UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended December 2, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 1-10658
Micron Technology, Inc.
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Delaware |
75-1618004 |
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(State or other jurisdiction of |
(IRS Employer |
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incorporation or organization) |
Identification No.) |
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8000 S. Federal Way, Boise, Idaho |
83716-9632 |
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(Address of principal executive offices) |
(Zip Code) |
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Registrant’s telephone number, including area code |
(208) 368-4000 |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
The number of outstanding shares of the registrant’s common stock as of January 6, 2005, was 613,828,151.
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Quarter ended |
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December 2, |
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December 4, |
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Net sales |
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$ |
1,260.3 |
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$ |
1,107.2 |
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Cost of goods sold |
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837.3 |
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821.2 |
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Gross margin |
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423.0 |
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286.0 |
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Selling, general and administrative |
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86.8 |
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81.2 |
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Research and development |
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148.4 |
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186.4 |
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Restructure |
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(1.5 |
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(21.1 |
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Other operating (income) expense |
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14.4 |
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17.8 |
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Operating income |
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174.9 |
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21.7 |
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Interest income |
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5.7 |
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3.8 |
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Interest expense |
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(10.2 |
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(9.3 |
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Other non-operating income (expense) |
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(1.3 |
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0.4 |
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Income before taxes |
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169.1 |
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16.6 |
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Income tax provision |
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(14.2 |
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(15.5 |
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Net income |
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$ |
154.9 |
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$ |
1.1 |
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Earnings per share: |
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Basic |
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$ |
0.24 |
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$ |
0.00 |
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Diluted |
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0.23 |
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0.00 |
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Number of shares used in per share calculations: |
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Basic |
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646.0 |
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633.8 |
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Diluted |
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700.5 |
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636.6 |
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See accompanying notes to consolidated financial statements.
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As of |
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December 2, |
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September 2, |
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Assets |
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Cash and equivalents |
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$ |
320.8 |
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$ |
486.1 |
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Short-term investments |
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731.4 |
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744.9 |
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Receivables |
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860.8 |
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773.7 |
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Inventories |
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705.4 |
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578.1 |
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Prepaid expenses |
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45.2 |
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37.4 |
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Deferred income taxes |
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26.0 |
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18.5 |
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Total current assets |
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2,689.6 |
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2,638.7 |
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Intangible assets, net |
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271.5 |
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276.2 |
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Property, plant and equipment, net |
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4,806.3 |
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4,712.7 |
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Deferred income taxes |
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33.0 |
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41.4 |
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Restricted cash |
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27.7 |
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27.6 |
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Other assets |
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64.5 |
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63.4 |
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Total assets |
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$ |
7,892.6 |
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$ |
7,760.0 |
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Liabilities and shareholders’ equity |
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Accounts payable and accrued expenses |
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$ |
788.4 |
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$ |
796.2 |
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Deferred income |
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24.3 |
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35.2 |
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Equipment purchase contracts |
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55.8 |
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70.1 |
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Current portion of long-term debt |
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258.7 |
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70.6 |
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Total current liabilities |
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1,127.2 |
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972.1 |
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Long-term debt |
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825.2 |
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1,027.9 |
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Deferred income taxes |
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46.8 |
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42.0 |
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Other liabilities |
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114.0 |
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103.2 |
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Total liabilities |
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2,113.2 |
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2,145.2 |
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Commitments and contingencies |
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Common stock, $0.10 par value, authorized 3.0 billion shares, issued and outstanding 612.7 million and 611.5 million shares |
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61.3 |
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61.2 |
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Additional capital |
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4,673.7 |
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4,663.9 |
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Retained earnings |
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1,045.0 |
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890.1 |
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Accumulated other comprehensive loss |
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(0.6 |
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(0.4 |
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Total shareholders’ equity |
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5,779.4 |
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5,614.8 |
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Total liabilities and shareholders’ equity |
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$ |
7,892.6 |
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$ |
7,760.0 |
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See accompanying notes to consolidated financial statements.
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Three months ended |
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December 2, |
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December 4, |
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Cash flows from operating activities |
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Net income |
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