Micron Technology, Inc., Reports Results for the Fourth Quarter and 2016 Fiscal Year

BOISE, Idaho, Oct. 04, 2016 (GLOBE NEWSWIRE) -- Micron Technology, Inc., (NASDAQ:MU) today announced results of operations for its fourth quarter and 2016 fiscal year, which ended September 1, 2016. Revenues for the fourth quarter of fiscal 2016 were $3.22 billion and were 11 percent higher compared to the third quarter of fiscal 2016 and 11 percent lower compared to the fourth quarter of fiscal 2015. Revenues for fiscal year 2016 were $12.40 billion and net loss attributable to Micron shareholders was $276 million, or ($0.27) per diluted share. On a non-GAAP basis, the fiscal year result was income of $0.06 per diluted share. Cash flows from operations were $3.17 billion for fiscal year 2016.

"We are seeing improving market conditions in terms of both slowing supply growth and improving demand across a number of key segments," said Micron CEO Mark Durcan. "In addition, we continue to execute on our key initiatives related to the deployment of advanced technologies and products to advantage our customers."

GAAP Income and Per Share Data – On a GAAP(1) basis, net loss attributable to Micron shareholders for the fourth quarter of fiscal 2016 was $170 million, or ($0.16) per diluted share, compared to a net loss of $215 million, or ($0.21) per diluted share, for the third quarter of fiscal 2016 and 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 loss attributable to Micron shareholders for the fourth quarter of fiscal 2016 was $56 million, or ($0.05) per diluted share, compared to a net loss of $79 million, or ($.08) per diluted share, for the third quarter of fiscal 2016 and 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 fourth quarter of fiscal 2016 were 11 percent higher compared to the third quarter of fiscal 2016. DRAM sales volumes were up approximately 20 percent, while NAND sales volumes were up approximately 12 percent. DRAM average selling prices declined approximately 6 percent, while NAND average selling prices were relatively unchanged. The company's overall consolidated gross margin of 18 percent for the fourth quarter of fiscal 2016 was slightly higher compared to the third quarter due to increases in gross margin of DRAM products.

Investments in capital expenditures, net of amounts funded by partners, were $1.69 billion for the fourth quarter of fiscal 2016 and $5.40 billion for the full fiscal year. The company ended the fourth quarter of fiscal 2016 with cash and marketable investments of $4.81 billion.

The company will host a conference call Tuesday, Oct. 4, 2016 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/s74bhmyv. A webcast replay will be available on the company's website until Oct. 4, 2017. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 78353367) beginning at 5:30 p.m. MT, Tuesday, Oct. 4, 2016 and continuing through Wednesday, Oct. 12, 2016. 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)
 
   4th Qtr.  3rd Qtr.  4th Qtr.  Year Ended
   September 1,  June 2,  September 3,  September 1,  September 3,
   2016  2016  2015  2016  2015
Net sales $3,217  $2,898  $3,600  $12,399  $16,192 
Cost of goods sold 2,638  2,400  2,630  9,894  10,977 
Gross margin 579  498  970  2,505  5,215 
Selling, general, and administrative 157  148     170     659     719  
Research and development   411     382     379     1,617     1,540  
Restructure and asset impairments (1)   51             67     3  
Other operating (income) expense, net   (8 )   (5 )   (6 )   (6 )   (45 )
Operating income (loss)   (32 )   (27 )   427     168     2,998  
Interest income (expense), net   (126 )   (99 )   (90 )   (395 )   (336 )
Other non-operating income (expense), net (2)   (10 )   (34 )   18     (54 )   (53 )
Income tax (provision) benefit (3)   (3 )   (15 )   69     (19 )   (157 )
Equity in net income (loss) of equity method investees   1     (40 )   47     25     447  
Net (income) attributable to noncontrolling interests               (1 )    
Net income (loss) attributable to Micron   $ (170 )   $ (215 )   $ 471     $ (276 )   $ 2,899  
                                         
Earnings (loss) per share:                                        
Basic   $ (0.16 )   $ (0.21 )   $ 0.44     $ (0.27 )   $ 2.71  
Diluted   (0.16 )   (0.21 )   0.42     (0.27 )   2.47  
                     
Number of shares used in per share calculations:                    
Basic   1,037     1,036     1,060     1,036     1,070  
Diluted   1,037     1,036     1,124     1,036     1,170  
                               



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