SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
May 1, 2003
Date of Report (date of earliest event reported)
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MICRON TECHNOLOGY, INC. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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001-10658 |
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75-1618004 |
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(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
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8000
South Federal Way |
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(Address of principal executive offices) |
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(208) 368-4000 |
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(Registrant’s telephone number, including area code) |
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Item 5. Other Events.
Reconciliation of Non-GAAP financial information contained in the Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of the Company’s Annual Report on Form 10-K for the fiscal year ended August 29, 2002, and Quarterly Report on Form 10-Q for the fiscal quarter ended November 28, 2002.
Annual Report on Form 10-K
The following table sets forth adjusted gross margins absent the inventory write-downs and the estimated aggregate effects of previous write-downs. These amounts have not been prepared in accordance with generally accepted accounting principles, however the Company believes this information may be useful in assessing the effects of inventory write-downs on the Company’s gross margin and analyzing the Company’s gross margin trends.
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2002 |
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% of net |
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2001 |
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% of net |
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Gross margin: |
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As reported |
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$ |
(110.6 |
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(4.3 |
)% |
$ |
110.7 |
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2.8 |
% |
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Inventory write-down |
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376.1 |
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726.9 |
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Estimated effect of previous write-downs |
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(700.2 |
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(162.5 |
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As adjusted |
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$ |
(434.7 |
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(16.8 |
)% |
$ |
675.1 |
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17.2 |
% |
Quarterly Report on Form 10-Q
The following table sets forth adjusted gross margins absent the inventory write-downs and the estimated aggregate effects of previous write-downs. These amounts have not been prepared in accordance with generally accepted accounting principles, however the Company believes this information may be useful in assessing the effects of inventory write-downs on the Company’s gross margin and analyzing the Company’s gross margin trends.
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First Quarter |
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Fourth Quarter |
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2003 |
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% of net |
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2002 |
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% of net |
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2002 |
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% of net |
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Gross margin: |
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As reported |
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$ |
(37.3 |
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(5.4 |
)% |
$ |
(212.6 |
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(50.2 |
)% |
$ |
(209.2 |
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(28.0 |
)% |
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Inventory write-down |
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90.8 |
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172.8 |
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173.6 |
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Estimated effect of previous write-downs |
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(138.9 |
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(312.4 |
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(43.0 |
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As adjusted |
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$ |
(85.4 |
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(12.5 |
)% |
$ |
(352.2 |
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(83.1 |
)% |
$ |
(78.6 |
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(10.5 |
)% |
Item 7. Financial Statements and Exhibits.
(c) Exhibits. None
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MICRON TECHNOLOGY, INC. |
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Date: |
May 1, 2003 |
By: |
/s/ W.G. Stover, Jr. |
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Name: |
W.G. Stover, Jr. |
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Title: |
Vice President of
Finance and |
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