Micron Reports Results For The First Quarter Of Fiscal 2006
Micron announced results for its first quarter of fiscal 2006, which ended December 1. For the first quarter of fiscal 2006, the Company earned net income of $63 million ($0.09 per diluted share based on 707 million shares) on net sales of $1.36 billion. These quarterly results compare to net income of $43 million ($0.07 per diluted share based on 650 million shares) on sales of $1.26 billion for the fourth quarter of fiscal 2005.
"Micron’s financial results were enhanced by our success in broadening our product portfolio, which significantly reduced the impact of a 15 percent decline in industry PC DRAM average selling prices," said Steven R. Appleton, Micron’s chairman, CEO and president. "Our manufacturing lines also showed
strong execution for the quarter. Even as we dedicated additional production capacity to CMOS image sensors, megabit production of semiconductor memory products increased seven percent compared to the fourth quarter."
Despite PC DRAM price pressure in the quarter, the Company’s gross margin remained stable at approximately 23 percent as a result of increasing sales of higher gross margin products, including CMOS image sensors, specialty DRAM and NAND Flash. In addition, the Company’s gross margin was enhanced by lower costs achieved through further manufacturing efficiencies.
Net sales of specialty DRAM products (including synchronous and pseudo-static), CMOS image sensors and NAND Flash represented approximately 45 percent of the Company’s net sales for the first quarter of fiscal 2006.
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