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Micron reporting 62% raise in revenue

Posted on Monday, December 29 2003 @ 19:18:39 CET by

Memory maker Micron has reported a 62% raise in revenue, making a total of $1.1 billion. Thanks to these results Micron yield profit this year with a reported income of $22 million, and net income of $1 million for fiscal Q1 2004, which began on the 4th of December 2003. A year ago Micron his financial results were less positive with a loss of $315.9 million.
“The first quarter gross margin of 26 percent is, in part, a result of worldwide cost-reduction efforts, gains in manufacturing efficiencies, and our leadership in process technology,” Steve Appleton, CEO and president, said in a statement. “We are the only company currently shipping all densities of DDR2 DRAM.” The firm noted that manufacturing yields improved during the move to 110-nanometer devices.

The company said it sold 15 percent more megabit volume at a 7 percent higher average megabit-selling price. The results generally mirrored improved financials being reported by other semiconductor companies.

The $1 million in earnings were recorded as break-even on a per-share basis. The analysts' consensus report for the quarter had been for a loss of six cents. A $21 million benefit for the sale of some equipment being eliminated cancelled most of a $25 million currency loss due to the weak dollar.

Micron also reported it had received $450 million from Intel Corp. “in exchange for the issuance of stock rights exchangeable into 33.9 million shares” of Micron stock. In conjunction, the memory maker said “certain levels of DDR1 production and 300 mm wafer processing capacity, and dedication of resources to advanced product development” will be maintained.
Source: TechWeb



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