•  
  •  

  • Support
  • Blog
  • About
  • Mobile Storage
  • Cards & Readers
  • USB Flash
  • SSD
  • MP3 Players
  • Extreme Team
  • Stories
  • Where to Buy
 
  • Mobile Storage
    • Ultra Dual Drive USB Type-C | SanDisk
    • iXpand Flash Drive for iPhone and iPad | SanDisk
      • iXpand Flash Drive | SanDisk
    • Ultra Dual USB Drive 3.0 | SanDisk
    • Connect Wireless Stick | SanDisk
    • Ultra USB Type-C Flash Drive | SanDisk
    • Ultra Dual Drive m3.0 | SanDisk
    • iXpand Base for iPhone | SanDisk
  • Cards & Readers
    • SD Cards
      • ExtremePro microSD
      • Extreme PRO SDHC/SDXC UHS-I Memory Card | SanDisk
      • Extreme PLUS SDHC/SDXC UHS-I Memory Card | SanDisk
      • Extreme SDHC/SDXC UHS-I Memory Card | SanDisk
      • Ultra PLUS SDHC/SDXC Memory Card | SanDisk
      • Ultra SDHC/SDXC Memory Card 80MB/s read speed | SanDisk
      • SDHC/SDXC Memory Card | SanDisk
      • Extreme SDHC/SDXC UHS-I Memory Card | SanDisk
    • microSD Cards | SanDisk
      • Extreme microSD Card | SanDisk
      • Extreme microSD for Action Cameras | SanDisk
      • microSD Card | SanDisk
      • microSD High Endurance Video Monitoring Card | SanDisk
      • Ultra microSD UHS-I Card | SanDisk
      • Extreme PRO microSDXC UHS-II Card | SanDisk
      • SanDisk Ultra Plus microSD UHS-I Card | SanDisk
      • SanDisk Ultra microSD UHS-I CARD | SanDisk
      • Extreme microSDXC | SanDisk
      • SanDisk Extreme PRO microSD A2 Card
      • Extreme PLUS microSD A2 Card | SanDisk
      • Extreme microSD A2 Card | SanDisk
    • Compact Flash | SanDisk
      • Extreme PRO CompactFlash Memory Card | SanDisk
      • Extreme CompactFlash Memory Card | SanDisk
      • Ultra CompactFlash Memory Card | SanDisk
    • CFast | SanDisk
      • Extreme PRO CFast 2D Memory Card | SanDisk
    • Memory Card Readers | SanDisk
      • Extreme PRO CFast 2.0 Reader/Writer | SanDisk
      • ImageMate All-in-One USB 3.0 Reader | SanDisk
      • MobileMate Duo Adapter and Reader | SanDisk
      • MobileMate USB Reader | SanDisk
      • Extreme PRO SD UHS-II Card Reader/Writer | SanDisk
      • Extreme PRO SD UHS-II Card USB-C Reader/Writer | SanDisk
      • ImageMate Pro USB 3.1 Reader | SanDisk
      • MobileMate USB 3.0 Reader | SanDisk
  • USB Flash
    • SanDisk Extreme Go USB 3.1 Flash Drive
    • SanDisk Extreme PRO USB 3.1 Solid State Flash Drive
    • Cruzer Dial USB Flash Drive
    • SanDisk Ultra Flair USB 3.0 Flash Drive
    • SanDisk Ultra USB 3.0 Flash Drive
    • SanDisk Ultra Fit USB 3.0 Flash Drive
    • Cruzer Force USB Flash Drive | SanDisk
    • Cruzer Glide USB Flash Drive
    • Cruzer Orbit USB Flash Drive
    • Cruzer U USB Flash Drive
    • Cruzer Blade USB Flash Drive
    • Cruzer Fit USB Flash Drive
    • SanDisk Ultra Fit USB 3.1 Flash Drive
    • SanDisk® Cruzer Spark™ USB 2.0 Flash Drive
  • SSD
    • SanDisk Extreme 900 Portable SSD
    • SanDisk SSD Plus
    • SanDisk SSD Notebook Upgrade Tool Kit
    • SanDisk Ultra 3D SSD
    • Ultra 3D SSD Redirect
    • SanDisk Extreme Portable SSD - External Solid State Drive | SanDisk®
    • SanDisk Extreme PRO M.2 NVMe 3D SSD
  • MP3 Players
    • Clip Sport MP3 Player | SanDisk
    • Clip Jam MP3 Player | SanDisk
    • Clip Sport Plus MP3 Player | SanDisk
  • Extreme Team
    • Steve McCurry
    • Akito Mizutani
    • Walter Iooss
    • Elizabeth Kreutz
    • Tom Bol
    • Lucas Gilman
    • Marcelo Maragni
    • Jeff Lewis
    • Corey Rich
    • Christian Pondella
    • Caio Guatelli
    • Terrell Lloyd
    • Michael Grecco
    • Akash Das
    • Kaustav Saikia
    • Amy Tierney
    • Alex Liu
    • Scott A. Woodward
    • Steve Simon
    • Kike Calvo
    • C.S. Ling
    • Peter Eastway
    • Cliff Mautner
    • Bambi Cantrell
    • Bob and Dawn Davis
    • Zach & Jody Gray
    • Marcus Bell
    • Sam Nicholson
    • Richard Finn Gregory
    • Vincent Laforet
    • Sebastien Devaud
    • Paolo Baccolo
    • Phil Coates
    • David Newton
    • Daniel Fox
    • Fred Pompermayer
    • Christian Nørgaard
    • Kirill Umrikhin
    • Matthew Jordan Smith
    • Richard Walch
    • Marcel Laemmerhirt
    • Dom Daher
    • Joao Carlos
    • Claudia Goetzelmann
    • Patrick Bellair
    • Wendell Phillips
    • Tyler Stableford
    • Jonathan & Angela Scott
    • Ellen Anon
    • Daisy Gilardini
    • Georg Tappeiner
    • George Karbus
    • Renan Ozturk
    • Lars Schwellnus
    • Tim Laman
    • Sean Scott
    • Nick Didlick
    • Dave Black
  • Stories
  • Where to Buy

Press Releases

SANDISK ANNOUNCES FIRST QUARTER 2011 FINANCIAL RESULTS

Apr 21, 2011

Milpitas, CA, April 21, 2011 - SanDisk Corporation (NASDAQ:SNDK), the global leader in flash memory cards, today announced results for the first fiscal quarter ending April 3, 2011. Total first quarter revenue of $1.29 billion increased 19% on a year-over-year basis and decreased 3% on a sequential basis. First quarter net income, in accordance with U.S. Generally Accepted Accounting Principles (GAAP), was $224 million, or $0.92 per diluted share, compared to net income of $235 million, or $0.99 per diluted share in the first quarter of fiscal 2010 and $485 million, or $2.01 per diluted share, in the fourth quarter of fiscal 2010.

On a non-GAAP basis, which excludes the impact of share-based compensation expense, amortization of acquisition-related intangible assets, non-cash economic interest expense associated with the convertible debt and related tax adjustments, first-quarter net income was $251 million, or $1.03 per diluted share, compared to net income of $225 million, or $0.95 per diluted share, in the first quarter of fiscal 2010 and net income of $307 million, or $1.27 per diluted share, in the fourth quarter of fiscal 2010. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.

"Our embedded mobile business drove growth in the first quarter, and SanDisk executed well to deliver strong business results," said Sanjay Mehrotra, President and CEO. "We have been actively managing our supply chain following the recent events in Japan and believe we remain on track to deliver a strong 2011 for SanDisk."

FIRST QUARTER 2011 KEY FINANCIAL METRICS

  • Total first quarter revenue was $1.29 billion, up 19% year-over-year and down 3% sequentially.
  • Total first quarter gross profit, product gross profit and operating income compared on a year-over-year and sequential basis are shown in the table below:
Metric
Metric in millions of US$, except %
GAAP Non - GAAP
Q111 Q110 Q410 Q111 Q110 Q410
Total gross profit
% of total revenue
$552
42.6%
$500
46.0%
$576
43.4%
$558
43.1%
$506
46.5%
$580
43.7%
Product gross profit
% of product revenue
$468
38.6%
$407
40.9%
$490
39.5%
$474
39.1%
$412
41.5%
$494
39.8%
Operating income
% of total revenue
$349
27.0%
$314
28.9%
$357
26.9%
$369
28.5%
$334
30.8%
$385
29.0%

 

  • Cash flow from operations in the first quarter was $399 million and free cash flow was $121 million.
  • Total cash and cash equivalents and short and long-term marketable securities at the end of the first quarter of fiscal 2011 was $5.51 billion compared to $3.30 billion at the end of the first quarter of fiscal 2010 and $5.34 billion at the end of the fourth quarter of fiscal 2010.

OTHER HIGHLIGHTS

  • SanDisk announced its 19-nanometer technology node, the industry's most advanced process technology for NAND flash memory. The new manufacturing technology will produce the smallest NAND flash memory chips in the world, enabling SanDisk to deliver embedded and removable storage devices with the high capacities and small form factors used in mobile phones, tablets and other devices.
  • SanDisk announced its next generation of iNAND™ and iNAND Ultra™ embedded flash drives (EFDs) supporting the eMMC interface. Available in capacities up to 64 gigabytes (GB) of storage in a 12mm x 16mm JEDEC standard package, iNAND products enable slimmer and more compact smartphone and tablet designs. SanDisk also offers an integrated solid state drive (iSSD), the world's smallest 64 gigabytes SSD in a BGA (Ball Grid Array) package supporting the SATA interface.
  • SanDisk, through its HQME™ (High Quality Mobile Experience™) initiative, along with other leading companies from throughout the mobile ecosystem, launched a proposed industry standardization effort aimed at addressing the current and growing challenges of efficiently managing and delivering data from mobile networks to mobile devices. This initiative leverages local storage and intelligent content caching designed to relieve network congestion and accelerate data delivery to the mobile device.

CONFERENCE CALL
SanDisk's first quarter of fiscal 2011 conference call is scheduled for 2:00 P.M., Pacific Time, Thursday, April 21, 2011. The conference call will be webcast and can be accessed live, and throughout the quarter, at SanDisk's website at www.sandisk.com/IR. To participate in the call via telephone, the dial-in number is 719-325-4865 and the dial-in password is 9890786. A copy of this press release will be furnished to the Securities and Exchange Commission on a current report on Form 8-K and will be posted to our website prior to the conference call.


SCHEDULED INTERVIEW
SanDisk Corporation President and CEO, Sanjay Mehrotra, is scheduled to appear on CNBC's "Closing Bell with Maria Bartiromo," on Thursday, April 21, 2011, at approximately 1:15 P.M., Pacific Time.

FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking statements, including statements about our business prospects and outlook in fiscal 2011, our actions to mitigate the impact of the recent earthquake and related nuclear accident in Japan, the expected benefits of our next-generation iNAND Ultra and HQME products, and our expectations regarding our business, that are based on our current expectations and are subject to numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate and may significantly harm our business, financial condition and results of operations. Risks that may cause these forward-looking statements to be inaccurate include among others:

  • negative effects of the Japan earthquake and related nuclear accident on us, our suppliers, our OEM and retail customers, and suppliers of other components to our OEM customers;
  • competitive pricing pressures, resulting in lower average selling prices and lower or negative product gross margins;
  • unpredictable or changing demand for our products, particularly for certain form factors, such as embedded flash memory, or capacities, or the mix of X2 and X3;
  • insufficient supply from captive flash memory sources, inability to obtain non-captive flash memory supply of the right product mix with adequate margins and quality in the time frame necessary to meet demand, or inability to realize a positive margin on non-captive purchases;
  • expansion of industry supply, including low grade supply useable in limited markets, creating excess market supply, causing our average selling prices to decline faster than our costs;
  • excess captive memory output or capacity which could result in write-downs for excess inventory, lower of cost or market charges, fixed costs associated with under-utilized capacity, or other consequences;
  • increased memory component and other costs as a result of currency exchange rate fluctuations to the U.S. dollar, particularly with respect to the Japanese yen;
  • lower than anticipated demand, including due to general economic weakness in our markets; and
  • the other risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in our Securities and Exchange Commission filings and reports, including, but not limited to, our Annual Report on Form 10-K for the fiscal year ended January 2, 2011.

ABOUT SANDISK
SanDisk Corporation is the global leader in flash memory cards, from research, manufacturing and product design to consumer branding and retail distribution. SanDisk's product portfolio includes flash memory cards for mobile phones, digital cameras and camcorders; digital audio/video players; USB flash drives for consumers and the enterprise; embedded memory for mobile devices; and solid state drives for computers. SanDisk is a Silicon Valley-based S&P 500 company, with more than half its sales outside the United States.

SanDisk and the SanDisk logo are trademarks of SanDisk Corporation, registered in the United States and other countries. iNAND, iNAND Ultra, HQME and High Quality Mobile Experience are trademarks of SanDisk Corporation. Other brand names mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).

Q1 2011 Financial Tables

 

Contact:
Investor Contact: Media Contact:
Jay Iyer Mike Wong
(408) 801-2067 (408) 801-1240

 

 

MEDIA CONTACTS

SanDisk Press Contact

press@sandisk.com

ENGLISH

QUICK LINKS

  • COMPANY
  • NEWSROOM
  • CAREERS
  • PARTNERS
  • EVENTS
  • INVESTOR RELATIONS
  • WESTERN DIGITAL CAPITAL

SANDISK RETAIL SUPPORT

  • QUICK ASSIST
  • ASK A QUESTION
  • CHAT WITH EXPERTS
  • REGISTER YOUR PRODUCT
  • RMA REQUEST
  • CHECK RMA STATUS
  • FORUMS
  • RETAIL PRODUCT WARRANTY

WESTERN DIGITAL BLOG

Post Thumbnail

{{getFormattedDate(feed.publishedDate) | date:''}} | by {{feed.author}}

{{feed.title}}

PRIVACY  |  LEGAL  |  COOKIE & INTERNET ADVERTISING  |  TRADEMARK  |  TERMS OF SALE  |  IMPRINT  |  

© 2019 Western Digital Corporation or its affiliates. All rights reserved.