Micron Technology, Inc. (MU
Q1 2009 Earnings Call Transcript
December 23, 2008 4:30 p.m. ET
Kipp Bedard – Vice President of Investor Relations
Ronald Foster - Chief Financial Officer and Vice President of Finance
Mark Adams - Vice President of Worldwide Sales
Steven Appleton – Chairman and Chief Executive Officer
Betsy Van Hees – Caris & Company
Glen Yeung – Citigroup
Tim Luke – Barclays Capital
Shawn Webster - JPMorgan
James Covello – Goldman, Sachs & Co.
David Wong - Wachovia Capital Markets
Manish Goyal - CREF Investments
Daniel Amir - Lazard Capital Markets
Kevin Cassidy – Thomas Weisel Partners
Daniel Berenbaum – Cowen & Company
Hans Mosesmann – Raymond James
Bob Gujavarty - Deutsche Bank Securities
Bill Dezellem - Tieton Capital Management
Gary Hsueh – Oppenheimer & Co.
Amin – (Inaudible)
Good afternoon, my name is Melissa and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Micron Technology’s first quarter 2009 financial release conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer period. If you would like to ask a question during this time, please press “*” then the number “1” on your telephone keypad. If you would like to withdraw your question press the “#” key. Thank you. It is now my pleasure to turn the floor over to your host, Kipp Bedard. Sir, you may begin your conference.
Thank you very much and welcome to Micron Technology’s first quarter 2009 financial release conference call. On the call today is Steve Appleton, Chairman and CEO; Mark Durcan, President and Chief Operating Officer; Ron Foster, Chief Financial Officer and Vice President of Finance; and Mark Adams, Vice President of Worldwide Sales.
This conference call including audio and slides is also available on Micron’s website at www.micron.com. If you have not had an opportunity to review the first quarter 2009 financial press release, it is also available on our website at www.micron.com.
Our call will be approximately 60 minutes in length. There will be an audio replay of this call, accessed by dialing 706-645-9291, with the confirmation code of 76127953. This replay will run through Tuesday, December 30, 2008, at 5:30 pm Mountain Time.
A webcast replay will be available on the company’s website until December 23, 2009. We encourage you to monitor our website at www.micron.com throughout the quarter for the most current information on the company, including information on the various financial conferences that we will be attending.
Please note the following Safe Harbor statement. During the course of this meeting we may make projections or other forward-looking statements regarding future events or the future financial performance of the company and the industry. We wish to caution you that such statements are predictions and that actual events or results may differ materially.
We refer you to the documents, the company files on the consolidated basis from time to time with the Securities & Exchange Commission, specifically the company’s most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause the actual results for the company, on a consolidated basis, to differ materially from those contained in our projections or forward-looking statements. These certain factors can be found in the Investor Relations section of Micron''s website.
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 the presentation to conform these statements to actual results.
And with that I would like to now turn the call over to Mr. Ron Foster. Ron.
Thanks Kipp. For those listeners who haven’t seen our press release, which is available on our website and includes a reconciliation of the non-GAAP numbers discussed on this call, I will briefly review the summary financial results for the first quarter, which ended December 4.
Revenue for the first quarter decreased 3% compared to the prior quarter and gross margin declined to minus 32% as megabit DRAM and NAND ASP declines outpaced cost reductions.
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