8-KEarnings & ResultsFinancial EventsExhibits & Filings

MICRON TECHNOLOGY INC 8-K Report, Financial Results (Jun 26, 2008)

Filed June 26, 2008For Securities:MU

Summary

Micron Technology Inc. (MU) filed an 8-K on June 26, 2008, announcing its financial results for the fiscal quarter ended May 29, 2008, and detailing restructuring charges. The report indicates that the company is actively pursuing cost efficiency and revenue growth initiatives, which have led to workforce reductions, operational realignments, and facility write-downs. These restructuring efforts, initiated in the fourth quarter of fiscal 2007, have resulted in charges of $48 million incurred to date. Specifically, in the third quarter and first nine months of fiscal 2008, Micron recorded $8 million and $29 million, respectively, for employee severance, facility write-downs, and relocation/retention bonuses. The company anticipates further restructuring charges through the end of fiscal 2008, though the exact amount remains unquantified. Investors should note that the company's forward-looking statements regarding these charges are subject to material differences from actual results.

Key Highlights

  • 1Micron Technology announced its financial results for the quarter ended May 29, 2008.
  • 2The company is undertaking significant restructuring initiatives to drive cost efficiencies and revenue growth.
  • 3Restructuring charges totaling $48 million have been incurred since Q4 FY2007.
  • 4In Q3 and the first nine months of FY2008, restructuring charges amounted to $8 million and $29 million, respectively.
  • 5Charges include employee severance, facility write-downs, and relocation/retention bonuses.
  • 6Further restructuring charges are expected through the end of fiscal year 2008, with the total amount not yet estimated.
  • 7The report includes forward-looking statements about future restructuring charges, which may differ materially from actual results.

Frequently Asked Questions

This 8-K filing primarily served to announce Micron Technology's financial results for the quarter ended May 29, 2008, and to disclose details regarding significant restructuring activities and associated charges.

Micron has incurred $48 million in restructuring charges since the fourth quarter of fiscal 2007. These costs include employee severance, write-downs of certain facilities to fair value, and relocation and retention bonuses.

Yes, the company anticipates incurring some level of restructuring charges through the end of fiscal year 2008 as it continues to implement its efficiency initiatives. However, the aggregate amount of these future charges could not be estimated at the time of the filing.

The company's forward-looking statements concerning future restructuring charges are subject to risks and uncertainties. Actual events or results may differ materially from those projected. Investors are advised to refer to Micron's SEC filings, such as its Form 10-K and 10-Q, for a discussion of important factors that could cause actual results to vary.