Micron Reports $89 Million Loss
BOISE, Idaho (AP) _ Micron Technology Inc. reported losses of $89.1 million for the most recent quarter and $233.7 million for the past year, a nearly 180-degree turn from the semiconductor company’s 1997 performance.
Sharply depressed computer memory chip prices were blamed for the losses, which came despite production improvements.
``Although we cannot yet determine if recent stability in the market will be sustained, current market conditions are encouraging,″ Chairman and Chief Executive Officer Steve Appleton said late Monday.
Micron’s quarterly loss of 42 cents per share for the period that ended Sept. 3 came on sales of $692 million. Its loss of $1.10 per share for the year came on sales of $3 billion.
The company earned $332.2 million, or $1.55 per share, on sales of $3.5 billion in its previous fiscal year. In the fourth quarter last year, Micron earned $72.1 million, or 33 cents per share, on revenue of $946.2 million.
On June 18 the company announced its intention to acquire the semiconductor memory operations of Texas Instruments Inc., a transaction that is expected to close in the next few weeks.