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Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2019




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Strong execution drives profitability and free cash flow

BOISE, Idaho, June 25, 2019 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2019, which ended May 30, 2019.

Fiscal Q3 2019 Highlights

  • Revenue of $4.79 billion versus $7.80 billion for the same period last year
  • GAAP net income of $840 million, or $0.74 per diluted share
  • Non-GAAP net income of $1.20 billion, or $1.05 per diluted share
  • Operating cash flow of $2.71 billion versus $4.26 billion for the same period last year
  • Share repurchases of $2.66 billion under the authorized buyback program in the first nine months of 2019

“Micron’s improved competitive position and strong execution helped us deliver solid results despite a challenging environment,” said Micron Technology President and CEO Sanjay Mehrotra. “While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance.”

Quarterly Financial Results
(in millions, except per share amounts) GAAP (1)   Non-GAAP (2)
FQ3-19 FQ2-19 FQ3-18   FQ3-19 FQ2-19 FQ3-18
Revenue $ 4,788   $ 5,835   $ 7,797     $ 4,788   $ 5,835   $ 7,797  
Gross margin $ 1,828   $ 2,864   $ 4,723     $ 1,884   $ 2,928   $ 4,750  
percent of revenue   38.2%     49.1%     60.6%       39.3%     50.2%     60.9%  
Operating income $ 1,010   $ 1,957   $ 3,953     $ 1,110   $ 2,110   $ 4,017  
percent of revenue   21.1%     33.5%     50.7%       23.2%     36.2%     51.5%  
Net income attributable to Micron $ 840   $ 1,619   $ 3,823     $ 1,198   $ 1,971   $ 3,898  
Diluted earnings per share $ 0.74   $ 1.42   $ 3.10     $ 1.05   $ 1.71   $ 3.15  

Investments in capital expenditures, net of amounts funded by partners, were $2.21 billion for the third quarter of 2019, which resulted in adjusted free cash flow(3) of $504 million. Micron repurchased an aggregate of 67 million shares of its common stock for $2.66 billion during the first nine months of 2019 in connection with its $10 billion share repurchase authorization. The company ended the third quarter with cash, marketable investments, and restricted cash of $7.93 billion for a net cash(4) position of $3.02 billion.

Micron will host a conference call on Tuesday, June 25, 2019 at 2:30 p.m. MT to discuss financial results and provide forward-looking guidance for its fiscal fourth quarter. The call, audio, and slides will be available online at A webcast replay will be available on our website until June 25, 2020. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 3684209) beginning at 5:30 p.m. MT, June 25, 2019 and continuing through July 2, 2019. For Investor Relations and other company updates, follow @MicronTech on Twitter at

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions. Through our global brands – Micron®, Crucial®, and Ballistix® – our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint™ memory, is transforming how the world uses information to enrich life. Backed by 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, machine learning, and autonomous vehicles, in key market segments like data center, networking, automotive, industrial, mobile, graphics, and client. Our common stock is traded on the Nasdaq under the MU symbol. To learn more about Micron Technology, Inc., visit

The Micron logo and Micron symbol are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.

This press release contains forward-looking statements regarding the industry and our strategic position and financial results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.

(1) GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of certain activities which our management excludes in analyzing our operating results and understanding trends in our earnings. Non-GAAP shares used in per share calculations also include the impact of our outstanding capped call transactions and the effect of stock-based compensation. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.
(3) Adjusted free cash flow consists of cash provided by operating activities of $2.71 billion for the third quarter of 2019 less investments in capital expenditures, net of amounts funded by partners.
(4) Net cash consists of cash, marketable investments, and restricted cash less current and long-term debt of $4.91 billion.

(in millions, except per share amounts)
    3rd Qtr.   2nd Qtr.   3rd Qtr.   Nine Months Ended
    May 30,
  February 28,
  May 31,
  May 30,
  May 31,
Revenue (1)   $ 4,788     $ 5,835     $ 7,797     $ 18,536     $ 21,951  
Cost of goods sold   2,960     2,971     3,074     9,229     9,211  
Gross margin   1,828     2,864     4,723     9,307     12,740  
Selling, general, and administrative   206     209     211     624     598  
Research and development   606     601     603     1,818     1,574  
Other operating (income) expense, net   6     97     (44 )   139     (49 )
Operating income   1,010     1,957     3,953     6,726     10,617  
Interest income (expense), net   23     31     (44 )   59     (206 )
Other non-operating income (expense), net (2)   (317 )   (84 )   (193 )   (392 )   (450 )
Income tax (provision) benefit (3)   135     (280 )   109     (622 )   (148 )
Equity in net income (loss) of equity method investees       1     (2 )   1     (1 )
Net income attributable to noncontrolling interests   (11 )   (6 )       (20 )   (2 )
Net income attributable to Micron   $ 840     $ 1,619     $ 3,823     $ 5,752     $ 9,810  
Earnings per share                    
Basic   $ 0.76     $ 1.45     $ 3.30     $ 5.15     $ 8.53  
Diluted   0.74     1.42     3.10     5.01     7.96  
Number of shares used in per share calculations                    
Basic   1,105     1,114     1,159     1,117     1,150  
Diluted   1,129     1,141     1,235     1,148     1,233  

As of   May 30,
  February 28,
  August 30,
Cash and short-term investments   $ 6,689     $ 7,533     $ 6,802  
Receivables (1)   3,257     4,416     5,478  
Inventories   4,905     4,390     3,595  
Total current assets (1)   15,066     16,550     16,039  
Long-term marketable investments   1,167     1,614     473  
Property, plant, and equipment   27,138     26,204     23,672  
Restricted cash   77     76     81  
Total assets   46,288     47,487     43,376  
Accounts payable and accrued expenses   3,494     4,062     4,374  
Current debt (2)(4)   1,346     2,634     859  
Total current liabilities   5,397     7,361     5,754  
Long-term debt (2)   3,563     3,604     3,777  
Total Micron shareholders’ equity (1)(2)(5)   35,323     34,567     32,294  
Noncontrolling interests in subsidiaries (4)   867     863     870  
Total equity   36,190     35,430     33,164  

    Nine Months Ended
    May 30,
  May 31,
Net cash provided by operating activities   $ 10,956     $ 12,245  
Net cash provided by (used for) investing activities   (8,985 )   (6,087 )
Net cash provided by (used for) financing activities   (3,330 )   (4,443 )
Depreciation and amortization   4,047     3,552  
Investments in capital expenditures   (7,806 )   (6,798 )
Repayments of debt   (2,376 )   (6,767 )
Payments to acquire treasury stock (5)   (2,727 )   (69 )
Proceeds from issuance of stock   112     1,636  
Proceeds from issuance of debt (2)   1,800     969  

1. In the first quarter of 2019, we adopted ASU 2014-09 – Revenue from Contracts with Customers (as amended, “ASC 606”), which supersedes nearly all existing revenue recognition guidance under generally accepted accounting principles in the United States. The core principal of ASC 606 is that an entity should recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted ASC 606 in the first quarter of 2019 under the modified retrospective method and, in connection therewith, made certain adjustments to our opening balances as of August 31, 2018. Adjustments to opening balances included an increase to receivables of $114 million, reduction of deferred tax assets of $92 million, increase of other current assets of $30 million, and an increase to retained earnings of $50 million.

2. On February 6, 2019, we issued $600 million, $500 million, and $700 million in principal of senior unsecured notes due in 2024, 2026, and 2029, respectively. On February 8, 2019, we notified holders of our convertible senior notes due in 2043 (“2043G Notes”) that we would redeem all of the outstanding 2043G Notes on March 13, 2019. In connection with our notice, we made an irrevocable election to settle any conversions in cash and, as a result, we reclassified $336 million from equity to a derivative debt liability. Holders converted substantially all of the 2043G Notes and, on March 13, 2019, we paid $1.43 billion to settle the conversions. We incurred losses of $316 million and $84 million in the third and second quarters of 2019, respectively, in connection with these transactions.

3. On December 22, 2017, the United States enacted comprehensive tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”), which imposed a one-time transition tax in 2018 (the “Repatriation Tax”) and created a new minimum tax on certain foreign earnings. Our income tax provision consisted of the following:

    3rd Qtr.   2nd Qtr.   3rd Qtr.   Nine Months Ended
    May 30,
  February 28,
  May 31,
  May 30,
  May 31,
Income tax (provision) benefit, excluding items below   $ 125     $ (216 )   $ (78 )   $ (469 )   $ (161 )
Utilization of and other changes in net deferred tax assets of MMJ, MMT, and MTTW   (32 )   (78 )   (35 )   (162 )   (78 )
Repatriation Tax, net of adjustments related to uncertain tax positions   42     14     222     9     (1,113 )
Release of the valuation allowance on net deferred tax assets of our U.S. operations                   1,337  
Remeasurement of deferred tax assets and liabilities reflecting lower U.S. corporate tax rates                   (133 )
    $ 135     $ (280 )   $ 109     $ (622 )   $ (148 )

The decrease in our income tax provision in the third quarter of 2019 as compared to the second quarter of 2019 was due primarily to a reduction in profit before tax and a related reduction in the foreign minimum tax. The Repatriation Tax and our deferred tax liabilities on unremitted earnings were also reduced in the third quarter of 2019 due to Tax Act-related law changes. Our provision for income tax and the effective tax rate increased in the first nine months of 2019 as compared to the corresponding period of 2018 primarily as a result of the foreign minimum tax.

4. In January 2019, we exercised our option to acquire Intel’s interest in our joint venture, IM Flash Technologies, LLC (“IMFT”) and, in the third quarter of 2019, Intel set the closing date of the transaction to occur on October 31, 2019. At closing, we expect to pay Intel approximately $1.4 billion in cash for Intel’s noncontrolling interest in IMFT and IMFT member debt. As of May 30, 2019, current debt included $858 million of IMFT member debt.

5. In the third quarter and first nine months of 2019, we repurchased 4 million shares of our common stock for $157 million and 67 million shares of our common stock for $2.66 billion, respectively, under an accelerated share repurchase agreement, Rule 10b5-1 plans, and through open market repurchases. The shares were recorded as treasury stock.

(in millions, except per share amounts)
    3rd Qtr.   2nd Qtr.   3rd Qtr.
    May 30,
  February 28,
  May 31,
GAAP gross margin   $ 1,828     $ 2,864     $ 4,723  
Stock-based compensation   24     23     20  
Start-up and preproduction costs   23     15      
Employee severance       13      
Other   9     13     7  
Non-GAAP gross margin   $ 1,884     $ 2,928     $ 4,750  
GAAP operating income   $ 1,010     $ 1,957     $ 3,953  
Stock-based compensation   58     57     48  
Start-up and preproduction costs   23     15      
Employee severance       17      
Restructure and asset impairments   9     51     8  
Other   10     13     8  
Non-GAAP operating income   $ 1,110     $ 2,110     $ 4,017  
GAAP net income attributable to Micron   $ 840     $ 1,619     $ 3,823  
Stock-based compensation   58     57     48  
Start-up and preproduction costs   23     15      
Employee severance       17      
Restructure and asset impairments   9     51     8  
Amortization of debt discount and other costs   10     11     23  
(Gain) loss on debt repurchases and conversions   317     83     168  
(Gain) loss from changes in currency exchange rates   1     3     24  
Other   12     13     10  
Impact of U.S. income tax reform   (42 )   (14 )   (222 )
Estimated tax effects of above, non-cash changes in net deferred income taxes, and assessments of tax exposures   (30 )   116     16  
Non-GAAP net income attributable to Micron   $ 1,198     $ 1,971     $ 3,898  
GAAP weighted-average common shares outstanding – Diluted   1,129     1,141     1,235  
Adjustment for capped calls and stock-based compensation   6     8     3  
Non-GAAP weighted-average common shares outstanding – Diluted   1,135     1,149     1,238  
GAAP diluted earnings per share   $ 0.74     $ 1.42     $ 3.10  
Effects of the above adjustments   0.31     0.29     0.05  
Non-GAAP diluted earnings per share   $ 1.05     $ 1.71     $ 3.15  

The tables above reconcile GAAP to non-GAAP gross margin, operating income, net income attributable to Micron, diluted shares, and diluted earnings per share. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from numbers presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:

  • Stock-based compensation;
  • Flow-through of business acquisition-related inventory adjustments;
  • Acquisition-related costs;
  • Start-up and preproduction costs;
  • Employee severance;
  • Restructure and asset impairments;
  • Amortization of debt discount and other costs, including the accretion of non-cash interest expense associated with our convertible debt and MMJ creditor debt;
  • Gains and losses from debt repurchases and conversions;
  • Gains and losses from changes in currency exchange rates;
  • Gains and losses from business acquisition activities;
  • Impact of U.S. income tax reform for the Repatriation Tax, release of U.S. valuation allowance, and remeasurement of net deferred taxes reflecting lower U.S. corporate tax rates; and
  • The estimated tax effects of above, non-cash changes in net deferred income taxes, and assessments of tax exposures.

Our outstanding capped call transactions are anti-dilutive in GAAP earnings per share but are expected to mitigate the dilutive effect of our convertible notes. In periods with non-GAAP income attributable to Micron, non-GAAP diluted shares include the impact of capped calls based on the average share price for the period the capped calls are outstanding. Non-GAAP diluted shares are also adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income.

CONTACT: Contacts:

Farhan Ahmad
Investor Relations
(408) 834-1927

Erica Rodriguez Pompen
Media Relations
(408) 834-1873

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

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IDEX begins deliveries of its dual-interface sensor to world class electronics manufacturer




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Oslo, Norway, 15 October 2019: IDEX Biometrics ASA, a leading provider of advanced fingerprint identification and authentication solutions, has received a purchase order and initiated production ramp preparations to fulfill a multi-year order commitment signed with a leading provider of global financial news and IT services, as announced in April this year.

As part of this multimillion-dollar commitment IDEX is supplying its dual-interface sensors to one of the world’s largest electronics manufacturing service companies in order to qualify their manufacturing process; a critical step in any ramp-up process.

Stan Swearingen, CEO of IDEX Biometrics comments: “This is an exciting time for IDEX as we gear up volume production with our partners in what will be a cutting-edge, secure access solution. We now expect a regular flow of purchase orders from this customer and look forward to being an integral part of the rollout of their enhanced biometric security solutions”.

For further information contact:
Stuart Hunt, Head of Investor Relations & Communications
+44 (0)1276 534 632

About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX) is the leading provider of fingerprint identification technologies offering simple, secure and personal authentication for all. We help people make payments, prove their identity, gain access to information, unlock devices or gain admittance to buildings with the touch of a finger. We invent, engineer and commercialize these secure, yet incredibly user-friendly solutions. Our total addressable market represents a fast-growing multi-billion-unit opportunity.

For more information, visit and follow @IDEXBiometrics

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Global e∙dentity™ files its third formal USPTO 37CFR1.290 request in six months against Apple AAPL (NASDAQ)




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WILMINGTON, Del., Oct. 15, 2019 (GLOBE NEWSWIRE) — Global e∙dentity™, founded by Robert Adams, U.S. Navy veteran who along with the most amazing engineers & team, have developed and patented the next generation of identity protocol methods, has now filed its third 37CFR1.290 request with the USPTO within in six months against Apple; the formal third-party review request with the USPTO is in opposition to Apple newest patent application 16/262032 published on September 12, 2019. Adams stated that Global e∙dentity™ had “no choice, and once again, file a new third-party action with the USPTO in response to Apple’s latest published patent application.”  USPTO new third party filing is noted on the Global e·dentity™ website:

Global e∙dentity™ was featured on Featured on KRON4 — San Francisco Bay Area’s Local TV with regards the first of two third-party actions with the USPTO against Apple.  Adams continued, “We are indeed flattered that Apple has now filed, not one, not two, but now a third patent application based on our already patented technology 10,135,822 Biometric authentication of individuals utilizing characteristics of bone and blood vessel structures and its continuation patents.   Having said that, the key question remains: Why did Apple fail to inform the USPTO they had in their possession per their request, all of our trade secrets and provisional patent as early as March/April 2017 when negotiations started between representatives of Apple and Global e∙dentity?”

Global e·dentity™, is young well-funded tech start-up company with national security applications in mind; providing secure multi-factor biometric and digital identity solutions. For more information, visit Global e·dentity™ and product are either registered trademarks or trademarks of You are the ID ™ LLC in the United States and/or other countries.

For more information, press only: Sophia Miller

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IT Industry

Digia Plc will publish its business review January-September 2019 on October 31, 2019




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Digia Plc
Investor News
15 October 2019 at 09:00 am

Digia Plc will publish its business review January-September 2019 on Thursday 31 October at 8:00 am EET (GMT +2). After the publishing the report is available on:

Timo Levoranta, President & CEO, and Kristiina Simola, CFO, will present the financial results in Finnish at an analyst and press conference in Helsinki on Thursday, October 31, 2019 at 11.00 am (EET). The conference will take place at Business Meeting Park in Helsinki (address: Forum, Mannerheimintie 20 B, 6th floor. Entrance from the glass corner of Mannerheimintie and Simonkatu).

The material and presentation for the event will be available from 11 am on October 31, 2019 in the Investors section of the company’s website:

Digia Oyj
Timo Levoranta, CEO

Additional information:

Kristiina Simola, CFO, tel. +358 40 756 3132

Nasdaq Helsinki
Key media

Digia is a software and service company that helps its customers renew themselves digitally. There are more than 1,200 of us working at Digia. Our roots are in Finland and we operate with our customers in Finland and abroad. world. We are building a world in which digitalisation makes a difference. Digia net sales were EUR 112.1 million in 2018. The company is listed on Nasdaq Helsinki (DIGIA).

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