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DGAP-News: Micron Technology, Inc., Reports Results for the Fourth Quarter and 2011 Fiscal Year
ID: 490637
(firmenpresse) - Micron Technology, Inc.
29.09.2011 22:21
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BOISE, Idaho, 2011-09-29 22:21 CEST (GLOBE NEWSWIRE) --
BOISE, Idaho, Sept. 29, 2011 (GLOBE NEWSWIRE) -- 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 company will host a conference call today at 2:30 p.m. MDT 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 Sept. 29, 2012. A taped audio replay of the
conference call will also be available at (404) 537-3406 (conference ID:
11557620) beginning at 5:30 p.m. MDT today and continuing until 5:30 p.m. MDT
on Thursday, Oct. 6, 2011.
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
This press release contains forward-looking statements regarding the potential
impact of an unfavorable outcome of the Rambus antitrust case. Actual events or
results may differ materially from those contained in the forward-looking
statements. Please refer to the documents Micron files on a consolidated basis
from time to time with the Securities and Exchange Commission, specifically
Micron's most recent Form 10-K and Form 10-Q. These documents contain and
identify important factors that could cause the actual results for Micron on a
consolidated basis to differ materially from those contained in our
forward-looking statements (see Certain Factors). Although we believe that the
expectations reflected in the forward-looking statements are reasonable, we
cannot guarantee future results, levels of activity, performance or
achievements.
MICRON TECHNOLOGY, INC.
CONSOLIDATED FINANCIAL SUMMARY
(in millions except per share amounts)
4th Qtr. 3rd Qtr. 4th Qtr. Year Ended
Sep. 1, Jun. 2, Sep. 2, Sep. 1, Sep. 2,
2011 2011 2010 2011 2010
-----------------------------------------------
Net sales $ 2,140 $ 2,139 $ 2,493 $ 8,788 $ 8,482
Cost of goods sold 1,819 1,661 1,712 7,030 5,768
-----------------------------------------------
Gross margin 321 478 781 1,758 2,714
Selling, general and 155 151 141 592 528
administrative
Research and development 209 211 197 791 624
Other operating (income) 8 (121) 10 (380) (27)
expense, net (1)
-----------------------------------------------
Operating income (51) 237 433 755 1,589
Gain from acquisition of Numonyx -- -- -- -- 437
(2)
Interest income (expense), net (28) (22) (31) (101) (160)
Other non-operating income 1 10 (2) (103) 54
(expense), net (3)
Income tax (provision) benefit (16) (104) (25) (203) 19
(2)(4)
Equity in net income (losses) of (40) (44) (16) (158) (39)
equity method investees
Net (income) loss attributable (1) (2) (17) (23) (50)
to noncontrolling interests
-----------------------------------------------
Net income (loss) attributable $ (135) $ 75 $ 342 $ 167 $ 1,850
to Micron===============================================
Earnings (loss) per share:
Basic $ (0.14) $ 0.07 $ 0.35 $ 0.17 $ 2.09
Diluted (0.14) 0.07 0.32 0.17 1.85
Number of shares used in per
share calculations:
Basic 992.2 998.9 970.0 988.0 887.5
Diluted 992.2 1,041.7 1,142.6 1,007.5 1,050.7
CONSOLIDATED FINANCIAL SUMMARY, Continued
As of
Sep. 1, Jun. 2, Sep. 2,
2011 2011 2010
------------------------------
Cash and short-term investments $ 2,160 $ 2,395 $ 2,913
Receivables 1,497 1,495 1,531
Inventories 2,080 2,068 1,770
Total current assets 5,832 6,045 6,333
Property, plant and equipment, net 7,555 7,103 6,601
Total assets 14,752 14,570 14,693
Accounts payable and accrued expenses 1,830 1,912 1,509
Current portion of long-term debt 140 184 712
Total current liabilities 2,480 2,588 2,702
Long-term debt (3)(5) 1,861 1,388 1,648
Total Micron shareholders' equity (5) 8,470 8,583 8,020
Noncontrolling interests in subsidiaries (6) 1,382 1,449 1,796
Total equity 9,852 10,032 9,816
Year Ended
Sep. 1, Sep. 2,
2011 2010
-----------------
Net cash provided by operating activities $ 2,484 $ 3,096
Net cash used for investing activities (2,201) (448)
Net cash used for financing activities (1,036) (1,220)
Depreciation and amortization 2,162 2,005
Expenditures for property, plant and equipment (2,550) (616)
Payments on equipment purchase contracts (322) (330)
Net distributions to noncontrolling interests (217) (229)
Noncash equipment acquisitions on contracts payable and469 420
capital leases
(1) Other operating (income) expense consisted of the following:
4th Qtr. 3rd Qtr. 4th Qtr. Year Ended
Sep. 1, Jun. 2, Sep. 2, Sep. 1, Sep. 2,
2011 2011 2010 2011 2010
-----------------------------------------------
(Gain) loss on disposition of $ 6 $ (7) $ 9 $ (17) $ (1)
property, plant and equipment
Restructure 4 (12) (3) (21) (10)
Gain on sale of Japan facility -- (54) -- (54) --
Samsung patent cross-license -- (35) -- (275) --
agreement
(Gain) loss from changes in -- (1) 3 6 23
currency exchange rates
Other (2) (12) 1 (19) (39)
-----------------------------------------------
$ 8 $ (121) $ 10 $ (380) $ (27)
===============================================
During the third quarter of fiscal 2011, the company completed the sale of its
wafer fabrication facility in Japan to Tower Semiconductor Ltd. ('TowerJazz').
In connection therewith, the company entered into a supply agreement with
TowerJazz to manufacture products for the company in the Japan facility for
approximately three years. Other operating income in the third quarter of
fiscal 2011 included a $54 million gain from the sale. In addition, income tax
provision in the third quarter of fiscal 2011 included a charge of $74 million
to write down certain tax assets as a result of the transaction.
In the first quarter of fiscal 2011, the company entered into a 10-year patent
cross-license agreement with Samsung Electronics Co. Ltd. ('Samsung'). Under
the agreement, Samsung agreed to pay the company $275 million, of which the
company received $200 million, $40 million and $35 million in the first, second
and third quarters, respectively, of fiscal 2011. The license is a
life-of-patents license for existing patents and applications, and a 10-year
term license for all other patents.
Other operating income in the third quarter of fiscal 2011 also included $8
million of receipts from the U.S. government in connection with anti-dumping
tariffs. Other operating income in fiscal 2010 included $24 million of grant
income related to the company's operations in China and $12 million of receipts
from the U.S. government in connection with anti-dumping tariffs.
(2) During the third quarter of fiscal 2010, the company acquired Numonyx
Holdings B.V. ('Numonyx'), which manufactured and sold primarily NOR Flash and
NAND Flash memory products. The total fair value of the consideration paid for
Numonyx was $1,112 million and consisted of 137.7 million shares of the
company's common stock issued to the Numonyx shareholders and 4.8 million
restricted stock units issued to employees of Numonyx. In connection with the
acquisition, the company recorded net assets of $1,549 million. Because the
fair value of the net assets acquired exceeded the purchase price, the company
recognized a gain on the acquisition of $437 million in the third quarter of
2010. In addition, the company recognized a $51 million income tax benefit in
connection with the acquisition.
(3) During the first quarter of fiscal 2011, the company entered into
separate privately negotiated purchase and exchange agreements under which it
repurchased $91 million in principal amount of its 4.25% Convertible Senior
Notes due 2013 (the '2013 Notes'), repurchased $176 million in principal amount
of its 1.875% Convertible Senior Notes due 2014 (the '2014 Notes') and
exchanged $175 million of the Existing 1.875% Notes for $175 million in
aggregate principal amount of new 1.875% Convertible Senior Notes due 2027 (the
'2027 Notes').
In connection with the repurchase transactions, the aggregate carrying amount
of debt (including unamortized discount and issuance costs) of $232 million was
redeemed for $328 million in cash (including fees). As a result of the
repurchase transactions and the effect of the exchange, the company recognized
a non-operating loss of $111 million in the first quarter of fiscal 2011.
Other non-operating income in the third quarter of fiscal 2011 included $15
million in connection with the release of the company's guarantee of certain
debt. Other non-operating income in fiscal 2010 included a gain of $56 million
recognized in the first quarter in connection with the August 2009 issuance of
common shares in a public offering by Inotera Memories, Inc. ('Inotera') - an
investment accounted for by the company under the equity method. As a result
of, and at the time of the issuance, the company's interest in Inotera
decreased from 35.5% to 29.8%.
(4) Income tax provision in fiscal 2011 included a charge in the third
quarter of $74 million to write down certain tax assets as a result of the
TowerJazz transaction and a charge in the second quarter to reduce net deferred
tax assets by $19 million in connection with a change in tax rates. Income tax
provision in fiscal 2011 also included charges aggregating $45 million in
connection with the Samsung cross-license agreement. Income taxes in fiscal
2010 included a $51 million benefit recorded in connection with the Numonyx
acquisition. Remaining taxes in fiscal 2011 and 2010 primarily reflected taxes
on the company's non-U.S. operations and U.S. alternative minimum tax. The
company has a valuation allowance for a substantial portion of its net deferred
tax assets associated with its U.S. operations. Taxes attributable to U.S.
operations in fiscal 2011 and 2010 were substantially offset by changes in the
valuation allowance.
(5) During the fourth quarter of fiscal 2011, the company issued $345 million
aggregate principal amount of its 1.50% convertible senior notes due August
2031 (the '2031A Notes') and $345 million aggregate principal amount of its
1.875% convertible senior notes due 2031 (the '2031B Notes' and, together with
the 2031A Notes, the '2031 Notes').
Holders may require the company to repurchase the 2031A Notes for cash on
August 1, 2018 and the 2031B Notes for cash on August 1, 2020, in each case at
a purchase price equal to the principal amount thereof plus accrued and unpaid
interest. In addition, holders may require the company to repurchase their
notes upon a change of control or a termination of trading at a purchase price
equal to the principal amount thereof plus accrued and unpaid interest.
Each series of 2031 Notes will be convertible, subject to the satisfaction of
certain conditions, into cash up to the principal amount of such 2031 Notes,
and with respect to any excess conversion value, cash or shares of the
company's common stock or a combination thereof, at the company's election. The
initial conversion rate per $1,000 principal amount of each of the 2031 Notes
is equivalent to 105.2632 shares of common stock, which is equivalent to a
conversion price of approximately $9.50 per share of common stock, subject to
adjustment in certain circumstances.
The company may redeem for cash all or part of the 2031A Notes on or after
August 5, 2013 and all or part of the 2031B Notes on or after August 5, 2014 if
the last reported sale price of its common stock has been at least 130% of the
conversion price then in effect for at least 20 trading days during any 30
consecutive trading day period ending within fivetrading days prior to the
date on which the company provides notice of redemption, at a redemption price
equal to the principal amount thereof plus accrued and unpaid interest thereon
plus a make-whole premium. If the company redeems the 2031A Notes prior to
August 5, 2015 or the 2031B Notes prior to August 5, 2016, the company will
make a 'make-whole premium' payment in cash equal to the present value of all
remaining scheduled payments of interest on the notes to be redeemed to August
5, 2015, in the case of the 2031A Notes, or to August 5, 2016, in the case of
the 2031B Notes.
The company may redeem the 2031A Notes for cash on or after August 5, 2015 and
may redeem the 2031B Notes for cash on or after August 5, 2016 at a redemption
price equal to 100% of the principal amount thereof plus accrued and unpaid
interest thereon.
(6) During the second quarter of fiscal 2011, the company acquired
Hewlett-Packard Singapore (Private) Limited's interest in TECH Semiconductor
Singapore Pte. Ltd., ('TECH'), a consolidated joint venture of the company, for
$38 million. Additionally, during the second quarter, the company acquired
Canon Inc.'s interest in TECH for $121 million. In connection therewith,
noncontrolling interests in subsidiaries decreased by $226 million and
additional capital increased by $67 million. As a result of these transactions,
the company's ownership interest in TECH increased during the second quarter of
2011 from 87% to 100%.
CONTACT: Kipp A. Bedard
Investor Relations
kbedard(at)micron.com
(208) 368-4465
Daniel Francisco
Media Relations
dfrancisco(at)micron.com
(208) 368-5584
News Source: NASDAQ OMX
29.09.2011 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Language: English
Company: Micron Technology, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US5951121038
WKN:
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Datum: 29.09.2011 - 22:21 Uhr
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