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April 7, 2009

Micron reports ninth straight quarterly loss

Revenue from NAND Flash products decreased 20% compared to the Q1

By CBR Staff Writer

Memory chip maker Micron Technology has reported a second-quarter net loss of $751m, its ninth-consecutive quarterly loss, against a loss of $777m in the year-ago quarter, on revenue down 26.9% at $993m.

It made an operating loss of $708m, against $772m last year. The loss per share was $0.97 compared to a loss of $1.01 last year.

During the quarter the company incurred a restructuring charge of $105m, including $17m of employee-related costs and $87m of equipment write-downs.

It said sales volumes for DRAM products remained relatively stable while revenue from NAND Flash products decreased 20% compared to the first quarter.

For the first six months, it reported a net loss of $1.4 billion, against a loss of $1 billion in the same period last year, on revenue down 17.2% at $2.3 billion.

Steve Appleton, chairman and chief executive at Micron, said: We are actively managing our overall cost structure, capital expenditures, and technology execution, which are driving our operating margins ahead of industry trend lines. Notably, our 34nm NAND technology is ramping rapidly and is providing a competitive differentiation in this challenging economic environment.

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