Summary
Micron Technology, Inc. reported net sales of $2,252 million for the quarter ended December 2, 2010, a significant increase from $1,740 million in the same quarter of the previous year. This growth was primarily driven by the integration of Numonyx Holdings B.V., acquired in May 2010, which contributed $573 million in net sales to the Numonyx segment. Despite the revenue increase, net income attributable to Micron decreased to $155 million ($0.15 per diluted share) from $204 million ($0.23 per diluted share) year-over-year. This was influenced by higher cost of goods sold, increased selling, general, and administrative expenses, and a substantial loss of $114 million in other non-operating income/expense. The company's balance sheet shows total assets remaining relatively stable at $14,617 million. Total liabilities decreased slightly to $4,623 million. Significant changes include a decrease in cash and equivalents to $2,411 million from $2,913 million, and an increase in accounts payable and accrued expenses. The company also executed a debt restructure in November 2010, exchanging and repurchasing convertible notes, which resulted in a loss of $111 million related to these transactions. Micron continues to invest heavily in property, plant, and equipment, with capital expenditures of $465 million in the quarter.
Financial Highlights
51 data points| Revenue | $2.26B |
| Cost of Revenue | $1.82B |
| Gross Profit | $435.00M |
| R&D Expenses | $186.00M |
| SG&A Expenses | $146.00M |
| Operating Income | $179.00M |
| Interest Expense | $28.00M |
| Net Income | $72.00M |
| EPS (Basic) | $0.07 |
| EPS (Diluted) | $0.07 |
| Shares Outstanding (Basic) | 988.10M |
| Shares Outstanding (Diluted) | 1.04B |
Key Highlights
- 1Net sales increased by 29% year-over-year to $2,252 million, driven by the Numonyx acquisition.
- 2Net income attributable to Micron decreased by 24% year-over-year to $155 million, impacting earnings per diluted share to $0.15 from $0.23.
- 3The company reported a significant gain of $200 million from a patent cross-license agreement with Samsung in the quarter.
- 4Cash and equivalents decreased by $502 million sequentially to $2,411 million.
- 5Micron completed a debt restructure involving convertible notes, resulting in a $111 million loss related to these transactions.
- 6Capital expenditures for property, plant, and equipment totaled $465 million for the quarter, indicating continued investment in infrastructure.
- 7The company faces ongoing legal proceedings, including antitrust and patent litigation, with potential material impacts on financial condition.