Micron Technology, Inc., Reports Results for the First Quarter of Fiscal 2016

BOISE, Idaho, Dec. 22, 2015 (GLOBE NEWSWIRE) -- Micron Technology, Inc., (NASDAQ:MU) today announced results of operations for its first quarter of fiscal 2016, which ended December 3, 2015. Revenues for the first quarter of fiscal 2016 were $3.35 billion and were 7 percent lower compared to the fourth quarter of fiscal 2015 and 27 percent lower compared to the first quarter of fiscal 2015. Cash flows from operations were $1.12 billion for the first quarter of fiscal 2016.

GAAP Income and Per Share Data – On a GAAP(1) basis, net income attributable to Micron shareholders for the first quarter of fiscal 2016 was $206 million, or $0.19 per diluted share, compared to net income of $471 million, or $0.42 per diluted share, for the fourth quarter of fiscal 2015.

Non-GAAP Income and Per Share Data – On a non-GAAP(2) basis, net income attributable to Micron shareholders for the first quarter of fiscal 2016 was $249 million, or $0.24 per diluted share, compared to net income of $399 million, or $0.37 per diluted share, for the fourth quarter of fiscal 2015. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.

Revenues for the first quarter of fiscal 2016 were lower compared to the fourth quarter of fiscal 2015 primarily due to a 13 percent decline in DRAM average selling prices. Non-Volatile trade revenues for the first quarter of fiscal 2016 declined 2 percent compared to the fourth quarter primarily as a result of a 7 percent decline in average selling prices partially offset by an increase in sales volume. The company's overall consolidated gross margin of 25 percent for the first quarter of fiscal 2016 was 2 percent lower compared to the fourth quarter of fiscal 2015 primarily due to lower average selling prices partially offset by manufacturing cost reductions for DRAM and Non-Volatile products.

"While conditions in some market segments are challenging, we believe long-term industry fundamentals are healthy, and we remain focused on the deployment of our advanced DRAM and 3D NAND technologies and products," said Micron CEO Mark Durcan.

Investments in capital expenditures for the first quarter of fiscal 2016 were $990 million. The company ended the first quarter of fiscal 2016 with cash and marketable investments of $5.41 billion.

The company will host a conference call Tuesday, Dec. 22, 2015 at 2:30 p.m. MT to discuss its financial results. The call, audio and slides will be available online at http://edge.media-server.com/m/p/insbrw6a. A webcast replay will be available on the company's website until Dec. 22, 2016. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 86772006) beginning at 5:30 p.m. MT, Tuesday, Dec. 22, 2015 and continuing through Wednesday, Dec. 30, 2015. For Investor Relations and other company updates, follow @MicronTech on Twitter at https://twitter.com/MicronTech.

Micron Technology, Inc., is a global leader in advanced semiconductor systems. Micron's broad portfolio of high-performance memory technologies—including DRAM, NAND and NOR Flash—is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer, enterprise storage, networking, mobile, embedded and automotive applications. Micron's common stock is traded on the NASDAQ under the MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com.

(1) GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of certain activities which the company's management excludes in analyzing the company's operating results and understanding trends in the company's earnings. Non-GAAP also includes the impact on shares used in per share calculations of the company's outstanding capped call transactions. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.

MICRON TECHNOLOGY, INC.
CONSOLIDATED FINANCIAL SUMMARY
(in millions except per share amounts)
       
   1st Qtr.  4th Qtr.  1st Qtr.
   December 3,
 2015
  September 3,
 2015
  December 4,
 2014
Net sales $3,350  $3,600  $4,573 
Cost of goods sold 2,501  2,630  2,935 
Gross margin 849  970  1,638 
Selling, general and administrative 179  170  193 
Research and development 421  379  376 
Other operating (income) expense, net 17  (6) (16)
Operating income 232  427  1,085 
Interest income (expense), net (85) (90) (83)
Other non-operating income (expense), net (1) (4)   18     (49 )
Income tax (provision) benefit (2)   4     69     (75 )
Equity in net income of equity method investees   59     47     124  
Net (income) loss attributable to noncontrolling interests           1  
Net income attributable to Micron   $ 206     $ 471     $ 1,003  
             
Earnings per share:            
Basic   $ 0.20     $ 0.44     $ 0.94  
Diluted   0.19     0.42     0.84  
             
Number of shares used in per share calculations:            
Basic   1,035     1,060     1,070  
Diluted   1,085     1,124     1,195  

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