Milpitas, CA, October 20, 2011 - SanDisk Corporation (NASDAQ:SNDK), a global leader in flash memory storage solutions, today announced results for the third fiscal quarter ending October 2, 2011. Total third quarter revenue of $1.416 billion increased 15% on a year-over-year basis and increased 3% on a sequential basis. Third quarter net income, in accordance with U.S. Generally Accepted Accounting Principles (GAAP), was $233 million, or $0.96 per diluted share, compared to net income of $322 million, or $1.34 per diluted share in the third quarter of fiscal 2010 and $248 million, or $1.02 per diluted share, in the second quarter of fiscal 2011.
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 debts and related tax adjustments, third-quarter net income was $292 million, or $1.20 per diluted share, compared to net income of $311 million, or $1.30 per diluted share, in the third quarter of fiscal 2010 and net income of $278 million, or $1.14 per diluted share, in the second quarter of fiscal 2011. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.
"We again delivered record revenue and strong profitability, driven by robust demand in our diversified end markets," said Sanjay Mehrotra, president and chief executive officer. "Our broad portfolio of innovative storage solutions positions us exceedingly well to capitalize on our numerous growth opportunities in smart mobile devices and consumer and enterprise computing platforms."
THIRD QUARTER 2011 KEY FINANCIAL METRICS
in millions of US$, except %
Non - GAAP
| Total gross profit
% of total revenue
| Product gross profit
% of product revenue
| Operating income
% of total revenue
SanDisk's third quarter of fiscal 2011 conference call is scheduled for 2:00 P.M., Pacific Time, Thursday, October 20, 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 719-457-2713 and the dial-in password is 2858144. 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.
FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking statements, including statements about our business prospects and growing demand for our products in the smart mobile device and consumer and enterprise computing markets and our expectations regarding our business and continued growth, 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:
(1) Free cash flow represents net cash provided by operating activities plus net cash used in investing activities less net purchases, sales and maturities of short and long-term marketable securities.
SanDisk Corporation is a global leader in flash memory storage solutions, from research and development, product design and manufacturing to branding and distribution for OEM and retail channels. Since 1988, SanDisk's innovations in flash memory and storage system technologies have provided customers with new and transformational digital experiences. SanDisk's diverse product portfolio includes flash memory cards and embedded solutions used in smart phones, tablets, digital cameras, camcorders, digital media players and other consumer electronic devices, as well as USB flash drives and solid-state drives (SSD) for the computing market. SanDisk's products are used by consumers and enterprise customers around the world.
SanDisk is a Silicon Valley-based S&P 500 and Fortune 500 company, with more than half its sales outside the United States. For more information, www.sandisk.com
SanDisk, the SanDisk logo and SanDisk Ultra are trademarks of SanDisk Corporation, registered in the United States and other countries. Sansa Clip Zip is a trademark of SanDisk Corporation. microSDHC is a trademark of SD-3C, LLC. Other brand names mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).
|Investor Contact:||Media Contact:|
|Jay Iyer||Lee Flanagin|
|(408) 801-2067||(408) 801-2463|