Micron Technology Inc. (Boise, ID) announced a net loss for the first quarter of fiscal 2002 of $266.0 million, or $0.44 per diluted share, on $424.0 million of net sales. These results compare to a net loss of $576.0 million, or $0.96 per diluted share, on $480.0 million of net sales for the fourth quarter of fiscal 2001 and income from continuing operations of $360.0 million, or $0.59 per diluted share, on $1,572.0 million of net sales for the first quarter a year ago.
The company's results include inventory write-downs of $173.0 million in the first quarter of fiscal 2002 and $466.0 million in the fourth quarter of fiscal 2001 to record inventories at their lower of cost or market values. Average selling prices for the company's semiconductor memory products for the first quarter of fiscal 2002 decreased 24 percent when compared to the preceding quarter, and decreased 88 percent when compared to the first quarter a year ago.
The company finished the first quarter of fiscal 2002 with cash and liquid investments of approximately $1.7 billion.
