Micron Technology, Inc. (MU) has reported 59.04 percent plunge in profit for the quarter ended Sep. 03, 2015. The company has earned $471 million, or $0.42 a share in the quarter, compared with $1,150 million, or $0.96 a share for the same period last year. On an adjusted basis, the company has earned $399 million, or $0.37 a share for the quarter. Revenue during the quarter dropped 14.83 percent to $3,600 million from $4,227 million in the previous year period. Gross margin for the quarter contracted 582 basis points over the previous year period to 26.94 percent. Total expenses were 88.14 percent of quarterly revenues, up from 80.41 percent for the same period last year. That has resulted in a contraction of 773 basis points in operating margin to 11.86 percent.
Operating income for the quarter was $427 million, compared with $828 million in the previous year period.
"We are pleased to report Fiscal Year 2015 results that include revenue of $16.2 billion, $2.72 in non-GAAP earnings per share, and $2.3 billion in dilution management activities, including convert retirements and share repurchases," stated D. Mark Durcan, chief executive officer. "While fourth quarter results were impacted by continued weakness in the PC sector, we believe that memory industry fundamentals remain favorable over the long term."
Operating cash flow declines
Micron Technology, Inc. has generated cash of $5,208 million from operating activities during the year, down 8.62 percent or $491 million, when compared with the last year. The company has spent $6,232 million cash to meet investing activities during the year as against cash outgo of $2,902 million in the last year.
The company has spent $718 million cash to carry out financing activities during the year as against cash outgo of $1,499 million in the last year period.
Working capital declines
Micron Technology, Inc. has witnessed a decline in the working capital over the last year. It stood at $4,691 million as at Sep. 03, 2015, down 13.67 percent or $743 million from $5,434 million on Aug. 28, 2014. Current ratio was at 2.20 as on Sep. 03, 2015, up from 2.13 on Aug. 28, 2014.
Debt moves up
Micron Technology, Inc. has witnessed an increase in total debt over the last one year. It stood at $7,341 million as on Sep. 03, 2015, up 12.75 percent or $830 million from $6,511 million on Aug. 28, 2014. Total debt was 30.41 percent of total assets as on Sep. 03, 2015, compared with 28.94 percent on Aug. 28, 2014. Debt to equity ratio was almost stable at 0.55 as on Sep. 03, 2015, when compared with the last year.
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