
borrowings of up to $255 million. Amounts drawn under the facility would be
collateralized by certain accounts receivable.As of the end of the first
quarter of fiscal 2013, no amounts had been drawn under the facility. The
second was a term note providing for borrowings of up to $214 million.Amounts
drawn under the facility are collateralized by semiconductor production
equipment. As of the end of the first quarter of fiscal 2013, the balance
outstanding under the note was $173 million.

CONTACT: Kipp A. Bedard
         Investor Relations
         kbedard@micron.com
         (208) 368-4465
        
         Daniel Francisco
         Media Relations
         dfrancisco@micron.com
         (208) 368-5584

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