Feeds

Micron to donate $120m shareholding to charity

Will appear as a loss on company's Q4 balance sheet

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Memory maker Micron Technology will take a $120 million hit when it reports its fourth quarter results thanks to a share donation it's making to its non-profit making subsidiary, the Micron Technology Foundation.

Micron completed its fourth quarter on 31 August and has yet to report the results of its business during that three-month period. The charge was revealed by Interland, a company in whom Micron has a majority stake to the tune of 58.6 million shares. Those shares will be donated to the Foundation, effectively allowing Micron to write off $120 million.

Interland was until recently known as Micron Electronics, a Micron Technology subsidiary. Micron Electronics bought Interland, a Web hosting company, last month for $130 million. It then took on its acquisition's name.

The donation essentially ends Micron's interest in its subsidiary. And, as a charitable donation, there's almost certainly a tax advantage too. The Foundation supports charities local to Micron's various operational facilities.

When Micron reports its Q4 results - early next month, we expect - Wall Street is anticipating a loss of 30 cents a share. Micron hasn't commented on the donation, but since it has yet to report its Q4 figures, we can't say we're surprised. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
Microsoft EU warns: If you have ties to the US, Feds can get your data
European corps can't afford to get complacent while American Big Biz battles Uncle Sam
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.