Micron Technology, Inc., Reports Results for the Second Quarter
BOISE, Idaho, Mar 29, 2005 (BUSINESS WIRE) -- Micron Technology, Inc., (MU) today announced results of operations for its second quarter of fiscal 2005, ending March 3, 2005. For the second quarter, the Company earned operating income of $126 million and net income of $118 million, or $0.17 per diluted share, on net sales of $1,308 million. These results compare to a net loss of $28 million for the second quarter of fiscal 2004 and net income of $155 million, or $0.23 per diluted share, for the first quarter of fiscal 2005.
Net sales for the second quarter of fiscal 2005 were 32% higher than for the same quarter of fiscal 2004. Megabit sales volume was approximately 36% higher for the same comparative periods. For the second quarter of fiscal 2005, typically a seasonally slow semiconductor sales period, net sales were 4% higher than the immediately preceding quarter as a result of an approximate 23% increase in megabits sold offset by approximately 15% lower per megabit average selling prices for semiconductor memory. The lower average selling prices for the quarter were the primary factor impacting the Company's gross margin, which came in at 27%.
Megabit memory production in the second quarter of fiscal 2005 was approximately 28% higher than the immediately preceding quarter. The majority of the production increase was attributable to improvements in manufacturing efficiencies across the Company's diversified memory portfolio and the ramp of the Manassas, Virginia 300mm wafer fab. Finished goods inventory value increased $53 million during the second quarter of fiscal 2005 while work in process inventory dollars decreased slightly, reflective of gains in manufacturing efficiency.
At the end of the second quarter of fiscal 2005, the Company had $1.1 billion in cash and short-term investments. During the second quarter, the Company generated $308 million in cash from operations and invested $361 million in capital expenditures, primarily focused on the 300mm production line.
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