Micron reports Q4 and FY 2003

Micron Technology, Inc., (NYSE:MU) announced results of operations for its fourth quarter and fiscal year, which ended August 28, 2003. For the fourth quarter, the Company had a net loss of $123 million, or $0.20 per diluted share, on sales of $889 million and a net loss for the 2003 fiscal year of $1,273 million, or $2.11 per diluted share, on sales of $3,091 million. The Company did not recognize any tax benefit in fiscal 2003 from its U.S. net operating losses. The Company also announced today, the receipt of $450 million from Intel Corporation in exchange for the issuance of stock rights exchangeable into approximately 33.9 million shares of the Company's common stock. The investment was made in the context of comprehensive business agreements between the two companies confirming an ongoing, close relationship between the companies and alignment of business interests, including deployment of DDR2 memory and 300 mm wafer processing. The Company's sales were 21% higher in the fourth quarter as compared to the immediately preceding quarter as a result of an approximate 15% increase in megabit selling prices and an increase in megabit sales volume. Sales for the 2003 fiscal year were 19% higher compared to fiscal 2002. The average selling price for the Company's primary product, the 256 Meg DDR SDRAM, decreased approximately 30% comparing the fourth quarter of fiscal 2003 to the fourth quarter of fiscal 2002. Sales volume slightly outpaced production in the fourth quarter of fiscal 2003 resulting in lower megabit finished goods inventories as compared to the previous quarter as well as the prior year-end.Source: PCBnewsline