Micron sheds more red
Sales up but losses balloon
Memory maker Micron lost $619 million ($1.02 a share) during Q2 2003, which ended on 27 February. Exceptional charges account for around half that figure - without them the company lost $386 million.
Those figures are significantly higher than the $30.4 million loss Micron reported this time last year. Its Q2 2002 operating loss was $59 million.
Sales, however, were up year-on-year, from $646 million to $785 million, and up $100 million on the previous quarter. Average selling prices were down quarter-on-quarter, and they must have been significantly down on Q2 2002, if that period's sales and income figures are anything to go by.
Its transition to 0.11 micron/200mm wafers and 0.11 micron/300mm won't have helped either, but should pay off when the downturn ends.
"We are ahead of plan for the worldwide transition to our 200 mm 0.11 micron process and our 300 mm 0.11 micron production line in Virginia is progressing on schedule," said President and CEO Steve Appleton in a statement.
The latest quarter's charges included $197 million for the write-down of work in process and finished goods inventories to their estimated market values, and restructuring and other charges of $116 million. ®