The Micron-only fiscal 2013 CapEx of $1.4 billion came in at the low-end of our guidance range as we deferred spending into 2014. As a result our 2014 guidance of $2.6 billion to $3.2 billion is actually somewhat above what we believe the normal run rate for our business should be.
Conditions remained favorable for strong memory industry fundamentals. In NAND, we're projecting industry supply this year up in the low 40% range, with next year very similar. The 2014 projection includes about a 10% increase in industry wafer production with our remaining supply growth coming from technology.
This supply forecast compares to the five-year NAND demand CAGR of 43%, implying a favorable supply and demand balance. Micron's total NAND supply growth will be below the industry this year and slightly above next year, given our DRAM to NAND conversion in Singapore. Mark Adams will comment on the status and solid execution going on there.
For DRAM we expect to see declining industry wafers over the next 12 months with a recent fire at one of our competitors' fabs amplifying this effect. Clearly the fire is impacting and will continue to impact supply in the market as the fab in total including potentially unimpacted capacity represents about 13% of industry DRAM capacity.
We are working with our customers to assist them where possible, but we're not currently changing any of our production plans as a result of the fire.
Without making any major assumptions for the impact of the fire, we are projecting DRAM industry supply up in the mid-20% range this year and a similar range next year. The current DRAM five year demand CAGR is in the low 30s implying a favorable long-term market situation there also.
Micron's total DRAM bit production including Elpida should be slightly above the industry this year and below the industry next year. This includes the impact of our DRAM to NAND conversion plans.
It was a rewarding quarter at Micron, but much remains to be done, while the Elpida acquisition positions us as the world's best memory supplier and the industry dynamics are moving in our favor. We remain focused on optimizing value for our shareholders and worldwide customers.
I'll stop here and turn it over to Ron and Mark before returning for Q&A.
Ronald C. Foster - CFO and VP of Finance: Thanks, Mark. Our fourth quarter and fiscal year ended on August 29. Our website has a schedule containing certain key results for the fourth quarter, as well as, guidance for the first quarter of fiscal 2014 that information is also presented on the following slides.
For our 2013 fiscal year, we reported net income of $1.2 billion or $1.13 per diluted share on net sales of $9.1 billion. The results for the year include one month of the consolidated results of Elpida since our acquisition closed on July 31. Elpida's results included Rexchip. The $1.5 billion non-operating gain recognized as part of the purchase accounting of Elpida is the result of the fair values of the assets and liabilities acquired being in excess of the purchase price.