Micron Technology, Inc., Reports Results for the Fourth Quarter and 2009 Fiscal Year

The company’s fiscal 2009 and fiscal 2008 included 53 weeks and 52 weeks, respectively.

(1) The company’s results of operations for fiscal 2009, fiscal 2008 and the fourth quarter of fiscal 2008 include charges of $603 million, $282 million and $205 million, respectively, to write down the carrying value of work in process and finished goods inventories of memory products (both DRAM and NAND Flash) to their estimated market values.

(2) In the second quarter of fiscal 2009, in response to a sustained severe downturn in the semiconductor memory industry and global economic conditions, the company announced that it would phase out all remaining 200mm wafer manufacturing operations at its Boise, Idaho, facility. In the first quarter of fiscal 2009, the company announced a restructuring of its memory operations. As part of the restructure announced in the first quarter, IM Flash Technologies (“IMFT”), a joint venture between the company and Intel Corporation, terminated its agreement with the company to supply NAND Flash memory from the company’s Boise facility, reducing IMFT’s NAND Flash production by approximately 35,000 200mm wafers per month. Resulting from these actions, the company recorded restructure charges of $12 million and $19 million in the fourth and third quarters of fiscal 2009, respectively, and $70 million for fiscal 2009, which was net of a $66 million credit to restructure in the first quarter of fiscal 2009.

(3) In the second quarter of fiscal 2009, in accordance with FASB Statement No. 142, “Goodwill and Other Intangible Assets,” the company performed a test to determine whether its goodwill associated with its Imaging segment was impaired. Based on the results of the test, the company wrote off the $58 million of goodwill associated with its Imaging segment as of March 5, 2009. Additionally, in the second quarter of fiscal 2008, the company wrote off the $463 million of goodwill associated with its Memory segment.

(4) Other operating (income) expense consisted of the following:

  4th Qtr.   3rd Qtr.   4th Qtr.   Year Ended
  Sep. 3,   Jun. 4,   Aug. 28,   Sep. 3,   Aug. 28,
  2009   2009   2008   2009   2008
                   
(Gains) losses on disposals of property,

plant and equipment

$

(1

)

 

$

12

   

$

4

   

$

54

   

$

(66

)

(Gains) losses from changes in

currency exchange rates

  5       28       (8 )     30       25  
Loss (credit) on Aptina spinoff   (12 )     53       --       41       --  
Other   (6 )     (1 )     (1 )     (18 )     (50 )
  $ (14 )   $ 92     $ (5 )   $ 107     $ (91 )

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