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Micron Technology, Inc., (NYSE:MU) today announced results of operations for its third quarter of fiscal 2005, ending June 2, 2005. The Company had a net loss of $128 million, or $0.20 per diluted share, on net sales of $1,054 million. These results compare to net income of $118 million, or $0.17 per diluted share, for the second quarter of fiscal 2005. For the first nine months of fiscal 2005, the Company had net income of $145 million, or $0.22 per diluted share, on net sales of $3,622 million.
In the third quarter of fiscal 2005, the Company further enhanced its manufacturing efficiencies, yielding an 8% increase in memory production and a 6% quarter-over-quarter increase in megabit sales. Additionally, the Company's diversification efforts into CMOS image sensors and specialty DRAM products, including pseudo-static, drove significant benefits in the quarter as these products enjoyed considerable growth and maintained attractive gross margins. Despite cost reductions resulting from the growth in production and manufacturing efficiencies and continuing strength in demand for the Company's products, the Company's results were adversely affected by severe declines in average selling prices for commodity DRAM products during the quarter.
Average selling prices for memory products decreased approximately 30% comparing the third quarter of fiscal 2005 to the immediately preceding quarter as excess supply depressed pricing particularly for mainstream PC memory. DDR and DDR2 DRAM continue to be the Company's primary products constituting approximately 60% of net sales in the third quarter of fiscal 2005. The steep decline in average selling prices also resulted in losses on sales of products purchased from TECH Semiconductor. Approximately 25% of the Company's memory production in the first three quarters of fiscal 2005 was obtained from the TECH joint venture.
At the end of the third quarter of fiscal 2005, the Company had $1.3 billion in cash and short-term investments. During the quarter, the Company generated $334 million in cash from operations and invested $320 million in capital expenditures. In addition to scheduled payments on notes and capital leases in the third quarter of fiscal 2005, the Company prepaid $90 million on its subordinated note due in September 2005. The Company received approximately $221 million during the third quarter of fiscal 2005 from debt denominated in yen.
The Company will host a conference call today at 3:30 p.m. MDT to discuss its financial results. The conference call, audio and slides, will be available online at www.micron.com. A Webcast replay will be available on the Company's web site until June 23, 2006. A taped audio replay of the conference call will also be available at 973-341-3080 (confirmation code: 6146538) beginning at 5:30 p.m. MDT today and continuing until 5:30 p.m. MDT on June 30, 2005.
Micron Technology, Inc., is one of the world's leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND Flash memory, CMOS image sensors, other semiconductor components and memory modules for use in leading-edge computing, consumer, networking and mobile products.Micron's common stock is traded on the New York Stock Exchange (NYSE) under the MU symbol. To learn more about Micron Technology, Inc., visit its web site at www.micron.com./
MICRON TECHNOLOGY, INC.
CONSOLIDATED FINANCIAL SUMMARY
(Amounts in millions except per share data)
3rd Qtr. 2nd Qtr. 3rd Qtr. Nine Months Ended
Jun. 2, Mar. 3, Jun. 3, Jun. 2, Jun. 3,
2005 2005 2004 2005 2004
--------- --------- --------- --------- ---------
Net sales $1,054.2 $1,307.9 $1,116.8 $3,622.4 $3,215.0
Cost of goods sold 967.6 953.9 728.9 2,758.8 2,292.9
--------- --------- --------- --------- ---------
Gross margin 86.6 354.0 387.9 863.6 922.1
Selling, general and
administrative 88.6 84.9 94.3 260.3 257.3
Research and
development 153.4 151.4 181.4 453.2 555.7
Restructure (1) -- 0.1 (0.7) (1.4) (21.9)
Other operating
(income) expense (2) (25.3) (8.8) 3.2 (19.7) 6.7
--------- --------- --------- --------- --------- Operating income
(loss) (130.1) 126.4 109.7 171.2 124.3
Interest expense,
net (3.8) (5.0) (5.4) (13.3) (15.8)
Other non-operating
income (expense) (1.3) 0.1 0.6 (2.5) 2.2
Income tax benefit
(provision)(3) 7.3 (3.6) (14.0) (10.5) (47.0)
--------- --------- --------- --------- ---------
Net income (loss) $ (127.9) $ 117.9 $ 90.9 $ 144.9 $ 63.7
========= ========= ========= ========= =========
Earnings (loss) per
share:
Basic $ (0.20) $ 0.18 $ 0.14 $ 0.22 $ 0.10
Diluted (0.20) 0.17 0.13 0.22 0.10
Number of shares
used in per share
calculations:
Basic 648.2 647.1 644.2 647.1 640.3
Diluted 648.2 701.3 705.4 701.4 645.1
As of
Jun. 2, Mar. 3, Sep. 2,
2005 2005 2004
--------- --------- ----------
Cash and short-term investments $ 1,295.6 $ 1,133.6 $ 1,231.0
Receivables 735.4 938.2 773.7
Inventories 826.7 752.7 578.1
Total current assets 2,920.4 2,888.6 2,638.7
Property, plant and equipment, net 4,770.9 4,791.7 4,712.7
Restricted cash 50.4 27.2 27.6
Total assets 8,086.2 8,078.9 7,760.0
Accounts payable and accrued expenses 733.5 734.0 796.2
Current portion of long-term debt (4) 248.8 283.5 70.6
Total current liabilities 1,093.3 1,093.1 972.1
Long-term debt (4) 1,045.6 909.2 1,027.9
Shareholders' equity 5,791.6 5,909.2 5,614.8
Nine Months Ended
Jun. 2, Jun. 3,
2005 2004
--------- ---------- Net cash provided by operating
activities $ 933.4 $ 743.6
Net cash used for investing
activities (1,004.6) (1,130.5)
Net cash provided by financing
activities 55.4 145.7
Depreciation and amortization 949.6 908.2
Expenditures for property, plant and
equipment (921.6) (739.7)
Payments on equipment purchase
contracts (170.8) (268.9)
Noncash equipment acquisitions on
contracts payable and capital leases 346.2 211.6
The Company's fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31. The Company's fiscal 2004 contained 53 weeks and its first quarter of fiscal 2004 contained 14 weeks.
(1) In the second quarter of fiscal 2003, the Company initiated a series of cost-reduction initiatives. In connection therewith, the Company recorded a restructure charge in fiscal 2003 that included the shutdown of the Company's 200mm production line in Virginia, the discontinuance of certain memory products, including SRAM and TCAM products, and a 10% reduction of the Company's worldwide workforce. The credit to restructure in the first nine months of fiscal 2004 primarily reflects sales of equipment associated with the Company's 200mm production line in Virginia.
(2) Other operating (income) expense for the third quarter of fiscal 2005 includes gains net of losses on write-downs and disposals of semiconductor equipment of $15 million and net gains of $12 million from changes in currency exchange rates. Other operating (income) expense for the first nine months of 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. Other
operating (income) expense for the first nine months of fiscal 2004 includes losses of $16 million from changes in currency exchange rates.
(3) Income taxes for fiscal 2005 and 2004 primarily reflect taxes on the Company's non-U.S. operations. U.S. operating results are not expected to reflect an income tax provision, until such time as the Company utilizes a substantial portion of its U.S. net operating loss carryforwards and unused tax credits, as any such
provision is substantially offset by a corresponding reduction in the deferred tax valuation allowance.
(4) During the third quarter of fiscal 2005, the Company entered into two financing arrangements with banks aggregating 23.5 billion yen($221 million). The yen-denominated notes are payable in semi-annual installments through 2010 and bear interest at a eighted average rate of 1.2%.
美光科技公司(Micron Technology, Inc.)（纽约证券交易所：MU）今日公布了其截至2005年6月2日的2005财年第三个季度的运营业绩。公司在第三个季度里的净损耗为1.28亿美元，即摊薄后每股0.20美分，净销售额达到10.54亿美元。2005财年第二季度的净收益为1.18亿美元，即摊薄后每股0.17美分。公司在2005财年前9个月内实现净收益1.45亿美元，即摊薄后每股0.22美分，净销售额达到36.22亿美元。
在2005年第三季度，公司进一步增强了生产效率，存储器的生产提升了8％，兆位存储器的销售比上一季度增长了6％。此外，公司在互补金属氧化物半导体（CMOS）影像传感器以及专业动态随机存取存储器（DRAM）产品中（包括伪态）所付出的多方面的努力，对本季度的收益做出了巨大的贡献。这些产品的销售实现了巨大的增长，创造了令人关注的毛利。尽管产量增加、生产效率提高以及对公司产品需求的持续增多导致了成本的降低，但是本季度动态随机存取存储器（DRAM）产品平均售价的巨幅降低使得公司的收益受到了严重的影响。
2005财年第三季度与前一季度相比，存储器产品的售价大约降低了30％，过量的供给促使了价格的降低，尤其是主流PC存储器。DDR和DDR2动态随机存取存储器（DRAM）一直是公司的主打产品，其销售额大约占2005财年第三季度净销售额的60%。平均售价的急剧下降同时也导致购买TECH半导体公司（TECH Semiconductor）产品时产生了销售损耗。公司2005财年前三个季度的存储器产品大约有25%是从TECH 合资公司购买的。
在2005财年第三个季度末，公司的现金和短期投资额共达13亿美元。本季度，公司从运营中获得了3.34亿美元现金流，投资3.20亿美元用作资本支出。除了业已计划的在2005财年第三季度中要对短期票据和资本租赁进行支出外，公司还为2005财年9月份到期的次级票据预付了9000万美元。在2005财年第三季度公司收讫了大约2.21亿美元以日元记数的债务。
公司将于今日下午3：30（美国山区时间）召开电话会议讨论公司的财务业绩。这次电话会议的音频和幻灯片的信息可以从网站上获得，网址是www.micron.com 。网上重播时间将在公司网站上一直持续到2006年6月23日。会议还将于下午5：30（美国山区时间）开始以磁带音频形式进行重播，登陆身份号码为973-341-3080（确认号码为6146538），时间将持续到2005年6月30日下午5:30（美国山区时间）。
美光科技公司是高级半导体解决方案产品的世界领先供应商之一。通过其遍布全球的运营办事处，美光制造并销售应用于先进的计算、民用、网络及移动产品的动态随机存取存储器、NAND闪存、CMOS影像传感器、其它半导体组件以及内存模块等。美光的普通股在纽约证券交易所（NYSE）以MU的标识进行交易。如想了解关于美光科技公司的更多信息，请访问其网站：www.micron.com 。
美光科技公司
综合财务摘要
（除了每股额的数据外，其余的数量以百万计算）
第三季度 第二季度 第三季度 截至9个月月末
2005年 2005年 2004年 2005年 2004年
6月2日 3月3日 6月3日 6月2日 6月3日
--------- --------- --------- --------- ---------
净销售额 $1,054.2 $1,307.9 $1,116.8 $3,622.4 $3,215.0
销售成本 967.6 953.9 728.9 2,758.8 2,292.9
--------- --------- --------- --------- ---------
毛利 86.6 354.0 387.9 863.6 922.1
销售、常规和管理开支 88.6 84.9 94.3 260.3 257.3
产品研发开支 153.4 151.4 181.4 453.2 555.7
重组开支(1) -- 0.1 (0.7) (1.4) (21.9)
其他运营（收入）开支(2) (25.3) (8.8) 3.2 (19.7) 6.7
--------- --------- --------- --------- ---------
运营收益（损耗） (130.1) 126.4 109.7 171.2 124.3
利息支出、净额 (3.8) (5.0) (5.4) (13.3) (15.8)
其他非营业收益(支出) (1.3) 0.1 0.6 (2.5) 2.2
所得税利益预备金(3) 7.3 (3.6) (14.0) (10.5) (47.0)
--------- --------- --------- --------- ---------
净收益 (损耗) $(127.9) $117.9 $90.9 $144.9 $63.7
========= ========= ========= ========= =========
每股净收益 (损耗)：
基本 $(0.20) $0.18 $0.14 $0.22 $0.10
摊薄后 (0.20) 0.17 0.13 0.22 0.10
用于每股的股数
计算：
基本 648.2 647.1 644.2 647.1 640.3
摊薄后 648.2 701.3 705.4 701.4 645.1
截至
2005年 2005年 2004年
6月2日 3月3日 9月2日
--------- --------- ----------
现金和短期投资 $ 1,295.6 $1,133.6 $1,231.0
应付帐款 735.4 938.2 773.7
存货 826.7 752.7 578.1
总流动资产 2,920.4 2,888.6 2,638.7
土地、工厂和设备、净值 4,770.9 4,791.7 4,712.7
限定用途现金 50.4 27.2 27.6
总资产 8,086.2 8,078.9 7,760.0
应付帐款和应计费用 733.5 734.0 796.2
长期债务中当前到期部分(4) 248.8 283.5 70.6
总流动负债 1,093.3 1,093.1 972.1
长期债务(4) 1,045.6 909.2 1,027.9
股东权益 5,791.6 5,909.2 5,614.8
截至9个月
2005年, 2004年
6月2日 6月3日
--------- ----------
业务活动提供的净现金 $933.4 $743.6
用于投资活动的净现金 (1,004.6) (1,130.5)
融资活动提供的净现金 55.4 145.7
折旧和摊销 949.6 908.2
土地、工厂和设备支出 (921.6) (739.7)
设备购买合同付款 (170.8) (268.9)
按合同应付非现金购买
应付现金和资本租赁 346.2 211.6
该公司的一个财年为52周或53周，在离8月31日最近的星期四结束。该公司2004财年包括53周，其中2004财年的第一季度包括14周。
(1)在2003财年的第二季度，该公司开始施行一系列的缩减成本措施。与此相配合，公司记录了2003年的一项重组费用，其中包括关闭公司在弗吉尼亚州200mm的生产线的费用、停止生产包括SRAM、TCAM在内的一些存储器产品的费用、裁减公司在全世界各地总数达10％的员工费用。2004财年前9个月里重组所获得的成绩主要得益于公司在弗吉尼亚200mm生产设备的销售收入。
（2）2005财年的第三季度的其他运营（收入）费用包括冲减净损耗和处理价值为1500万美元半导体设备的费用所得以及净值为1200万美元的汇率变更损失。2005财年的前9个月的运营（收入）费用包括冲减净损耗和处理价值1300万美元半导体设备的费用所得以及从美国政府在反倾销税中所获得的1200万美元的收益。2004财年前9个月的其他运营（收入）费用包括价值1600万美元的汇率变更损失。
（3）2005财年和2004财年的所得税主要体现了公司在美国以外分公司的所得税情况。在公司将大量的美国境内产生的净运营损失和抵税额计入下期以前，美国境内的经营业绩不大可能反映所得税准备金，因为这一准备金将被相当大的一部分递延税款估值准备的相应折让所抵消。
（4）在2005年第三季度期间，公司与银行进行了价值为235亿日元（2.21亿美元）的两项财政安排。以日元记数的短期票据偿还条件为每半年付款，到2010年完全付清，承担的加权平均利率为1.2%。
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