Micron Technology, Inc., Reports Results for the 2006 Fiscal Year and Fourth Quarter

                                                    As of

                                       Aug. 31,    Jun. 1,   Sep. 1,
                                          2006       2006       2005
                                       ---------- ---------- ---------

Cash and short-term investments        $ 3,078.8  $ 2,830.0  $1,290.4
Receivables                                956.1      805.7     794.4
Inventories                                962.8      799.7     771.5
Total current assets                     5,100.5    4,520.9   2,925.6
Property, plant and equipment, net       5,887.6    5,438.1   4,683.8
Goodwill                                   502.0       15.5      15.5
Total assets                            12,221.3   10,300.7   8,006.4

Accounts payable and accrued expenses    1,318.5      951.9     752.5
Current portion of long-term debt          165.6      180.4     147.0
Total current liabilities                1,661.1    1,279.0     978.6
Long-term debt (3)                         405.4      338.8   1,020.2
Noncontrolling interests in
 subsidiaries                            1,568.0    1,112.4        --
Total Shareholders' equity               8,113.7    7,086.8   5,846.8

                                              Year Ended

                                          Aug. 31,      Sep. 1,
                                           2006          2005
                                        ----------    ---------

Net cash provided by operating
 activities                             $ 2,018.5     $1,237.8
Net cash used for investing activities   (1,756.4)    (1,083.9)
Net cash provided by (used for)
 financing activities                       644.1       (115.5)

Depreciation and amortization             1,281.3      1,264.5
Expenditures for property, plant and
 equipment                               (1,364.8)    (1,064.8)
Payments on equipment purchase contracts   (209.1)      (236.0)

Noncash equipment acquisitions on
   payable and capital leases               325.7        372.3

1. Other operating income for the fourth quarter of and for fiscal 2006 includes $16 million and $23 million, respectively, from the extension of an economic development agreement in Lehi allowing the Company to recover amounts relating to certain investments in the Company's Lehi facility. Other operating income for fiscal 2006 includes $230 million of net proceeds from Intel Corporation ("Intel") for the sale of the Company's existing NAND flash memory designs and certain related technology to Intel net of amounts paid by the Company's for a perpetual, paid-up license to use and modify such designs. Other operating income for fiscal 2005 includes gains net of losses on write-downs and disposals of semiconductor equipment of $13 million and $12 million in receipts from the U.S. Government in connection with anti-dumping tariffs.

2. Income taxes for 2006 and 2005 primarily reflect taxes on the Company's non-U.S. operations and U.S. alternative minimum tax. The Company has a valuation allowance for its net deferred tax asset associated with its U.S. operations. The provision for taxes on U.S. operations in 2006 and 2005 was substantially offset by reductions in the valuation allowance. As of August 31, 2006, the Company had aggregate U.S. tax net operating loss carryforwards of $1.7 billion and unused U.S. tax credit carryforwards of $138 million. The Company also has unused state tax net operating loss carryforwards of $1.4 billion and unused state tax credits of $163 million. Substantially all of the net operating loss carryforwards expire in 2022 to 2025 and substantially all of the tax credit carryforwards expire in 2013 to 2026.

3. In the second quarter of fiscal 2006, the Company's $633 million 2.5% Convertible Subordinated Notes ("Notes") were converted into 53.7 million shares of common stock. In addition, the Company's related interest rate swap terminated by its terms on February 6, 2006 and, as a result, $35 million pledged as collateral for the swap became unrestricted. Unamortized issuance costs of $10 million were charged to additional capital in connection with the conversion of the Notes.

Review Article Be the first to review this article

Featured Video
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Simon Davidmann: A re-energized Imperas Tutorial at DAC
More Editorial  
LVS for PDK Design Engineer SILICON VALLEY for EDA Careers at San Jose, CA
DDR 3-4-5 Developer with VIP for EDA Careers at San Jose, CA
Senior Front-End RTL Design AE for EDA Careers at San Jose, CA
Upcoming Events
11th International Conference on Verification and Evaluation of Computer and Communication Systems at 1455 DeMaisonneuve W. EV05.139 Montreal Quebec Canada - Aug 24 - 25, 2017
DVCon India 2017, Sept 14 - 15, 2017 at The Leela Palace Bengalore India - Sep 14 - 15, 2017
SMTA International 2017 at Rosemont IL - Sep 17 - 21, 2017
S2C: FPGA Base prototyping- Download white paper

Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy