Good afternoon, my name is Jason and I will be our conference facilitator today. At this time, I would like to welcome everyone to the Micron Technology Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be question and answer period. If you would like to ask a question during this time, please press “*” followed by “1” on your telephone keypad. If you would like to withdraw your question please press the “#” key. It is now my pleasure to turn the floor over to your host Mr. Kipp Bedard. Kipp, you may begin.

Thank you very much. I would like to welcome everyone to Micron Technology’s First Quarter Fiscal Year 2006 Financial Release Conference Call. On the call today are, Mr. Steve Appleton, Chairman and CEO and President, Mr. Bill Stover, Vice President of Finance and Chief Financial Officer and Mr. Mike Sadler, Vice President of World Wide Sales. This conference call including audio and slides are available on Micron’s home page on the Internet at micron.com. If you have not had an opportunity to review first quarter 2006 financial press release, it is available again on our website at micron.com. Our call will be approximately 60 minutes in length; there will be a taped audio replay of this call available later this evening at 5.30 PM Mountain Standard Time. You can dial-in to that by punching 973-341-3080 using a confirmation code of 6813208. This replay will run through Wednesday December 28, 2005 at 5.30 PM Mountain Standard Time. A webcast replay will be available on the company’s website until December 21, 2006. We encourage you to monitor our website at micron.com throughout the quarter, for the most current information on the company including information on the various financial conferences that we will be attending. During the course of this call, we may make projections or other forward-looking statements regarding future events for the future financial performance of the company in the industry. We wish to caution you that such statements are predications and at the actual events or results may differ materially. We refer you to the documents the company filed on a consolidated basis from time to time with the Securities and Exchange Commission specifically the company’s most recent Form 10-K and Form10-Q. These documents contain unidentified important factors that could cause the actual results for the company on a consolidated basis to differ materially from those contained in our projections or forward-looking statements. These certain factors can be found on the company’s website although we believe that the expectations reflected in the forward-looking statements are reasonable we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements after the date of the presentation to confirm these statements to actual results. With that I’d like to turn the call over to Mr. Bill Stover.

Thanks Kipp. For our first quarter, net sales totaled $1.36 billion, and the company recorded net income of 63 million or $0.09 per diluted share. The diluted earnings per share calculation is based on 707 million shares, that’s inclusive of 54 million shares underlying our convertible debt. It should be evident from this level of net income that our diversification efforts are progressing meaningfully. These financials do not include any results of IM Flash Technologies, our joint venture with Intel which will begin operations in January. Let me take a few moments to talk about how IM Flash Technologies will impact our financials. First, our joined analysis with Intel confirmed that the venture will appropriately be consolidated in Micron’s financials. Beginning in the few weeks, our results will reflect consolidation of the joint ventures manufactures NAND flash memory. Remembering that both Micron and Intel will take approximately half of the output, the net sales line will pickup the NAND production sold to Intel at manufacturing cost, and the net sales line will pickup the other half of the production as it is sold by market, by Micron at market prices. Cost-to-goods sold will reflect the cost manufacturing NAND devices. The partnering with Intel recognize as a significant value in the investments Micron has been making in research and development. Fundamentals of the partnership is a sale of process technology designed and know how for in excess of $200 million. The technology sale is expected to be recognized as again reflected in other operating income. On an ongoing basis, our consolidated research and development expenditures will be reduced by approximately $25 million per quarter, as a result of the cost sharing with Intel. The sale of technology to Intel and the anticipated $250 million prepaid from Apple will boost through our…

Thanks Bill. We continued to be pleased with the robust demand environment in the mobile communications, consumer electronics and computing markets. These markets account for the vast majority of demand from Micron Semiconductor-Memory and imaging products. As evidence, by the quarter-over-quarter, 11% megabit sales increase and corresponding finished goods inventory reduction as referenced by Bill. The markets are healthy and easily absorbing the output from our production facilities. Micron remains focused on achieving an optimal balance of business in the key end markets. We’ve had another quarter of solid execution towards achievements of that objective. While we have significant revenue exposure in the world’s largest market for semiconductors, computers we believe that more rapid growth in communications consumer and industrial markets will drive more value. With this in mind, we continue to add to a product portfolio that strengthens Micron’s value proposition to customers in all of these market segments. While that computer market demand is solid from both unit growth and memory content standpoints, the industry has grown DRAM supplies such that price pressure on commodity chips used by notebook and desktop PCs has intensified during the quarter. Micron is not immune to this price pressure. We believe however, that supply and demand will ultimately find a balance. We expect that our ability to reduce cost to yield improvement and technology advancement will track market price decline. Well, we are not expanding share in the notebook, desktop area. These segments are and will continue to be significant demand drive principle for the industry and for Micron. In the computing arena, we are focused on being early to market with high density chips and modules. Good execution is driving more segment share and workstation in server applications. Our 1 gigabit and 2 gigabit DDR and DDR2 components and the 2,…

Thank you Mike. Right now, we’d like to go ahead and take questions from callers. Just a reminder, if you are using a speakerphone, please pickup the handset, when asking a question, so we can hear you clearly. With that, we’d like to open up the lines to questions.