Micron Technology, Inc., Reports Results for the Second Quarter of Fiscal 2008


(5) Income taxes for fiscal 2008 and 2007 primarily reflect taxes on the company's non-U.S. operations and U.S. alternative minimum tax. The company has a valuation allowance for its net deferred tax asset associated with its U.S. operations. Tax attributable to U.S. operations in fiscal 2008 and 2007 were substantially offset by changes in the valuation allowance.

Effective at the beginning of the first quarter of fiscal 2008, the company adopted the provisions of FIN 48. In connection with the adoption of FIN 48, the company increased its liability and decreased retained earnings by $1 million for net unrecognized tax benefits at August 31, 2007. Due to certain foreign statutes of limitations which expired on December 31, 2007, the company recognized approximately $15 million of previously unrecognized tax benefits in the second quarter of fiscal 2008. The company does not expect to recognize any additional previously unrecognized tax benefits during fiscal 2008.

(6) To supplement our consolidated financial statements presented on a GAAP basis, the company uses non-GAAP measures of net income and earnings per share, which are adjusted to exclude goodwill impairment charges. Management does not consider these charges in evaluating the core operational activities of the company. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in the company's operating results across different time periods. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. The non-GAAP financial measures presented by the company may be different than the non-GAAP financial measures presented by other companies.

(7) In the second quarter of fiscal 2008, the company's TECH subsidiary borrowed $240 million against a credit facility at Singapore Interbank Offered Rate ("SIBOR") plus 2.5%, subject to customary covenants. On March 31, 2008, TECH entered into a new credit facility that enables it to borrow up to $600 million at SIBOR plus 2.5%, subject to customary covenants. Payments under the new facility are due in approximately equal installments over 13 quarters commencing in May 2009. Commencing in May 2009, the amount available under the credit facility declines quarterly through May 2012. The company has guaranteed approximately 73% of the outstanding facility, which will increase to 100% upon the occurrence of certain conditions.

Contact:

Micron Technology, Inc.
Investor Relations
Kipp A. Bedard, 208-368-4400
Email Contact
or
Media Relations
Daniel Francisco, 208-368-5584
Email Contact



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