Micron Technology Inc.'s stock took a beating Tuesday on the stock market after the company reported fourth quarter and year-end results below analysts' expectations.
Micron said its net income for fiscal 1997 was $322 million or $1.53 per fully diluted share, a 44 percent decrease from last year's net income of $594 million. Still, the company eked out a 9 percent profit despite a dramatic decline in semiconductor prices, said Steve Appleton, chairman, CEO and pres-ident.Micron said semiconductor prices fell 75 percent during the year. The company managed to counter the price decline by increasing chip production.
The Boise-based company said its line of personal computers continues to make up a larger percentage of its sales - 42 percent, up from 31 percent last year.
Micron sales surged in the fourth quarter, but its per-share earnings were still below analysts' projections. The company had net sales of $946.2 million and net income of $72.1 million. The per- share earnings were 33 cents; analysts had predicted per share earnings of 50 cents.
Early Tuesday morning, Micron stock was trading at $37 a share, down from $4014/16 at the close of the market Monday.