Micron Reports Lower Profits

Micron Technology Inc. has reported net income for the first quarter of fiscal 1998 of $10 million, or 4 cents per fully diluted share, on net sales of $955 million.

This compares with net income of $21 million, or 10 cents per fully diluted share, on net sales of $728 million during the first quarter of fiscal 1997.

The company said lower earnings were due to severe price declines in semiconductor memory products.

Although net sales of Micron personal computer systems increased in the most recent reporting period, the gross margin percentage on PCs declined as a result of existing inventories of PC components and “intense price competition,” the company said.

Boise-based Micron manufactures semiconductor memory components, personal computer systems and other communications products. , DataTimes