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

BOISE, Idaho, March 30, 2016 (GLOBE NEWSWIRE) -- Micron Technology, Inc., (NASDAQ:MU) today announced results of operations for its second quarter of fiscal 2016, which ended March 3, 2016. Revenues for the second quarter of fiscal 2016 were $2.93 billion and were 12 percent lower compared to the first quarter of fiscal 2016 and 30 percent lower compared to the second quarter of fiscal 2015. Cash flows from operations were $763 million for the second quarter of fiscal 2016.

GAAP Income and Per Share Data – On a GAAP(1) basis, net loss attributable to Micron shareholders for the second quarter of fiscal 2016 was $97 million, or ($0.09) per diluted share, compared to net income of $206 million, or $0.19 per diluted share, for the first quarter of fiscal 2016.

Non-GAAP Income and Per Share Data – On a non-GAAP(2) basis, net loss attributable to Micron shareholders for the second quarter of fiscal 2016 was $48 million, or ($0.05) per diluted share, compared to net income of $249 million, or $0.24 per diluted share, for the first quarter of fiscal 2016. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.

"Although we continue to navigate challenging market conditions, we are on track with deploying our advanced DRAM and NAND technologies and improving our cost structure," said Micron CEO Mark Durcan. "As a result, we expect to significantly improve our competitive position as we move through the second half of 2016 and beyond."

Revenues for the second quarter of fiscal 2016 were lower compared to the first quarter of fiscal 2016 primarily due to approximate 10 percent declines in both DRAM average selling prices and sales volume. Non-Volatile trade revenues for the second quarter of fiscal 2016 declined 6 percent compared to the first quarter primarily as a result of an approximate 15 percent decline in average selling prices partially offset by an increase in sales volume. The company's overall consolidated gross margin of 20 percent for the second quarter of fiscal 2016 was 5 percent lower compared to the first quarter of fiscal 2016 primarily due to lower average selling prices partially offset by manufacturing cost reductions for Non-Volatile products.

Investments in capital expenditures for the second quarter of fiscal 2016 were $1.23 billion. The company ended the second quarter of fiscal 2016 with cash and marketable investments of $5.14 billion.

The company will host a conference call Wednesday, March 30, 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/336xx5th. A webcast replay will be available on the company's website until March 30, 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: 67709190) beginning at 5:30 p.m. MT, Wednesday, March 30, 2016 and continuing through Thursday, April 7, 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)
         
   2nd Qtr.  1st Qtr.  2nd Qtr.  Six Months Ended
   March 3,
 2016
  December 3,
 2015
  March 5,
 2015
  March 3,
 2016
  March 5,
 2015
Net sales $2,934  $3,350  $4,166  $6,284  $8,739 
Cost of goods sold 2,355  2,501  2,761  4,856  5,696 
Gross margin 579  849  1,405  1,428  3,043 
Selling, general, and administrative 175  179  187  354  380 
Research and development 403  421    379     824     755  
Other operating (income) expense, net   6     17     (16 )   23     (32 )
Operating income (loss)   (5 )   232     855     227     1,940  
Interest income (expense), net   (85 )   (85 )   (75 )   (170 )   (158 )
Other non-operating income (expense), net (1)   (6 )   (4 )   (6 )   (10 )   (55 )
Income tax (provision) benefit (2)   (5 )   4     (47 )   (1 )   (122 )
Equity in net income of equity method investees   5     59     208     64     332  
Net (income) loss attributable to noncontrolling interests   (1 )       (1 )   (1 )    
Net income (loss) attributable to Micron   $ (97 )   $ 206     $ 934     $ 109     $ 1,937  
                     
Earnings (loss) per share:                    
Basic   $ (0.09 )   $ 0.20     $ 0.87     $ 0.11     $ 1.81  
Diluted   (0.09 )   0.19     0.78     0.10     1.62  
                     
Number of shares used in per share calculations:                    
Basic   1,036     1,035     1,074     1,035     1,072  
Diluted   1,036     1,085     1,190     1,072     1,193  
                               

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