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June 17, 1997updated 05 Sep 2016 1:03pm

MICRON Q3 RESULTS COME IN AHEAD OF ESTIMATES

By CBR Staff Writer

Micron Technology Inc reported third-quarter net income that soared 66% to $96.8m, or $0.44 per share, topping Wall Street estimates of $0.39. Revenue for the quarter rose 25% to $965m on the back of strong sales of its core semiconductor memory products – which increased from $416m to $511m. Gross margins on memory products improved to 49% from 38% a year ago and production increased 31% over the second quarter. PC systems sales increased 30% over last year’s Q3 but slid 7% from the preceding quarter, and margins dropped from 17% to 15%. For the first nine months of 1997, net income slid 55% to $260.2m on revenue down 13% at $2.57bn. Earnings per share rose 63% to $0.44 for the quarter, and dropped 55% to $1.20 for the nine months. Micron ended the quarter with cash and liquid assets of $521m.

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