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Milpitas, CA, October 18,
2012 - SanDisk Corporation (NASDAQ:SNDK), a global leader in flash
memory storage solutions, announced today results for the third
quarter ended September 30, 2012. Total third quarter revenue of
$1.27 billion declined 10% on a year-over-year basis and increased
23% on a sequential basis.
On a GAAP(1) basis,
third quarter net income was $77 million, or $0.31 per diluted
share, compared to net income of $233 million, or $0.96 per diluted
share, in the third quarter of fiscal 2011 and $13 million, or
$0.05 per diluted share, in the second quarter of fiscal 2012.
On a non-GAAP(2) basis,
third quarter net income was $118 million, or $0.48 per diluted
share, compared to net income of $292 million, or $1.20 per diluted
share, in the third quarter of fiscal 2011 and net income of $51
million, or $0.21 per diluted share, in the second quarter of
fiscal 2012. For reconciliation of non-GAAP to GAAP results, see
accompanying financial tables and footnotes.
"Our retail business delivered
strong results in Q3 and we believe we gained share across all
major geographies worldwide on the strength of the SanDisk brand,"
said Sanjay Mehrotra, president and chief executive officer of
SanDisk. "Our results also reflect a solid recovery in our mobile
embedded business and we made good progress toward expanding our
SSD product roadmap. We believe we are well positioned to build on
our business momentum and improved industry fundamentals to deliver
strong sequential growth in the fourth quarter."
SanDisk's third quarter of fiscal
2012 conference call is scheduled for 2:00 P.M., Pacific Time,
Thursday, October 18, 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 719-457-2086 and
the dial-in password is 1746867. 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
This news release contains certain
forward-looking statements, including statements about our business
prospects, including our expectations regarding our business,
industry fundamentals and expected financial performance in the
fourth quarter of fiscal 2012, supply/demand balance, and our
expectations for our SSD products, 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 Company's convertible debt, the
non-cash change in fair value of the liability component associated
with the repurchased portion of SanDisk's convertible debt and
related tax adjustments.
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 and enterprise markets.
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
Q3 2012 Financial Tables
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