Micron Technology, Inc.,today announced results of operations for its first quarter of fiscal 2016, which ended December 3, 2015. Revenues for the first quarter of fiscal 2016 were $3.35 billion and were 7 percent lower compared to the fourth quarter of fiscal 2015 and 27 percent lower compared to the first quarter of fiscal 2015. Cash flows from operations were $1.12 billion for the first quarter of fiscal 2016.

GAAP Income and Per Share Data - On a GAAP(1) basis, net income attributable to Micron shareholders for the first quarter of fiscal 2016 was $206 million, or $0.19 per diluted share, compared to net income of $471 million, or $0.42 per diluted share, for the fourth quarter of fiscal 2015.

Non-GAAP Income and Per Share Data - On a non-GAAP(2) basis, net income attributable to Micron shareholders for the first quarter of fiscal 2016 was $249 million, or $0.24 per diluted share, compared to net income of $399 million, or $0.37 per diluted share, for the fourth quarter of fiscal 2015. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.

Revenues for the first quarter of fiscal 2016 were lower compared to the fourth quarter of fiscal 2015 primarily due to a 13 percent decline in DRAM average selling prices. Non-Volatile trade revenues for the first quarter of fiscal 2016 declined 2 percent compared to the fourth quarter primarily as a result of a 7 percent decline in average selling prices partially offset by an increase in sales volume. The company's overall consolidated gross margin of 25 percent for the first quarter of fiscal 2016 was 2 percent lower compared to the fourth quarter of fiscal 2015 primarily due to lower average selling prices partially offset by manufacturing cost reductions for DRAM and Non-Volatile products.

"While conditions in some market segments are challenging, we believe long-term industry fundamentals are healthy, and we remain focused on the deployment of our advanced DRAM and 3D NAND technologies and products," said Micron CEO Mark Durcan.