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MICRON TECHNOLOGY INC. REPORTS FIRST QUARTER 1993 RESULTS

 BOISE, Idaho, Dec. 15 /PRNewswire/ -- Micron Technology Inc. (NYSE: MU) today reported net sales for the first fiscal quarter of 1993, ended Dec. 3, 1992, were $131.0 million, compared to net sales of $111.8 million for the same quarter a year ago, and $135.2 million for the fourth fiscal quarter of 1992.
 Net income for the first fiscal quarter was $2.7 million, or 7 cents per share, compared to net income of $627 thousand, or 2 cents per share, for the first fiscal quarter a year ago. The fourth fiscal quarter of 1992 also had per share earnings of 7 cents with net income of $2.9 million.
 The increase in net sales for the first three months of fiscal 1993, compared to the same period of 1992, was principally due to higher volumes of semiconductor memory sold which more than offset declines in average selling prices. Volume increases reflect design and manufacturing efficiencies which resulted in higher die per wafer and better yields.
 During the first fiscal quarter of 1993, the company continued to transition to the Ministack(TM) version of the 4 Meg DRAM which represented the majority of the 4 Meg units produced. The Ministack process allows a reduction in both die size and mask layers and is expected to become the company's primary process platform for existing and near term DRAM related products. As is typical in early stages of product and process transitions, extended reliability testing and other complexities associated with the transition to the Ministack 4 Meg DRAM suppressed product sales in the first quarter of 1993 and contributed to a decline in overall semiconductor memory sold in the first fiscal quarter of 1993 when compared with the fourth fiscal quarter of 1992. Lower volumes of semiconductor memory sold contributed to the decline in net sales in the first fiscal quarter compared to the fourth fiscal quarter of 1992. Although the company's gross margin has remained relatively constant over the past fiscal year, the gross margin in the first fiscal quarter of 1993 improved slightly as a result of relatively stable average selling prices for 4 Meg and 1 Meg DRAM products.
 Micron Technology Inc., based in Boise, is a holding company whose common stock is traded on the New York Stock Exchange Inc. (NYSE) under the symbol MU. The company's primary subsidiary, Micron Semiconductor Inc., manufactures and markets DRAMs, fast SRAMs, and other semiconductor products.
 NOTE: Ministack is a trademark of Micron Semiconductor Inc.
 MICRON TECHNOLOGY INC.
 CONSOLIDATED FINANCIAL SUMMARY
 (Dollars in thousands, except per share amounts)
 Quarter Ended (A): Dec. 3, 1992 Dec. 5, 1991
 Net sales $130,968 $111,796
 Costs and expenses:
 Cost of goods sold 97,775 85,084
 Selling, general, and
 administrative 16,300 12,658
 Research and development 11,635 12,173
 Total costs and expenses 125,710 109,915
 Operating income 5,258 1,881
 Interest expense, net 1,044 904
 Income before income taxes 4,214 977
 Income tax provision 1,517 350
 Net income $ 2,697 $ 627
 Earnings per share $ 0.07 $ 0.02
 Number of shares used in
 per share calculations 39,750,203 38,608,926
 SELECTED FINANCIAL DATA
 Dec. 3, 1992 Sept. 3, 1992
 Cash and liquid investments $ 76,130 $ 73,291
 Receivables 80,850 77,953
 Inventories 83,815 74,501
 Total current assets 242,230 226,992
 Property, plant, and
 equipment, net 388,724 396,280
 Total assets 729,765 724,483
 Accounts payable and
 accrued expenses 62,474 58,769
 Current portion of long-
 term debt 27,733 27,230
 Total current liabilities 108,917 106,095
 Long-term debt 56,857 61,569
 Shareholders' equity 518,155 511,167
 (A) The quarter ended Dec. 3, 1992, contains 13 weeks compared to 14 in the same quarter of fiscal 1992.
 Depreciation and amortization were $27.0 million and $2.9 million, respectively, for the quarter ended Dec. 3, 1992, and $23.2 million and $2.3 million, respectively, for the quarter ended Dec. 5, 1991.
 At Dec. 3, 1992, inventories of application specific memory components not meeting certain industry specifications are stated at their estimated net realizable value of $1.4 million. Previously, because of uncertainty as to net realizable value, the costs of such components were charged to operations in the period of testing and any recovery was recognized only upon sale.
 Sales to one customer accounted for 14 percent of the company's net sales for the quarter ended Dec. 3, 1992. There were no individual customers for which sales comprised 10 percent or more of net sales for the quarter ended Dec. 5, 1991. Certain international sales are denominated in local currencies. Losses of $1.3 million from conversion of these transactions into U.S. dollars are included in results of operations for the first quarter of 1993.
 -0- 12/15/92
 /CONTACT: Kipp Bedard of Micron Semiconductor Inc., 208-368-4400/
 (MU)


CO: Micron Technology Inc. ST: Idaho IN: CPR SU: ERN

LM -- SE013 -- 7471 12/15/92 18:49 EST
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