The company’s fiscal third quarter net income strengthened to $939 million, or 92 cents per share, compared with $365 million, or 39 cents per share, in the preceding quarter and a net loss of $301 million, or 37 cents per share, in the year-ago quarter.

Sales in the quarter ended June 3, 2010 rose to $2.3 billion from $2 billion in the fiscal second quarter and more than double the $1.1 billion reported in the year-ago comparable quarter. Analysts were on the average expecting the company to post sales of $2.1 billion for the recently concluded quarter.

Micron is benefitting from improving conditions in the memory market and recent investment moves by the company, including the acquisition of Numonyx has helped strengthened its position while mopping up excess supplies from the supply chain. The fiscal third quarter results included a net gain of $488 million from the Numonyx transaction, the company said in a statement.

“In the company’s memory segment, revenue from sales of DRAM products increased 10 percent in the third quarter of fiscal 2010 compared to the second quarter of fiscal 2010 due to a 9 percent increase in average selling prices and a slight in unit sales volume,” Micron said.

“Revenue from sales of NAND flash products was approximately 16 percent higher in the third quarter compared to the second quarter due to a 21 percent increase in unit sales volume,” it added.

Micron said it appears what it paid for Numonyx was below the “fair value” of the acquired assets, hence the “$468 million in purchase accounting gains” related to the transaction. The company closed the Numonyx acquisition during the just ended quarter and closed the period with more than $2.3 billion in cash or $443 million below the amount reported in the fiscal second quarter.

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved