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MILPITAS, Calif., January
23, 2013 - SanDisk Corporation (NASDAQ:SNDK), a
global leader in flash memory storage solutions, announced today
results for the fourth quarter and fiscal year ended December 30,
2012. Total fourth quarter revenue of $1.54 billion decreased 2% on
a year-over-year basis and increased 21% on a sequential basis.
Total revenue for fiscal 2012 of $5.05 billion decreased 11% from
$5.66 billion in fiscal 2011.
On a GAAP(1) basis,
fourth quarter net income was $214 million, or $0.87 per diluted
share, compared to net income of $281 million, or $1.14 per diluted
share, in the fourth quarter of fiscal 2011 and $77 million, or
$0.31 per diluted share, in the third quarter of fiscal 2012. Net
income for fiscal 2012 was $417 million, or $1.70 per diluted share
compared to $987 million, or $4.04 per diluted share in fiscal
On a non-GAAP(2) basis,
fourth quarter net income was $257 million, or $1.05 per diluted
share, compared to net income of $317 million, or $1.29 per diluted
share, in the fourth quarter of fiscal 2011 and net income of $118
million, or $0.48 per diluted share, in the third quarter of fiscal
2012. Net income for fiscal 2012 was $582 million, or $2.38 per
diluted share compared to $1.14 billion, or $4.65 per diluted share
in fiscal 2011. For reconciliation of non-GAAP to GAAP results, see
accompanying financial tables and footnotes.
"SanDisk ended 2012 with strong
momentum in our SSD business, which contributed 10% of our Q4
revenue. We are now supplying client SSDs to ten leading PC OEMs
and our enterprise SSDs are qualified at a fourth storage OEM,"
said Sanjay Mehrotra, president and chief executive officer of
SanDisk. "We drove solid sequential growth in our embedded mobile
products and continued to execute well in our retail business. We
believe that our broadening customer engagements and expanding
product portfolio position us well for strong profitability in
At the end of the fourth quarter,
SanDisk's cash and short and long-term marketable investments
totaled $5.71 billion.
SanDisk's fourth quarter of fiscal
2012 conference call is scheduled for 2:00 P.M., Pacific Time,
Wednesday, January 23, 2013. 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
719-457-2679 and the dial-in password is 5242141. 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.
SanDisk Corporation (NASDAQ: SNDK) 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
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.
© 2013 SanDisk Corporation. All rights reserved. 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 holder(s).
This press release contains certain forward-looking statements,
including statements about our business prospects, including our
expectations regarding strong profitability in 2013, continued
growth of our SSD business as a result of increased customer
engagements, our expanding product portfolio, our business and
expected financial performance in fiscal 2013, 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. We undertake no obligation to
update the information contained in this press release. Risks that
may cause these forward-looking statements to be inaccurate include
(1) GAAP represents U.S.
Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of
share-based compensation expense, amortization and write-off 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.
Q4 2012 Financial Tables
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