Micron Technology, Inc. 2013财年第四季度财务报告

2013年10月12日 12:59
来源：中国商业电讯

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爱达荷州博伊西 2013-10-12(中国商业电讯)－－Micron Technology, Inc. （纳斯达克股票代码：MU）今日公布其2013财年第四季度经营业绩，该财务季度截至2013年8月29日。公司第四季度的净销售额达28亿美元，股东净收益总计17.1亿美元，摊薄每股收益为1.51美元。与此相比，2013财年第三季度，公司的净销售额达23亿美元，股东净收益总计4300万美元，摊薄每股收益为0.04美元；而2012财年第四季度，公司的净销售额达20亿美元，股东净亏损总计2.43亿美元，摊薄每股收益为-0.24美元。2013财年，公司的净销售额达91亿美元，股东净收益总计11.9亿美元，摊薄每股收益为1.13美元。2013财年运营现金流为18亿美元。与此相比，2012财年的净销售额达82亿美元，股东净亏损总计10.3亿美元，摊薄每股收益为-1.04美元。

2013年7月31日，公司完成了对Elpida Memory, Inc.和Rexchip Electronics Corporation的并购。2012财年第四季度，公司收入为14.84亿美元，摊薄每股收益为1.31美元，包括在并购以及8月份 Elpida运营上的购买财务收入。

“Micron在多方面上表现优异，成功地整合了Elpida，并且先进内存解决方案的开发也正稳步进行，包括本季度向关键客户推出的混合内存立方样品，以及最近一家主要的OEM厂商推出合格的第二代PCIe企业固态硬盘家族，”Micron首席执行官Mark Durcan说到。“我们的产品组合以及系统解决方案使我们在当前良好的市场环境中处于有利的竞争地位。”

由于销售量增加42%并且平均售价提高5%，与第三季度相比，2013财年第四季度来自DRAM产品的销售收入增长了50%。与第三季度相比，2013财年第四季度来自NAND闪存产品的销售收入增长了5%，主要是由于销售量增加17%而抵消了平均售价11%的降低。

与2013财年第三季度的24%相比，2013财年第四季度的综合毛利率增长了25%。DRAM的毛利率受益于平均售价的增长。DAND闪存产品的毛利率保持不变，因为生产成本降低11%被平均售价下降所抵消。

2013财年第四季度的运营现金流为7.17亿美元，而公司在资本开支上的投资为3.32亿美元。第四财政季度截止时，公司的现金和投资为42亿美元，其中包括5.56亿美元流动受限现金，搁置用于向Elpida债权人的第一期分期付款。

公司将于山地夏令时（MDT）10月10日星期四下午2:30召开电话会议讨论财务业绩。电话会议、音频和幻灯片将在以下网站中公布：http://investors.micron.com/events.cfm。从即日起至2014年10月17日，可登录本公司网站，观看网上重播。此外，从MDT 时间2013年10月10日星期四下午5:30至MDT时间2013年10月17日星期四下午5:30，可以拨打1-404-537-3406 或1-855-859-2056（会议编号：71010239）收听电话会议的音频录音重播。

Micron Technology, Inc.是全球领先的先进半导体解决方案供应商之一。通过它遍布全球的运营，Micron为先进的计算、用户、网络、嵌入式和移动产品生产和销售全套DRAM、NAND和 NOR闪存，以及其他创新的存储器技术、封装方案和半导体系统。Micron的普通股在纳斯达克上市交易，代码是MU。欲了解有关Micron Technology, Inc.的更多信息，请访问www.micron.com。

(1) Restructure and asset impairments consisted of the following:

In order to optimize operations, improve efficiency and increase focus on the company's core memory operations, the company has initiated various restructure activities.

In the fourth quarter of fiscal 2013, the company incurred charges in connection with a global workforce reduction. Separately, the company wrote down the value of certain assets in connection with its plans to discontinue 200mm production in Israel and exit the facility.

In the third quarter of fiscal 2013, the company discontinued the development activities of its Light-emitting Diode ("LED") operations. In connection therewith, the company recognized a charge of $25 million primarily to write down certain production assets used in the development of LED technology. In the third quarter of fiscal 2013, the company also restructured a consortium agreement, which provides R&D and manufacturing activities to the company, with STMicroelectronics S.r.l. ("ST") whereby certain assets and approximately 500 employees from the company's Agrate, Italy fabrication facility were transferred to ST. In connection therewith, the company recognized a charge of $26 million in the third quarter of fiscal 2013.

In the second quarter of fiscal 2013, the company entered into an agreement to sell Micron Technology Italia, S.r.l. ("MIT"), a wholly-owned subsidiary, including its 200 millimeter wafer fabrication facility assets in Avezzano, Italy, to LFoundry Marsica S.r.l. ("LFoundry"). The transaction closed in the third quarter of fiscal 2013. In exchange for the shares of MIT, the company received a long-term note from LFoundry. Under the terms of the agreements, the company assigned to LFoundry its supply agreement with Aptina Imaging Corporation ("Aptina") for CMOS image sensors manufactured at the Avezzano facility. The assets and liabilities of MIT were written down to their estimated fair values and, as a result, the company recorded an impairment loss of $62 million in the second quarter of fiscal 2013.

(2) Other operating expense in fiscal 2012 includes $17 million from the termination of a lease with IM Flash Technologies, LLC ("IMFT"), a joint venture of the company, and a charge of $10 million to write off a receivable in connection with resolution of certain prior year tax matters.

(3) On July 31, 2013, the company completed its acquisition of Elpida Memory, Inc. ("Elpida"), a Japanese corporation. Elpida's assets include, among others: a 300mm DRAM wafer fabrication facility located in Hiroshima, Japan; its 65% ownership interest in Rexchip Electronics Corporation ("Rexchip"), a Taiwanese corporation and manufacturing joint venture, whose assets include a 300mm DRAM wafer fabrication facility located in Taiwan; and an assembly and test facility located in Akita, Japan. Elpida's semiconductor memory products include Mobile DRAM targeted toward mobile phones and tablets. In a related transaction, on July 31, 2013, the company completed its acquisition from Powerchip Technology Corporation and certain of its affiliates (collectively, the "Powerchip Group") of an additional 24% interest in Rexchip.

The total purchase price was $949 million and the provisional fair value of the net assets acquired, net of noncontrolling interests, was $2,433 million. As a result, the company recorded a gain of $1,484 million in connection with the acquisition. The provisional fair values of assets and liabilities acquired include, among other items, cash and restricted cash aggregating $1,618 million (which includes the company's payment to Elpida of $556 million set aside for the first Elpida creditor installment), inventories of $962 million; property, plant and equipment of $935 million; net deferred tax assets of $917 million and debt of ($2,134) million. The provisional fair values are subject to change within the one-year measurement period ending in the fourth quarter of fiscal 2014.

(4) Other non-operating income (expense) consisted of the following:

Gain (loss) from changes in currency exchange rates in the third quarter and full fiscal 2013 included currency losses of $47 million and $225 million, respectively, from changes in the market value of currency hedges executed in connection with the company's acquisition of Elpida and Rexchip.

Other non-operating income in the fourth quarter of fiscal 2013 includes a gain of $48 million recognized in connection with the May 2013 issuance of common shares by Inotera Memories, Inc. As a result of the issuance, the company's interest in Inotera decreased to 35.5%.

Loss from extinguishment of debt in fiscal 2013 included $31 million recognized in the second quarter in connection with the partial repurchase of the company's 2014 Notes.

In order to improve comparability with the company's industry peers, gains and losses from currency exchange rates have been reclassified from operating to non-operating. As a result, $59 million of losses for the first quarter of fiscal 2013 and $8 million of gains and $6 million of losses for the fourth quarter of fiscal 2012 and full fiscal year 2012, respectively, were reclassified from the amounts previously reported in other operating (income) expense to other non-operating income (expense).

(5) Income taxes for fiscal 2013 included tax benefits related to two non-U.S. jurisdictions of $10 million for the favorable resolution of certain prior year tax matters, which was previously reserved as an uncertain tax position, and $9 million for a favorable change in tax law applicable to prior years. Income taxes for fiscal 2012 included tax benefits of $56 million related to the favorable resolution of certain prior year tax matters, which were previously reserved as uncertain tax position. Remaining taxes for fiscal 2013 and 2012, respectively, primarily reflect taxes on the company's non-U.S. operations. The company has a valuation allowance for its net deferred tax asset associated with its U.S. operations. The (provision) benefit for taxes on U.S. operations in fiscal 2013 and 2012 was substantially offset by changes in the valuation allowance.

(6) During the fourth quarter of fiscal 2013, the company borrowed $312 million under a four-year note, collateralized by a security interest in certain production equipment. Principal is payable in equal quarterly installments, commencing after November, 2013. Interest accrues at a variable rate equal to the three-month LIBOR rate plus a margin of 3.25% per annum, payable quarterly in arrears. Also during the fourth quarter of fiscal 2013, the company entered into a variable-for-fixed interest rate swap calculated on an aggregate notional amount equal to the scheduled outstanding balance of the loan. The interest rate swap effectively fixed the rate at 4.2% per annum.

On February 12, 2013, the company issued $300 million of 1.625% Convertible Senior Notes due February 2033 (the "2033E Notes") and $300 million of 2.125% Convertible Senior Notes due February 2033 (the "2033F Notes" and together with the 2033E Notes, the "2033 Notes"). Issuance costs for the 2033 Notes totaled $16 million. The initial conversion rate for the 2033 Notes is 91.4808 shares of common stock per $1,000 principal amount, equivalent to an initial conversion price of approximately $10.93 per share of common stock. Upon issuance of the 2033 Notes, the company recorded $526 million of debt, $72 million of additional capital and $14 million of deferred debt issuance costs (included in other noncurrent assets). The difference between the debt recorded at inception and the principal amount ($31 million for the 2033E Notes and $43 million for the 2033F Notes) is being accreted to principal as interest expense through February 2018 for the 2033E Notes and February 2020 for the 2033F Notes, the expected life of the notes.

Concurrent with the issuance of the 2033 Notes, the company entered into capped call transactions (the "2033 Capped Calls") that have initial strike prices of approximately $10.93 per share, subject to certain adjustments, which was set to equal the initial conversion price of the 2033 Notes. The 2033 Capped Calls have a cap price of $14.51 per share and cover an approximate combined total of 54.9 million shares of common stock. The 2033 Capped Calls are intended to reduce the potential dilution upon conversion of the 2033 Notes. The company paid $48 million to purchase the 2033 Capped Calls. The 2033 Capped Calls are considered capital transactions and the related cost was recorded as a charge to additional capital.

In connection with the offering of the 2033 Notes, on February 12, 2013, the company repurchased $464 million of aggregate principal amount of its 1.875% Convertible Senior Notes due June 2014 (the "2014 Notes") for $477 million. The repurchase resulted in the derecognition of $431 million in debt for the principal amount (net of $33 million of debt discount) and $15 million in additional capital. The company recognized a charge of $31 million in the second quarter of fiscal 2013 associated with the early repurchase.

During the first quarter of fiscal 2013, the company entered into two credit facilities. The first was a three-year revolving credit facility, under which the company can draw up to $255 million. Amounts drawn would be collateralized by a security interest in certain accounts receivables. As of August 29, 2013, the company had not drawn any amounts under this facility. The second was a term note providing for borrowing of up to $214 million. Amounts drawn are payable in 10 equal semi-annual installments beginning six months after the draw date. As of August 29, 2013, the note had been fully drawn and the outstanding balance was $191 million.

联系方式：Kipp A. Bedard

Investor Relations

kbedard@micron.com

(208) 368-4465

Daniel Francisco

Media Relations

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