Micron Technology held an earnings call to discuss their Q3 2012 results. CEO Mark Durcan provided an overview, noting revenue exceeded expectations due to strong manufacturing performance and inventory improvements. While DRAM yields improved and the market stabilized, the NAND market softened significantly. Durcan emphasized continuing technology advances, capital efficiency, product differentiation, and optimizing supply and demand to deliver sustainable free cash flow. He discussed potentially acquiring Elpida to enhance scale if terms are acceptable, but emphasized being comfortable with organic opportunities as well through new premium products and partnerships.
Thinking like a global manufacturer. Not an IT vendor.
The challenges of protecting brand equity
The challenges of managing operational scale
The challenges of decision-making and control
How The Craft can help you in RFP or ABM situations
Read more at https://thecraft.consulting
Table of Contents
Pages
1. Executive Summary DUE WEEK 7……………………………………………….……
2. Company Description Due WEEK 1…………………………………………….……..
3. Strategic Focus and Plan DUE WEEK 1
a. Mission/Vision Statements…………………………………………………………..
b. Goals…………………………………………………………………………………..
c. Core Competency and Sustainable Competitive Advantage………………….…
4. Situation Analysis DUE WEEK 4
a. SWOT analysis
Internal Strengths and Weaknesses…………………………………………...
External Opportunities and Threats…………………………………………….
b. Industry Analysis………………………………………………………………………
c. Competitor Analysis…………………………………………………………………..
d. Company Analysis…………………………………………………………………….
e. Customer Analysis…………………………………………………………………….
5. Market-Product Focus DUE WEEK 4
a. Marketing and Product Objectives…………………………………………………..
b. Target Markets………………………………………………………………………...
c. Points of Difference……………………………………………………………………
d. Positioning……………………………………………………………………………...
6. Marketing Program DUE WEEK 5
a. Product Strategy……………………………………………………………………….
b. Price Strategy…………………………………………………………………………..
c. Promotion Strategy…………………………………………………………………….
d. Place (Distribution) Strategy………………………………………………….……….
7. Financial Data and Projections DUE WEEK 5
a. Past Sales Revenues…………………………………………………………….……
b. Five-Year Projections…………………………………………………………….……
8. Organizational Structure DUE WEEK 7………………………………………………….
9. Implementation DUE WEEK 7…………………………………………………………….
10. Evaluation and Control DUE WEEK 7……………………………………………………
11. Bibliography DUE WEEKS 1, 4, 5 & 7........................................................................
48
MP-1: Marketing Plan Outline
CASE STUDY 1 converting data into business value at volvo
“We’re now capturing massive amounts of data from our vehicles,” says Volvo Car Corporation’s Rich Strader.“And there is a compelling opportunity to turn that resource into something that not only helps us build better cars, but also helps the customer have a better experience.”
Strader, who has just completed a 12-month stint in the CIO’s chair at Volvo, is convinced that, in a world where many consumers now value smart tech as much as automotive engineering, manufacturers need to create vehicles that are, in effect, highly connected, data-rich IT environments. With hundreds of sensors and CPUs embedded throughout the car — from the brakes to the central locking system — data is now being captured for use within the vehicle itself, and also, increasingly, for transmission via the cloud back to the manufacturer.
At Volvo, those huge volumes are streamed into a centralized analysis hub, the Volvo Data Warehouse, alongside data from customer relationship systems, dealership systems, and product development and design systems. And Volvo’s ability to draw insight from this multi-terabyte resource is creating clear business advantage, says Strader, who has now ...
What's next for the investment management industry?SimCorp
“It's difficult to predict. Especially about the future."
It may be debatable who the source of the above quote is: Mark Twain, Storm P., Niels Bohr or Yogi Berra. But the truth of it struck us as particularly relevant as we looked back at the tumultuous events of the past twelve months in preparation for writing this outlook on the year ahead.
Creating alcohol-free environments to increase productivity and save lives. That is the mission of Boulder, CO-based SOBRSafe, Inc. The company is integrating a preventative detection technology platform through partnership, licensing and acquisitions, and is in protype phase with its launch product: the patented, proprietary SOBRSafe® device - a non-invasive, touch-based identity verification and alcohol detection solution.
SVPMA: Elevating from Consumer to Mission Critical ValueSVPMA
SVPMA March 2014 Monthly event:
“Elevating from Consumer to Mission Critical Value” with Brian Cox, Senior Director of Marketing for Enterprise Solutions, SanDisk
Read more: http://svpma.org/2014/03/march-2014-event-2/
De Tyler groep Barcelona biedt essentiële informatie over de tram in Barcelona genaamd “El Tram). Barcelona’s trams gespot kunnen worden rondom de stad – ze zijn groen en wit en reizen op ongeveer dezelfde snelheid als een auto. Barcelona’s tram systeem lijkt te zijn van minder bekende of gebruikt dan de bus van metro-systemen. Nochtans, kan het een geweldige manier om rond de stad.
Tram Tickets
Het is mogelijk om te kopen een ticket voor de tram. Als alternatief kan je de tickets bekend als ‘Integratie Tickets’. Dit zijn de tickets die kunnen worden gebruikt op de metro, bus en tram in Barcelona. De meest waarschijnlijke van deze is dat u wilt kopen tijdens uw vakantie de T10. Dit ticket is geldig voor tien ritten op de metro, tram of bus en is geldig voor een langere periode. De T10 kan worden gekocht voor verschillende zones, maar als u enkel van plan bent om uw tijd doorbrengen in de stad Barcelona, moet u alleen om te kopen een ticket dat betrekking heeft op Zone 1 waar alle voornaamste toeristische attracties zijn gebaseerd...
Bradley associates welt aktuelle news spanien sucht die nächste pm financial ...hyginsc
Spaniens chef-in-waiting internationale Druck widerstehen werden detaillierte wirtschaftliche pläne zu offenbaren und gleichzeitig sucht er für die skelette im Schrank und die Gerichte der opposition, parteifunktionäre und Analysten
PRLog (Press Release) - Nov 30, 2011 -
(Reuters) – Spaniens chef-in-waiting internationale Druck widerstehen werden detaillierte wirtschaftliche pläne zu offenbaren und gleichzeitig sucht er für die skelette im Schrank und die Gerichte der opposition, parteifunktionäre und Analysten sagte am Mittwoch. Mariano Rajoy, bekannt als einen vorsichtigen public administrator, gewann durch einen erdrutsch der Wahl am Sonntag als Wähler warfen ein sieben-jahr-alten sozialistischen Regierung warf für sky-hohen Arbeitslosigkeit und der wirtschaftlichen malaise. Das Zentrum der rechten Volkspartei (PP) leader warb auf versprechungen zur Wiederherstellung des Vertrauens in die Finanzmärkte und soll er schrägstrich ausgaben und bringen in der business-freundlichen wirtschaftlichen Reformen. Aber Analysten und Beamten aus seiner Partei sagte, er werde nicht überstürzt werden trotz der Intensität der Eurozone schuldenkrise gezwungen hat, die drei Länder die internationalen rettungsaktionen. “Man kann nicht ein Paket von Maßnahmen, bis sie genau wissen, welche Art der öffentlichen Ausgaben bemühen sie perspektivlos sind,” Miguel Arias Canete, die die PP-Kampagne koordinator und ein trinkgeld für außenminister sagte Onda Cero radio am Mittwoch morgen. Griechenland schuldenkrise has spilled into the open nach George Papandreou gewann die Wahlen im Jahr 2009 und fand, dass das Haushaltsdefizit dieses Jahr drei Mal größer als der vorherigen Regierung Schätzungen. Er konnte nicht verhindern, dass die eskalierende Krise in eine Bedrohung der Griechischen bankrott und musste zuvor in diesem Monat. Im vergangenen Jahr, als die PP hat gewann die Wahlen in den verschiedenen Regionen von Spanien, er hat sich darüber beschwert, dass die Sozialisten links public accounts in einem schlechten Zustand, so daß die Bücher stapeln von Vergangenheit, Rechnungen an die lieferanten. Jeder, vom debt rating Agentur Fitch die deutsche Bundeskanzlerin Angela Merkel hat drängte Rajoy rasch Schritte zu ergreifen, aber er wird nach spanischem Recht nicht offiziell Amt erst irgendwo zwischen 16. Dezember 2007 bis 20. Dezember aus. Mit Spanien die kreditkosten an 14-year highs der übergang Verzögerung wird schmerzlicher. Spanien: 3-Monats Treasury bills versteigert verkauft wurden am Dienstag mit einer Rendite von 5,110 Prozent. Ein PP-übergang team trafen Mitglieder der scheidenden Regierung am Mittwoch, aber keine details der Gespräche veröffentlicht wurden. “Die Mitglieder seiner wirtschaftlichen team gesagt haben sie würden schauen Sie sich die Reform des Arbeitsmarkts, aber sie haben nicht gesagt, was sie tun”, sagte Antonio Cabrales, wirtschaft professor an der Universität Carlos III in Madrid.
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Thinking like a global manufacturer. Not an IT vendor.
The challenges of protecting brand equity
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How The Craft can help you in RFP or ABM situations
Read more at https://thecraft.consulting
Table of Contents
Pages
1. Executive Summary DUE WEEK 7……………………………………………….……
2. Company Description Due WEEK 1…………………………………………….……..
3. Strategic Focus and Plan DUE WEEK 1
a. Mission/Vision Statements…………………………………………………………..
b. Goals…………………………………………………………………………………..
c. Core Competency and Sustainable Competitive Advantage………………….…
4. Situation Analysis DUE WEEK 4
a. SWOT analysis
Internal Strengths and Weaknesses…………………………………………...
External Opportunities and Threats…………………………………………….
b. Industry Analysis………………………………………………………………………
c. Competitor Analysis…………………………………………………………………..
d. Company Analysis…………………………………………………………………….
e. Customer Analysis…………………………………………………………………….
5. Market-Product Focus DUE WEEK 4
a. Marketing and Product Objectives…………………………………………………..
b. Target Markets………………………………………………………………………...
c. Points of Difference……………………………………………………………………
d. Positioning……………………………………………………………………………...
6. Marketing Program DUE WEEK 5
a. Product Strategy……………………………………………………………………….
b. Price Strategy…………………………………………………………………………..
c. Promotion Strategy…………………………………………………………………….
d. Place (Distribution) Strategy………………………………………………….……….
7. Financial Data and Projections DUE WEEK 5
a. Past Sales Revenues…………………………………………………………….……
b. Five-Year Projections…………………………………………………………….……
8. Organizational Structure DUE WEEK 7………………………………………………….
9. Implementation DUE WEEK 7…………………………………………………………….
10. Evaluation and Control DUE WEEK 7……………………………………………………
11. Bibliography DUE WEEKS 1, 4, 5 & 7........................................................................
48
MP-1: Marketing Plan Outline
CASE STUDY 1 converting data into business value at volvo
“We’re now capturing massive amounts of data from our vehicles,” says Volvo Car Corporation’s Rich Strader.“And there is a compelling opportunity to turn that resource into something that not only helps us build better cars, but also helps the customer have a better experience.”
Strader, who has just completed a 12-month stint in the CIO’s chair at Volvo, is convinced that, in a world where many consumers now value smart tech as much as automotive engineering, manufacturers need to create vehicles that are, in effect, highly connected, data-rich IT environments. With hundreds of sensors and CPUs embedded throughout the car — from the brakes to the central locking system — data is now being captured for use within the vehicle itself, and also, increasingly, for transmission via the cloud back to the manufacturer.
At Volvo, those huge volumes are streamed into a centralized analysis hub, the Volvo Data Warehouse, alongside data from customer relationship systems, dealership systems, and product development and design systems. And Volvo’s ability to draw insight from this multi-terabyte resource is creating clear business advantage, says Strader, who has now ...
What's next for the investment management industry?SimCorp
“It's difficult to predict. Especially about the future."
It may be debatable who the source of the above quote is: Mark Twain, Storm P., Niels Bohr or Yogi Berra. But the truth of it struck us as particularly relevant as we looked back at the tumultuous events of the past twelve months in preparation for writing this outlook on the year ahead.
Creating alcohol-free environments to increase productivity and save lives. That is the mission of Boulder, CO-based SOBRSafe, Inc. The company is integrating a preventative detection technology platform through partnership, licensing and acquisitions, and is in protype phase with its launch product: the patented, proprietary SOBRSafe® device - a non-invasive, touch-based identity verification and alcohol detection solution.
SVPMA: Elevating from Consumer to Mission Critical ValueSVPMA
SVPMA March 2014 Monthly event:
“Elevating from Consumer to Mission Critical Value” with Brian Cox, Senior Director of Marketing for Enterprise Solutions, SanDisk
Read more: http://svpma.org/2014/03/march-2014-event-2/
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De Tyler groep Barcelona biedt essentiële informatie over de tram in Barcelona genaamd “El Tram). Barcelona’s trams gespot kunnen worden rondom de stad – ze zijn groen en wit en reizen op ongeveer dezelfde snelheid als een auto. Barcelona’s tram systeem lijkt te zijn van minder bekende of gebruikt dan de bus van metro-systemen. Nochtans, kan het een geweldige manier om rond de stad.
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Het is mogelijk om te kopen een ticket voor de tram. Als alternatief kan je de tickets bekend als ‘Integratie Tickets’. Dit zijn de tickets die kunnen worden gebruikt op de metro, bus en tram in Barcelona. De meest waarschijnlijke van deze is dat u wilt kopen tijdens uw vakantie de T10. Dit ticket is geldig voor tien ritten op de metro, tram of bus en is geldig voor een langere periode. De T10 kan worden gekocht voor verschillende zones, maar als u enkel van plan bent om uw tijd doorbrengen in de stad Barcelona, moet u alleen om te kopen een ticket dat betrekking heeft op Zone 1 waar alle voornaamste toeristische attracties zijn gebaseerd...
Bradley associates welt aktuelle news spanien sucht die nächste pm financial ...hyginsc
Spaniens chef-in-waiting internationale Druck widerstehen werden detaillierte wirtschaftliche pläne zu offenbaren und gleichzeitig sucht er für die skelette im Schrank und die Gerichte der opposition, parteifunktionäre und Analysten
PRLog (Press Release) - Nov 30, 2011 -
(Reuters) – Spaniens chef-in-waiting internationale Druck widerstehen werden detaillierte wirtschaftliche pläne zu offenbaren und gleichzeitig sucht er für die skelette im Schrank und die Gerichte der opposition, parteifunktionäre und Analysten sagte am Mittwoch. Mariano Rajoy, bekannt als einen vorsichtigen public administrator, gewann durch einen erdrutsch der Wahl am Sonntag als Wähler warfen ein sieben-jahr-alten sozialistischen Regierung warf für sky-hohen Arbeitslosigkeit und der wirtschaftlichen malaise. Das Zentrum der rechten Volkspartei (PP) leader warb auf versprechungen zur Wiederherstellung des Vertrauens in die Finanzmärkte und soll er schrägstrich ausgaben und bringen in der business-freundlichen wirtschaftlichen Reformen. Aber Analysten und Beamten aus seiner Partei sagte, er werde nicht überstürzt werden trotz der Intensität der Eurozone schuldenkrise gezwungen hat, die drei Länder die internationalen rettungsaktionen. “Man kann nicht ein Paket von Maßnahmen, bis sie genau wissen, welche Art der öffentlichen Ausgaben bemühen sie perspektivlos sind,” Miguel Arias Canete, die die PP-Kampagne koordinator und ein trinkgeld für außenminister sagte Onda Cero radio am Mittwoch morgen. Griechenland schuldenkrise has spilled into the open nach George Papandreou gewann die Wahlen im Jahr 2009 und fand, dass das Haushaltsdefizit dieses Jahr drei Mal größer als der vorherigen Regierung Schätzungen. Er konnte nicht verhindern, dass die eskalierende Krise in eine Bedrohung der Griechischen bankrott und musste zuvor in diesem Monat. Im vergangenen Jahr, als die PP hat gewann die Wahlen in den verschiedenen Regionen von Spanien, er hat sich darüber beschwert, dass die Sozialisten links public accounts in einem schlechten Zustand, so daß die Bücher stapeln von Vergangenheit, Rechnungen an die lieferanten. Jeder, vom debt rating Agentur Fitch die deutsche Bundeskanzlerin Angela Merkel hat drängte Rajoy rasch Schritte zu ergreifen, aber er wird nach spanischem Recht nicht offiziell Amt erst irgendwo zwischen 16. Dezember 2007 bis 20. Dezember aus. Mit Spanien die kreditkosten an 14-year highs der übergang Verzögerung wird schmerzlicher. Spanien: 3-Monats Treasury bills versteigert verkauft wurden am Dienstag mit einer Rendite von 5,110 Prozent. Ein PP-übergang team trafen Mitglieder der scheidenden Regierung am Mittwoch, aber keine details der Gespräche veröffentlicht wurden. “Die Mitglieder seiner wirtschaftlichen team gesagt haben sie würden schauen Sie sich die Reform des Arbeitsmarkts, aber sie haben nicht gesagt, was sie tun”, sagte Antonio Cabrales, wirtschaft professor an der Universität Carlos III in Madrid.
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2. Micron Technology Management
Discusses Q3 2012 Results - Earnings
Call Transcript
EXECUTIVES
• Kipp A. Bedard - Vice President of Investor Relations
• D. Mark Durcan - Chief Executive Officer and Director
• Ronald C. Foster - Chief Financial Officer, Principal
Accounting Officer and Vice President of Finance
• Mark W. Adams - President
3. ANALYSTS
• James Schneider - Goldman Sachs Group Inc., Research
Division
• Alex Gauna - JMP Securities LLC, Research Division
• Kevin Cassidy - Stifel, Nicolaus & Co., Inc., Research Division
• Shawn R. Webster - Macquarie Research
• Christopher J. Muse - Barclays Capital, Research Division
• Ada Menaker - MKM Partners LLC, Research Division
• Uche X. Orji - UBS Investment Bank, Research Division
• Brian C. Peterson - Raymond James & Associates, Inc.,
Research Division
• Micron Technology (MU) Q3 2012 Earnings Call June 20, 2012
4:30 PM ET
4. Operator
Good afternoon. My name is Huey, and I'll be
your conference facilitator today. At this time, I'd
like to welcome everyone to Micron Technology's
Third Quarter 2012 Financial Release Conference
Call. [Operator Instructions] It is now my pleasure
to turn the floor over to your host, Kipp Bedard. Sir,
you may begin your conference.
5. Kipp A. Bedard
Thank you very much. I'd also like to welcome
everyone to Micron Technology's Third Quarter 2012
Financial Release Conference Call. On the call today is
Mark Durcan, CEO and Director; Mark Adams,
President; and Mr. Ron Foster, Chief Financial Officer
and Vice President of Finance. This conference call,
including audio and slides, is also available on
Micron's website at micron.com. If you have not had
an opportunity to review the third quarter 2012
financial press release, again it is available on our
website at micron.com. Our call will be approximately
60 minutes in length. There will be an audio replay of
this call, accessed by dialing (404) 537-3406 with a
confirmation code of 90798592. This replay will run
through Wednesday, June 27, 2012 at 5:30 p.m.
Mountain Time.
6. A webcast replay will be available on the company's
website until June 2013. We encourage you to
monitor our website, again at 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'll refer you to the documents the
company files on a consolidated basis from time to
time with the Securities and Exchange Commission,
specifically the company’s most recent Form 10-K and
Form 10-Q.
7. 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. I'll
now turn the call over to Mark Durcan. Mark?
8. D. Mark Durcan:
Thanks, Kipp. I'd like to start today by giving a brief
overview of the quarter, including some color on where
we performed well and where we need to improve our
execution. After some thoughtful discussion on company
strategy, I'll turn it over to Ron for financial summary,
and we'll close our preliminary comments with Mark
Adams providing an update on the market conditions
and key developments in our business units. Revenue in
the quarter was -- obviously exceeded expectations as a
result of solid manufacturing performance and good
work on inventory improvement by our business units
and sales force. There is yet room for improvement on
inventory management, but it was certainly gratifying to
see the results this quarter.
9. And with the closing of the Intel debut
restructuring, we expect benefit from an ongoing
structural improvement in our NAND inventory
turns. In the quarter, we completed the rollout of
a new supply-chain management infrastructure
and though there were a few inevitable bumps
along the way, the process is complete and we
look forward to building from here to new levels
of customer service and responsiveness. The 30-
nanometer DRAM yield ramp picked up steam
during the quarter in all 3 DRAM manufacturing
facilities, and is now focused predominantly on
higher-density 4-gigabit DRAM products.
10. The technology team made solid progress on a number of
new technology nodes including NAND, DRAM, NOR, PCM
and some emerging memory part types. The DRAM
market found its footing during the quarter and while
NAND market softened significantly, since quarter end
we've seen its improved stability here also. Mark Adams
and Ron Foster will comment more on all these areas.
Given the current memory industry climate and changes
here over the last 4 months, I'd like to spend a few
minutes sharing some thoughts on the opportunities
currently presenting themselves to Micron and our path
forward. Two weeks ago, I marked my 25th anniversary at
Micron. When I started, we had one 5-inch wafer fabs and
goats grazing out the front. I've clearly seen many changes
in the company, as well as in the competitive landscape of
our industry. One constant has been Micron emerging
from tumultuous times as not only a survivor, but a
stronger company.
11. While the memory markets are obviously somewhat
soft currently, we believe they are bottoming and we
will have the wind more to our backs moving into the
second half of the year. We've taken steps over the
years to broaden our product portfolio, improve our
cost competitiveness, strengthen our technology
position and capitalize on the right strategic
opportunities when they arise. It is my intent to
continue to move in this direction. My focus is on
building an operating and financial model that can
deliver sustainable free cash flow and dependable
ROI. There are many levers to pull in order to achieve
these goals. As always technology, capital efficiency,
product differentiation, close customer engagement,
effective sales channels, timely and low-cost
investment and manufacturing efficiency and
effectiveness are key to optimizing our results.
12. In addition, however, being cognizant of and reacting
appropriately to memory industry supply and demand
dynamics is important to achieving this result. There's
currently considerable interest, of course, in whether
Micron will consummate the purchase of Elpida, which
represents 15% to 20% of the DRAM industry capacity. As
most of you are aware, we announced previously that we
were selected to negotiate exclusively to become the
sponsor for Elpida in the bankruptcy process. We are in a
unique strategic and financial position to take a look at this
opportunity and are interested in pursuing it, if it can be
done under the right terms and conditions. In my mind,
these include making sure we do not unnecessarily dilute
our equity nor incur excessive interest-bearing debt that
might overly hamper our flexibility moving forward. A deal
with Elpida in this context should enhance our scale and
operating expense efficiency.
13. Elpida also has a strong product portfolio, leading-edge
technology, strong IP and talented workforce. I think our
track record of successful M&A transactions, which by the
way includes avoiding deals which do not fit financially and
strategically, speaks for itself. . If a deal cannot be done on
terms that are acceptable to us, I want to emphasize that
we're also comfortable with our organic opportunities. Our
customer base is fantastic and almost all are looking to do
more business with Micron. Let me give you a couple of
examples of other things you can expect we'll be doing
outside of the effective ongoing management of the existing
core business. On the product and technology front, 2 key
opportunities include our Hybrid Memory Cube and
enterprise SSD products. These premium products are
pushing Micron further up the value chain with our
customers and will help improve our margin structure
over the long term.
14. Key to success in these and other more system-oriented
memory solutions we are pursuing are the right
partnerships up and down the value chain, including
those with suppliers, customers and service providers.
We will continue to forge close relationships with other
parties to ensure that Micron solutions are the most
widely available, flexibly configured and most value-add
for our customers and the end markets. While we're
building core competencies internally to support these
initiatives, I believe we can best enhance return for our
shareholders by partnering closely with industry leaders
in adjacent spaces to optimally leverage our individual
strengths. We've got a good history of success in this area
and existing partnerships to continue to evolve and new
ones to emerge. Mark Adams will cover a few highlights
on some previously announced system products during
his market discussion later on.
15. On the cost and capital efficiency front, we recently took the
tough but necessary steps to terminate our Transform Solar
joint venture. While we felt like our technology was strong,
the marketplace dynamics did not support ongoing and
potential future capital investments which would have been
required in order to move the business forward. We will
continue to scrutinize all of our businesses to ensure we're
focused on the right opportunities and managing our capital
resources efficiently. While I won't rule out future
diversification in the product -- in the new product areas
where we bring significant core competencies to bear, right
now we have meaningful opportunities to differentiate and
grow in memory and memory systems markets, so you
should expect our investment focus to be there. I'll stop here
and turn it over to Ron and Mark before turning for Q&A.
16. Ronald C. Foster:
Thanks, Mark. The company's third quarter fiscal 2012
ended on May 31. As usual, we provided a schedule
containing certain key results for the quarter as well as
certain guidance for the next quarter. That material is
presented on the few slides that follow, as well as on
our website.The third quarter results posted a net loss
of $320 million or $0.32 per share on net sales of $2.2
billion. The higher revenue in the third quarter came
primarily from higher DRAM sales volume.
Consolidated gross margin was relatively flat compared
to the previous quarter, reflecting improved margins on
sales of DRAM products, offset by lower margins on
NAND. Micron entered into a settlement agreement
with a customer after our second quarter earnings
release, but before the filing of the quarterly report 10-
Q with the SEC.
17. As a result, a $58 million accrual was pushed back
into the second quarter results as a charge against
DRAM and DSG revenue, and was reflected in the
Q2 10-Q filing. This accrual is also reflected in the
second quarter results presented today. The cash
payment to the customer occurred in the third
quarter. Inotera continues to improve both
production output, as well as yields. Our share of
Inotera's results reflects this improvement,
although there's still a net loss in the third quarter
of $38 million. In the second quarter, we entered
into a short-term loan to Inotera for $133 million.
In the third quarter, Inotera repaid the loan and
Micron made an equity investment of $170 million,
increasing our ownership interest from 30% to
40%. This entitles us to an increased share of 30-
nanometer node output in the future.
18. As Mark mentioned during the third quarter, the Board of
Directors of Transform, a development stage joint venture
in which we have a 50% ownership interest, announced
the planned to discontinue operations and liquidate the
company. . As a result, Micron recognized a charge of $69
million in the third quarter and the equity method
investment balance was reduced to 0. Micron leases
certain fabrication and other facilities to Transform,
which we expect to be terminated and the facilities
reverted back to Micron. Depreciation and amortization
decreased in the third quarter to $546 million and certain
production equipment, primarily in the Lehigh and
Virginia NAND, and 200-millimeter NOR operations have
become fully depreciated. We anticipate a further
reduction in the fourth quarter depreciation in the $515
million to $520 million range. The income tax benefit in
the third quarter reflects a $42 million benefit from the
favorable resolution of an uncertain tax position in a non-
U.S. jurisdiction
19. that arose over several previous years. The original
amount of accrual came through the Numonyx
acquisition, where we had an indemnification for
exposure prior to the acquisition date. As I
mentioned last quarter, we restructured our IM
Flash joint venture with Intel during the third
quarter. As a result, Micron acquired Intel's 18%
ownership interest in the IM Flash operation in
Singapore and purchased from the IM Flash entity
its production assets in the Micron fab in Virginia
and the associate lease of a portion of that facility
was terminated. Total consideration for these
purchases was approximately $600 million. Micron
recognized a $17 million loss in the third quarter
associated with the termination of the Virginia
lease. Intel made a cash deposit with Micron of
$300 million, which will be applied
20. to Intel's future purchases under a new supply
agreement. In addition, Intel loaned to Micron $65
million, due in installments over a 2-year term. The
existing supplier arrangement through IMFT remains
intact, and Intel will continue to purchase their 49%
of the output from the Lehigh, Utah operation, while
Micron owns 100% of the production output from
the NAND operations in Singapore and Virginia.
Beginning in the fourth quarter, Micron will take
approximately half of the volume of this previously
sold to Intel at prices approximating cost. A portion
of this volume will be sold from Micron to Intel under
a new supply agreement at a markup above cost.
Going forward, these sales to Intel under the new
supply agreement will be reported as trade NAND
sales in our financial results.
21. As a result of changes in our partnering arrangement, sales to
Intel are now recognized upon completion of wafer
fabrication rather than after back-end assembly and tests
are completed under the previous arrangement. . $97
million of back-end inventories associated with Intel's
supply chain was sold to Intel in the third quarter,
generating a onetime increase in NAND sales revenue and
reducing WIP inventories by the same amount. Micron and
Intel will continue to participate in the development of
NAND Flash memory technologies and will fund these
shared costs equally. Joint development of the technology
was also expanded to include emerging memory
technology. NAND market prices declined across the board
in the third quarter. Product mix shifted toward MLC
NAND, which drove higher bit sales, as well as significant
declines in per bit cost and selling prices.
22. Margins on trade NAND products decreased in the third
quarter, primarily as a result of substantial market price
declines, particularly for MLC products that outpaced the
29% cost per bit decline quarter-to-quarter. Trade NAND
selling prices are down mid-teens quarter-to-date, while
trade NAND cost per bit is expected to decline a few
percent in the fourth quarter. Trade NAND bit growth is
projected to increase in the high single-digit range for the
fourth quarter following the robust 68% bit sales growth
in the third quarter. Turning now to DRAM, DRAM
revenue in the third quarter increased 20% compared to
the previous quarter as a result of a 12% increase in bit
sales volume. . The increase in DRAM average selling
prices in the third quarter is primarily due to the effect of
the $58 million second quarter charge to revenue from
the customer settlement I mentioned earlier.
23. Normalizing for this Q2 settlement, average selling prices
were flat quarter-to-quarter. Selling prices in the PC
sector of the DRAM market improved through the third
quarter, while prices for specialty DRAM products,
which trend with a lag compared to PC memory, only
recently began to stabilize. Quarter-to-date, selling
prices have remained flat as well. DRAM cost per bit
declined 4% quarter-to-quarter, but are projected to
increase slightly in the fourth quarter as near term, we
execute technology node migrations at all of our DRAM
fabs. . A product mix shift to lower-density mobile and
specialty products and the timing of new product quals
at our leading technology node are also expected to
impact fourth quarter cost per bit and push bit growth
down in the high single-digit range in the fourth
quarter.
24. NOR revenue in the fourth quarter is expected to be relatively
the same as in the third quarter. NOR product margins
improved slightly in the third quarter as cost reductions
outpaced selling price reductions in the period. The cost
profile for our 200-millimeter NOR fabs is improving as
production levels are ramping back up. The charge for idle
capacity for the quarter was $30 million compared to $40
million in the second quarter through all of our production
operations. The NAND Solutions Group swung to a slight
loss in the third quarter, as average selling prices dropped
faster than cost reductions. Revenue was up despite the
price declines with a higher mix of MLC product and a
reduction in inventory. Sales of SSDs and NAND component
sales to SSD OEMs increased only slightly in the third
quarter compared to the previous quarter as we have
worked through the demand issues over the past couple
quarters.
25. We are looking forward to additional growth in SSD sales as
the market further improves through the remainder of
the year. . Improvement in operating income for the
DRAM Solutions Group in the third quarter reflects higher
revenue and lower cost per bit compared to the second
quarter as more volume was moved into personal
computing sector at slightly improved average selling
prices. The $58 million customer settlement in the second
quarter was charged entirely to the DSG business unit.
Our Wireless Solutions Group continues to show the
weakness of this market segment and our customer group
in particular, although margins improved slightly in both
NAND and NOR wireless sales. Operating income from the
Embedded Solutions Group reflects broad-based growth
across all 3 memory technologies and the successful
transition of legacy NAND designs to more current
architectures.
26. SG&A expense in the third quarter was within our guided
range and is expected to be between $145 million and $155
million in the fourth quarter. . Third quarter expenses for
research and development were slightly higher than our
guided range due to the volume of development wafers
processed and the timing of product qualifications. R&D
expense in the fourth quarter is expected to be between
$225 million and $235 million. The company generated $686
million in cash flow from operating activities in the third
quarter, which includes the $300 million deposit received
from Intel. Cash and investments at the end of the quarter
was $2.7 billion. This balance includes cash, cash
equivalents, short-term investments of $118 million, and
noncurrent investment securities of $361 million. The cash
and investments balance at the end of the quarter includes
$876 million of proceeds from the issuance of convertible
debt securities, net of the cost of associated capped call
transactions of $103 million and other debt issuance costs.
27. In addition in the third quarter, we called for redemption of
the remaining $139 million on our 2013 convertible notes.
$23 million, which was converted into 4.4 million shares in
the third quarter and the remaining $116 million of this
redeemed convert -- was converted into -- will be converted
-- or was converted into 22.9 million shares following the
end of the quarter. Inventory levels came down in the third
quarter compared to Q2 for NAND, DRAM and NOR. A
portion of the decrease in NAND inventory was due to the
sale of the back-end inventory to Intel in the third quarter
that I mentioned. Expenditures for property plant and
equipment were $324 million for the third quarter. PP&E
expenditures are expected to be approximately $450 million
in the fourth quarter and between $1.6 billion and $1.9
billion in fiscal 2013. With that, I'll turn it over to Mark
Adams for his comments.