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Written by THE ASSOCIATED PRESS
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Wednesday, 01 October 2008 |
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BOISE, Idaho - Memory chip maker Micron Technology Inc. said Wednesday its fiscal fourth-quarter loss widened as the industry continues to face oversupply problems and pricing pressures.
The company also said it is implementing a 20 per cent salary cut for senior executives to help cut costs.
For the three months ended Aug. 28, the company posted a net loss of US$344 million, or 45 cents per share, compared with a loss of $158 million, or 21 cents per share, in the same period a year earlier.
The latest quarter's results included a charge of $205 million related to an inventory write-down, as well as a gain of $70 million. On an adjusted basis, the quarter's loss totalled $209 million, or 27 cents per share.
Revenue climbed less than one per cent to $1.45 billion from $1.44 billion.
Analysts, on average, were expecting a loss of 24 cents per share on sales of $1.54 billion, according to a poll by Thomson Reuters. Analysts typically exclude one-time items from their estimates.
"The global memory market continues to experience severe oversupply and price degradation, and it remains a challenging period for all of us competing in the industry," said Steve Appleton, Micron's chairman and chief executive, in a statement.
For the full year, the company posted a loss of $1.62 billion, or $2.10 per share, compared with a loss of $320 million, or 42 cents per share, a year earlier. Excluding items, the year's loss totaled $1.32 per share.
Revenue rose three per cent to $5.84 billion from $5.69 billion.
Shares rose 25 cents, or 6.2 per cent, to close at $4.30.
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Last Updated ( Wednesday, 01 October 2008 )
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