BOISE, Idaho, September 29, 2011 – Micron Technology, Inc., (NASDAQ: MU) today announced results of operations for its fourth quarter and 2011 fiscal year, which ended September 1, 2011. For the fourth quarter, the company had a net loss attributable to Micron shareholders of $135 million, or $0.14 per diluted share, on net sales of $2.1 billion.
For the 2011 fiscal year, the company had net income attributable to Micron shareholders of $167 million, or $0.17 per diluted share, on net sales of $8.8 billion. Cash flows from operations were $2.5 billion for fiscal 2011. The results for fiscal 2011 compare to net income of $1.85 billion, or $1.85 per diluted share, on net sales of $8.5 billion for the 2010 fiscal year.
The trial phase of the Rambus antitrust case that was heard in the San Francisco Superior Court ended on September 21, 2011 and the jury is currently deliberating the verdict. The company is unable to predict the outcome of this suit and is unable to reasonably estimate the range of possible loss. An unfavorable outcome could have a material adverse impact on the company’s results of operations for the fourth quarter of fiscal 2011.
The company’s consolidated gross margin declined to 15 percent for the fourth quarter of fiscal 2011 from 22 percent for the third quarter of fiscal 2011 due primarily to significant declines in DRAM average selling prices. Revenue from sales of NAND Flash products was 11 percent higher in the fourth quarter of fiscal 2011 compared to the third quarter of fiscal 2011 due to a 40 percent increase in sales volume partially offset by a decrease in average selling prices. Revenue from sales of DRAM products was 12 percent lower in the fourth quarter of fiscal 2011 compared to the third quarter of fiscal 2011 due to the declines in average selling prices partially offset by an increase in sales volume. Sales of NOR Flash products were approximately 17 percent of total net sales for the fourth quarter of fiscal 2011.
Cash flows from operations for the fourth quarter of fiscal 2011 were $354 million. During the fourth quarter of fiscal 2011, the company invested $928 million in capital expenditures. In addition, during the fourth quarter, the company issued $690 million of convertible debt and repurchased $150 million of its common stock. The company ended the quarter with cash and short-term investments of $2.2 billion. For all of fiscal 2011, the company invested approximately $2.9 billion in capital and paid down its debt by a net amount of approximately $260 million.
The following information was filed by Micron Technology Inc (MU) on Thursday, September 29, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: MU CIK: 723125 Form Type:10-K Annual Report Accession Number: 0000723125-11-000189 Submitted to the SEC: Tue Oct 25 2011 3:34:34 PM EST Accepted by the SEC: Tue Oct 25 2011 Period: Thursday, September 1, 2011 Industry: Semiconductors And Related Devices