Micron Technology Reports 3Q FY2007 Results, Appoints President
(Interviews, 29 Jun 2007 )
Micron Technology Inc. has announced financial results for its third quarter and first nine months of fiscal 2007, which ended May 31. For the third quarter of fiscal 2007, the company posted a net loss of $225 million ($0.29 per diluted share) on net sales of $1.3 billion.
The company achieved significant per megabit cost decreases for its NAND Flash and DRAM products in the third quarter of approximately 30 percent and 15 percent, respectively, as compared to the preceding quarter. The company's per megabit cost decreases were obtained primarily through transitions to higher density, advanced geometry devices and the ramp of NAND Flash products at the company's 300mm fabrication facilities. The company's net loss in the third quarter of fiscal 2007 was largely the result of severe price declines across most memory products. Recent growth in industry supply resulted in price declines in the third quarter of approximately 35 percent for DRAM and 30 percent for NAND Flash products as compared to the second quarter.
Gigabyte sales of NAND Flash memory products in the third quarter of fiscal 2007 increased by approximately 75 percent, as compared to the second quarter, to represent approximately 25 percent of the company's total Memory revenue. Sales of Imaging products in the third quarter remained at 11 percent of the company's total net sales reflecting industry softness in mobile handset sales and pricing pressure.
Steve Appleton, Chairman and CEO, also announced that Mark Durcan, COO, has been appointed President and COO. Durcan, 46, was appointed Micron's COO in early 2006. Durcan joined Micron in 1984 as a diffusion engineer and has since held a variety of increasingly responsible positions involving technology process integration and development, including Chief Technical Officer and Vice President of Research and Development.
"Mark's contributions over the past 23 years have been tremendous," said Appleton. "I look forward to his continued leadership in this role."
