Micron Technology, Inc., Reports Results for the Second Quarter of Fiscal 2010
Micron Technology, Inc., (Nasdaq:MU) today announced results of operations for its second quarter of fiscal 2010, which ended March 4, 2010. For the second quarter of fiscal 2010, the company had net income attributable to Micron shareholders of $365 million, or $0.39 per diluted share, on net sales of just under $2 billion. These results compare to net income of $204 million, or $0.23 per diluted share, on net sales of $1.74 billion for the first quarter of fiscal 2010 and a net loss of $763 million, or $0.99 per diluted share, on net sales of $1.0 billion for the second quarter of fiscal 2009. Amounts and presentations for periods prior to fiscal 2010 have been recast for the effects of the adoption of new accounting standards for convertible debt and non-controlling interests.
"Micron positioned itself well during the recession. The company's results are starting to reflect the combination of an improving market, strong operational performance, advanced technology and a broad product portfolio," said Steve Appleton, Micron Chairman and CEO.
Revenue from sales of DRAM products increased 24 percent in the second quarter of fiscal 2010 compared to the first quarter of fiscal 2010 due to a 17 percent increase in unit sales volume and a 7 percent increase in average selling prices. Revenue from sales of NAND Flash products were down slightly in the second quarter compared to the first quarter due to a slight decrease in average selling prices. The company's gross margin on sales of memory products improved from 27 percent in the first quarter to 35 percent in the second quarter due to both an overall increase in average selling prices as well as decreases in manufacturing costs.
The company generated $804 million in cash flows from operations in the second quarter of fiscal 2010 and ended the quarter with cash and investments of approximately $1.9 billion.
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://www.micron.com. A webcast replay will be available on the company's Web site until March 31, 2011. A taped audio replay of the conference call will also be available at (706) 645-9291 (conference number: 63044542) beginning at 5:30 p.m. MDT today and continuing until 5:30 p.m. MDT on April 7, 2010.
Micron Technology, Inc., is one of the world's leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAM, NAND Flash memory
Latest News Posts
- Nintendo sold 2.3 million NES Mini consoles
- Nintendo forecasts 10 million Switch sales this year
- Capcom's 2016 financials outline company's future
- Sony shipped about 60 million PS4s
- Next-gen PS4 coming in 2018, analyst predicts
- ASUS USB-AC53 Nano AC1200 Wireless Adapter Review
- GIGABYTE Xtreme Gaming XTC700 CPU Cooler Review
- ASRock 990fx Extreme9 and NVMe support
- HDD to SSD
- Lenovo IdeaCentre Y710 Cube Gaming PC Review
- Get ready for Intel Optane memory with ASRock 200 series motherboards!
- Acer unleashes the Predator Triton 700, a thin yet powerful gaming notebook without compromise
- Acer's new Predator monitors with quantum dot technology deliver spectacular gameplay experiences
- Acer expands its gaming notebook line with the powerful Predator Helios 300
- Western Digital ships fourth-generation Helium Hard Drive platform with Ultrastar He12 12TB advanced storage hard drives