Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - MICRON TECHNOLOGY INC | exhibit_99-3.htm |
| 8-K - 8-K - MICRON TECHNOLOGY INC | fy09_8-k.htm |
| EX-23.1 - EXHIBIT 23.1 - MICRON TECHNOLOGY INC | exhibit_23-1.htm |
| EX-99.1 - EXHIBIT 99.1 - MICRON TECHNOLOGY INC | exhibit_99-1.htm |
| EX-99.5 - EXHIBIT 99.5 - MICRON TECHNOLOGY INC | exhibit_99-5.htm |
| EX-99.4 - EXHIBIT 99.4 - MICRON TECHNOLOGY INC | exhibit_99-4.htm |
EXHIBIT
99.2
Item
6. Selected
Financial Data
Amounts and balances in the table below
have been adjusted to reflect the retrospective application of new accounting
standards for noncontrolling interests and certain convertible debt
instruments. (See “Item 8. Financial Statements and Supplementary
Data – Notes to Consolidated Financial Statements – Adjustment for Retrospective
Application of New Accounting Standards.”)
|
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
|
(in
millions)
|
||||||||||||||||||||
|
Net
sales
|
$ | 4,803 | $ | 5,841 | $ | 5,688 | $ | 5,272 | $ | 4,880 | ||||||||||
|
Gross
margin
|
(440 | ) | (55 | ) | 1,078 | 1,200 | 1,146 | |||||||||||||
|
Operating
income (loss)
|
(1,676 | ) | (1,595 | ) | (280 | ) | 350 | 217 | ||||||||||||
|
Net
income (loss)
|
(1,993 | ) | (1,665 | ) | (209 | ) | 415 | 188 | ||||||||||||
|
Net
income (loss) attributable to Micron
|
(1,882 | ) | (1,655 | ) | (331 | ) | 408 | 188 | ||||||||||||
|
Diluted
earnings (loss) per share
|
(2.35 | ) | (2.14 | ) | (0.43 | ) | 0.57 | 0.29 | ||||||||||||
|
Cash
and short-term investments
|
1,485 | 1,362 | 2,616 | 3,079 | 1,290 | |||||||||||||||
|
Total
current assets
|
3,344 | 3,779 | 5,234 | 5,101 | 2,926 | |||||||||||||||
|
Property,
plant and equipment, net
|
7,089 | 8,819 | 8,279 | 5,888 | 4,684 | |||||||||||||||
|
Total
assets
|
11,459 | 13,432 | 14,810 | 12,221 | 8,006 | |||||||||||||||
|
Total
current liabilities
|
1,892 | 1,598 | 2,026 | 1,661 | 979 | |||||||||||||||
|
Long-term
debt
|
2,379 | 2,106 | 1,597 | 405 | 1,020 | |||||||||||||||
|
Total
Micron shareholders’ equity
|
4,953 | 6,525 | 8,135 | 8,114 | 5,847 | |||||||||||||||
|
Noncontrolling
interests in subsidiaries
|
1,986 | 2,865 | 2,607 | 1,568 | -- | |||||||||||||||
|
Total
equity
|
6,939 | 9,390 | 10,742 | 9,682 | 5,847 | |||||||||||||||
In the first quarter of 2009, the
Company acquired a 35.5% ownership interest in Inotera Memories, Inc.
(“Inotera”), a publicly-traded DRAM manufacturer in Taiwan. In
connection with the acquisition of the shares in Inotera, the Company and Nanya
entered into a supply agreement with Inotera pursuant to which Inotera sells
trench and stack DRAM products to the Company and the Company’s DRAM joint
venture partner, Nanya Technology Corporation. On August 3, 2009, Inotera
issued shares in a public offering, decreasing the Company’s interest in Inotera
to 29.8%. (See “Item 8. Financial Statements and Supplementary Data –
Notes to Consolidated Financial Statements – Equity Method Investments – DRAM
joint ventures with Nanya.”)
On July 10, 2009, the Company sold a
65% interest in Aptina Imaging Corporation (“Aptina”), a wholly-owned subsidiary
of the Company. The Company continues to manufacture products for
Aptina under a wafer supply agreement. The Company accounts for its
remaining interest in Aptina under the equity method. (See “Item 8.
Financial Statements and Supplementary Data – Notes to Consolidated Financial
Statements – Equity Method Investments – Aptina.”)
The Company formed two joint ventures
(collectively “IM Flash”) with Intel Corporation to manufacture NAND Flash
memory products for the exclusive benefit of the partners: IM Flash
Technologies, LLC, which began operations in the second quarter of 2006, and IM
Flash Singapore LLP, which began operations in the third quarter of
2007. The Company owns 51% and Intel owns 49% of IM
Flash. The financial results of IM Flash are included in the
consolidated financial statements of the Company. (See “Item 8.
Financial Statements and Supplementary Data – Notes to Consolidated Financial
Statements – Consolidated Variable Interest Entities – NAND Flash joint venture
with Intel.”)
The Company began consolidating the
financial results of its TECH Semiconductor joint venture (“TECH”) as of the
beginning of the third quarter of 2006. In the third quarter of 2007,
the Company acquired all of the shares of TECH common stock held by Singapore
Economic Development Board, which increased the Company’s ownership interest in
TECH from approximately 43% to approximately 73%. As a result of the
purchases of TECH shares in 2009, the Company’s ownership interest in TECH was
increased from to approximately 73% as of August 28, 2008 to approximately 85%
in August 2009. (See “Item 8. Financial Statements and
Supplementary Data – Notes to Consolidated Financial Statements – TECH
Semiconductor Singapore Pte. Ltd.”)
1
In the
fourth quarter of 2006, the Company acquired Lexar Media, Inc., a designer,
developer, manufacturer and marketer of Flash memory products, in a
stock-for-stock merger.
(See
“Item 1A. Risk Factors” and “Item 8. Financial Statements and Supplementary Data
– Notes to Consolidated Financial Statements.”)
2