Revenues for Micron’s first quarter of fiscal 2014 were USD 4.04 billion and were 42% higher compared to the fourth quarter of fiscal 2013 and 120 percent higher compared to the first quarter of fiscal 2013.
GAAP Income and Per Share Data – On a GAAP(1) basis, net income attributable to Micron shareholders was USD 358 million, or USD 0.30 per diluted share, compared to net income of USD 1.71 billion, or USD 1.51 per diluted share, in the fourth quarter of fiscal 2013 and a net loss of (USD 275) million, or (USD 0.27) per diluted share, in the first quarter of fiscal 2013.
Net income was USD 881 million, compared to net income of USD 317 million, in the fourth quarter of fiscal 2013.
Revenues from sales of DRAM products were 69 percent higher in the first quarter of fiscal 2014 compared to the fourth quarter of fiscal 2013 due primarily to an increase in sales volume resulting from the acquisition of Elpida.
Revenues from sales of NAND Flash products were 8 percent higher in the first quarter of fiscal 2014 compared to the fourth quarter of fiscal 2013 primarily due to an 11 percent increase in sales volume offset by a slight decrease in average selling prices.
The company’s consolidated gross margin improved to 32 percent in the first quarter of fiscal 2014 compared to 25 percent in the fourth quarter of fiscal 2013 primarily due to an increase in volume of products resulting from the acquisition of Elpida and to product mix.
Cash flows from operations for the first quarter of fiscal 2014 were USD 1.51 billion, while investments in capital expenditures were USD 669 million. The company ended the first fiscal quarter with cash and marketable investments of USD 4.41 billion.
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