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Milpitas, CA, January 25,
2012 - SanDisk Corporation (NASDAQ:SNDK), a global leader
in flash memory storage solutions, today announced results for the
fourth quarter and fiscal year ended January 1, 2012. Total fourth
quarter revenue of $1.58 billion increased 19% on a year-over-year
basis and increased 11% on a sequential basis. Total revenue for
fiscal 2011 of $5.66 billion increased 17% from $4.83 billion in
On a GAAP(1) basis,
fourth quarter net income was $281 million, or $1.14 per diluted
share, compared to net income of $485 million, or $2.01, per
diluted share in the fourth quarter of fiscal 2010 and $233
million, or $0.96 per diluted share, in the third quarter of fiscal
2011. Net income for fiscal 2011 was $987 million, or $4.04 per
On a non-GAAP(2) basis,
fourth-quarter net income was $317 million, or $1.29 per diluted
share, compared to net income of $307 million, or $1.27 per diluted
share, in the fourth quarter of fiscal 2010 and net income of $292
million, or $1.20 per diluted share, in the third quarter of fiscal
2011. Net income for fiscal 2011 was $1.14 billion, or $4.65 per
diluted share. For reconciliation of non-GAAP to GAAP results, see
accompanying financial tables and footnotes.
"We are pleased to deliver record quarterly and annual revenues
with robust profitability," said Sanjay Mehrotra, President and
CEO. "The secular demand trends for NAND flash remain vibrant and
we are particularly excited about the new growth opportunities for
our business in the Enterprise and Client Computing markets."
FOURTH QUARTER 2011 KEY FINANCIAL METRICS
FISCAL 2011 KEY FINANCIAL METRICS
SanDisk's fourth quarter of fiscal 2011 conference call is
scheduled for 2:00 P.M., Pacific Time, Wednesday, January 25, 2012.
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 719-457-1036 and the dial-in
password is 5300014. 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
This news release contains certain forward-looking statements,
including statements about our business prospects and our
expectations regarding our business, demand trends and expected
growth, including in the Enterprise and Client Computing markets,
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)GAAP represents U.S.
Generally Accepted Accounting Principles.
(2)Non-GAAP represents GAAP excluding the impact of
share-based compensation expense, amortization of
acquisition-related intangible assets, non-cash economic interest
expense associated with the convertible debts, non-cash change in
fair value of the liability component of the repurchased portion of
the convertible debt, and related tax adjustments.
(3)Free cash flow represents net cash provided by
operating activities plus net cash used in investing activities
excluding 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, visit www.sandisk.com
SanDisk and the SanDisk logo are trademarks of SanDisk
Corporation, registered in the United States and other countries.
Other brand names mentioned herein are for identification purposes
only and may be the trademarks of their respective
Q4 2011 Financial
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