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Micron Settles Oracle's Price-Fixing Suit; Revises 2Q To Book Cost

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03/30/2012 | 12:55pm CEST

Micron Technology Inc. (>> Micron Technology, Inc.) revised its fiscal second-quarter results to reflect its settlement of a 2010 lawsuit by Oracle Corp. (ORCL) over alleged antitrust and unfair competition violations.

Oracle's lawsuit accused the memory-chip maker of engaging in the price fixing of dynamic random access memory, or DRAM, by intentionally restricting the production capacity of its manufacturing plants. The suit, taken on as part of Oracle's acquisition of Sun Microsystems Inc., also alleged the higher prices caused Sun to lose money as well as customers, who couldn't afford its products containing high-priced DRAM.

Micron on Friday said the settlement reduced its results for the quarter ended March 1 by $58 million.

As a result, the company widened its fiscal second-quarter loss to $282 million, or 29 cents a share, on sales of $2.01 billion.

Micron last week reported it swung to its third consecutive quarterly loss, as weaker selling prices for computer memory chips continued to challenge the semiconductor company's top and bottom lines.

Shares closed Thursday at $8.42 and were inactive premarket. The stock is up 34% so far this year.

 
   -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com 

Stocks mentioned in the article : Micron Technology, Inc.
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Financials ($)
Sales 2017 19 640 M
EBIT 2017 5 532 M
Net income 2017 4 295 M
Debt 2017 6 372 M
Yield 2017 0,34%
P/E ratio 2017 8,51
P/E ratio 2018 6,54
EV / Sales 2017 2,14x
EV / Sales 2018 1,75x
Capitalization 35 667 M
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Number of Analysts 30
Average target price 39,1 $
Spread / Average Target 21%
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Sanjay Mehrotra President, Chief Executive Officer & Director
Robert E. Switz Chairman
Ernest E. Maddock Chief Financial Officer & Vice President-Finance
Trevor Schulze Chief Information Officer & Vice President-IT
Lawrence N. Mondry Independent Director
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