Thursday, Micron officially announced a $225 million loss for the third quarter.

In a call with investors, company bosses said it's time to restructure.
It was the conference call that broke the bad news:
Micron Conference Call: “The company recorded a net loss of $225 million.”

A quarter of a billion dollars down the drain, not that anyone was surprised.

Mark Roby, Financial Analyst: “The announcement of having a loss was not a shock.”

Financial analyst Mark Roby says Micron's woes are no secret.
The chip company has been competing in a brutally-oversaturated market.

Now it's time to trim the fat.

Mark Roby, Financial Analyst: “If you read between the lines, I think there were words that did indicate that there would be layoffs, pay cuts; something of that nature.”

Here at CBS2 Eyewitness News, we asked the company several times for an on-camera interview.

A chance for CEO Steve Appleton to explain to you why the company thinks its necessary to fire workers.

They refused our request, but because we insisted on getting some answers, spokesman Daniel Francisco told us this: "Workforce reductions are always difficult, but we are pursuing these initiatives to support long-term viability and competitiveness of the company."

To cut costs in coming months Micron plans to beef up overseas plants, send work to other companies, and then there are the layoffs.

Micron Conference Call: “We expect to have lower levels of employment after we go through some of these initiatives here in the immediate term.”

Those changes can begin tomorrow.