Micron Technology, Inc., Reports Results for the Fourth Quarter and 2015 Fiscal Year

BOISE, Idaho, Oct. 1, 2015 (GLOBE NEWSWIRE) -- Micron Technology, Inc., (NASDAQ:MU) today announced results of operations for its fourth quarter and 2015 fiscal year, which ended September 3, 2015. Revenues for the fourth quarter of fiscal 2015 were $3.60 billion and were 7 percent lower compared to the third quarter of fiscal 2015 and 15 percent lower compared to the fourth quarter of fiscal 2014. Revenues for fiscal year 2015 were $16.19 billion and net income attributable to Micron shareholders was $2.90 billion, or $2.47 per diluted share. Cash flows from operations were $5.21 billion for fiscal year 2015.

"We are pleased to report Fiscal Year 2015 results that include revenue of $16.2 billion, $2.72 in non-GAAP earnings per share, and $2.3 billion in dilution management activities, including convert retirements and share repurchases," stated D. Mark Durcan, Chief Executive Officer. "While fourth quarter results were impacted by continued weakness in the PC sector, we believe that memory industry fundamentals remain favorable over the long term."

GAAP Income and Per Share Data – On a GAAP(1) basis, net income attributable to Micron shareholders for the fourth quarter of fiscal 2015 was $471 million, or $0.42 per diluted share, compared to net income of $491 million, or $0.42 per diluted share, for the third quarter of fiscal 2015 and net income of $1.15 billion, or $0.96 per diluted share, for the fourth quarter of fiscal 2014.

Non-GAAP Income and Per Share Data – On a non-GAAP(2) basis, net income attributable to Micron shareholders for the fourth quarter of fiscal 2015 was $399 million, or $0.37 per diluted share, compared to net income of $620 million, or $0.54 per diluted share, for the third quarter of fiscal 2015. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.

Revenues for the fourth quarter of fiscal 2015 were 7 percent lower compared to the third quarter of fiscal 2015 primarily due to a 7 percent decline in DRAM average selling prices and relatively flat DRAM sales volume. Non-Volatile trade revenues for the fourth quarter of fiscal 2015 also declined 7 percent compared to the third quarter primarily as a result of lower sales volume. The company's overall consolidated gross margin of 27 percent for the fourth quarter of fiscal 2015 was 4 percent lower compared to the third quarter of fiscal 2015 primarily due to lower average selling prices for DRAM.

Cash flows from operations were $1.03 billion for the fourth quarter of fiscal 2015, while investments in capital expenditures were $1.85 billion. For fiscal year 2015, cash flows from operations were $5.21 billion and investments in capital expenditures were $4.12 billion. The company ended the fourth quarter of fiscal 2015 with cash and marketable investments of $5.63 billion.

The company will host a conference call Thursday, Oct. 1, 2015 at 2:30 p.m. MT to discuss its financial results. The call, audio and slides will be available online at http://investors.micron.com/events.cfm. A webcast replay will be available on the company's website until Oct. 1, 2016. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 43149721) beginning at 5:30 p.m. MT, Thursday, Oct. 1, 2015 and continuing until 5:30 p.m. MT, Thursday, Oct. 8, 2015. For Investor Relations and other company updates, follow @MicronTech on Twitter at https://twitter.com/MicronTech.

Micron Technology, Inc., is a global leader in advanced semiconductor systems. Micron's broad portfolio of high-performance memory technologies-including DRAM, NAND and NOR Flash-is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer, enterprise storage, networking, mobile, embedded and automotive applications. Micron's common stock is traded on the NASDAQ under the MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com.

(1) GAAP represents U.S. Generally Accepted Accounting Principles.

(2) Non-GAAP represents GAAP excluding the impact of certain activities which the company's management excludes in analyzing the company's operating results and understanding trends in the company's earnings. Non-GAAP also includes the impact on shares used in per share calculations of the company's outstanding capped call transactions. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.

MICRON TECHNOLOGY, INC.
CONSOLIDATED FINANCIAL SUMMARY
(in millions except per share amounts)
           
  4th Qtr. 3rd Qtr. 4th Qtr. Year Ended
  September 3, June 4, August 28, September 3, August 28,
  2015 2015 2014 2015 2014
Net sales  $ 3,600  $ 3,853  $ 4,227  $ 16,192  $ 16,358
Cost of goods sold 2,630 2,651 2,842 10,977 10,921
Gross margin 970 1,202 1,385 5,215 5,437
Selling, general and administrative 170 169 180 719 707
Research and development 379 406 358 1,540 1,371
Other operating (income) expense, net (1) (6) (4) 19 (42) 272
Operating income 427 631 828 2,998 3,087
Gain on MMJ Acquisition (2) (33)
Interest income (expense), net (90) (88) (81) (336) (329)
Other non-operating income (expense), net (3) 18 (16) 198 (53) 8
Income tax (provision) benefit (4) 69 (104) 87 (157) (128)
Equity in net income of equity method investees 47 68 119 447 474
Net (income) attributable to noncontrolling interests (1) (34)
Net income attributable to Micron  $ 471  $ 491  $ 1,150  $ 2,899  $ 3,045
           
Earnings per share:          
Basic  $ 0.44  $ 0.46  $ 1.08  $ 2.71  $ 2.87
Diluted 0.42 0.42 0.96 2.47 2.54
           
Number of shares used in per share calculations:          
Basic 1,060 1,073 1,068 1,070 1,060
Diluted 1,124 1,170 1,203 1,170 1,198
           
           
CONSOLIDATED FINANCIAL SUMMARY, Continued
 
  September 3, June 4, August 28,
As of 2015 2015 2014
Cash and short-term investments  $ 3,521  $ 4,860  $ 4,534
Receivables 2,507 2,530 2,906
Inventories 2,340 2,381 2,455
Total current assets 8,596 10,008 10,245
Long-term marketable investments 2,113 2,470 819
Property, plant and equipment, net 10,554 9,857 8,682
Total assets 24,143 25,052 22,416
       
Accounts payable and accrued expenses 2,611 3,204 2,864
Current debt (3)(5) 1,089 1,134 1,618
Total current liabilities 3,905 4,551 4,791
Long-term debt (3)(5) 6,252 6,334 4,893
       
Total Micron shareholders' equity 12,302 12,449 10,760
Noncontrolling interests in subsidiaries 937 897 802
Total equity 13,239 13,346 11,562
       
    Year Ended
    September 3, August 28,
    2015 2014
Net cash provided by operating activities    $ 5,208  $ 5,699
Net cash provided by (used for) investing activities   (6,232) (2,902)
Net cash provided by (used for) financing activities   (718) (1,499)
       
Depreciation and amortization   2,805 2,270
Expenditures for property, plant and equipment   (4,021) (3,107)
Payments on equipment purchase contracts   (95) (30)
Repayments of debt   (2,329) (3,843)
Proceeds from issuance of debt and sale-leaseback transactions   2,503 2,226
Cash paid to acquire treasury stock   (884) (76)
       
Noncash equipment acquisitions on contracts payable and capital leases   345 243

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