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 | |
