Micron Technology, Inc., Reports Results for the Third Quarter of Fiscal 2012

The results for the third quarter of fiscal 2012 compare to a net loss of $282 million, or $0.29 per diluted share, on net sales of $2.0 billion for the second quarter of fiscal 2012, and net income of $75 million, or $0.07 per diluted share, on net sales of $2.1 billion for the third quarter of fiscal 2011.

Revenues from sales of DRAM products in the third quarter of fiscal 2012 were 20 percent higher due primarily to a 12 percent increase in sales volume and a 7 percent increase in average selling prices compared to the second quarter of fiscal 2012, which included the adverse impact of a $58 million charge to revenue. Revenues from sales of NAND Flash products were slightly higher in the third quarter of fiscal 2012 compared to the second quarter of fiscal 2012, due primarily to an approximate 40 percent increase in sales volume offset by decreases in average selling prices. Sales of NOR Flash products were approximately 10 percent of total net sales for the third quarter of fiscal 2012. The company's consolidated gross margin of 11 percent in the third quarter of fiscal 2012 was slightly higher than the second quarter of fiscal 2012. Improvements in margins from sales of DRAM and NOR Flash products were partially offset by declines in margins from sales of NAND Flash products.

Cash flows from operations for the third quarter of fiscal 2012 were $686 million, which included a $300 million customer advance from Intel received in connection with the company's recently announced expansion of its IM Flash activities. During the third quarter of fiscal 2012, the company raised approximately $875 million in convertible debt financing, net of costs associated with capped call transactions and other costs, and invested approximately $325 million in capital expenditures. The company ended the third quarter with cash and investments of $2.7 billion.

The company will host a conference call Wednesday, June 20 at 2:30 p.m. MDT to discuss its financial results. The call, audio and slides will be available online here. A webcast replay will be available on the company's website until June 27, 2013. A taped audio replay of the conference call will also be available at (404) 537-3406 (conference number: 90798592) beginning at 5:30 p.m. MDT Wednesday, June 20, 2012 and continuing until 5:30 p.m. MDT on Wednesday, June 27, 2012.