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MILPITAS, Calif., Jan. 22, 2014 - SanDisk Corporation (NASDAQ:SNDK), a global leader in flash storage solutions, today announced results for the fourth quarter and fiscal year ended December 29, 2013. Fourth quarter revenue of $1.73 billion increased 12 percent on a year-over-year basis and increased 6 percent sequentially. Total revenue for fiscal 2013 of $6.17 billion increased 22 percent from $5.05 billion in fiscal 2012.
On a GAAP(1) basis, fourth quarter net income was $338 million, or $1.45 per diluted share, compared to net income of $214 million, or $0.87 per diluted share, in the fourth quarter of fiscal 2012 and $277 million, or $1.18 per diluted share, in the third quarter of fiscal 2013. Net income for fiscal 2013 was $1.04 billion, or $4.34 per diluted share, compared to $417 million, or $1.70 per diluted share in fiscal 2012.
On a non-GAAP (2)(3) basis, fourth quarter net income was $390 million, or $1.71 per diluted share, compared to net income of $257 million, or $1.05 per diluted share, in the fourth quarter of fiscal 2012 and net income of $371 million, or $1.59 per diluted share, in the third quarter of fiscal 2013. Net income for fiscal 2013 was $1.27 billion, or $5.31 per diluted share, compared to $582 million, or $2.38 per diluted share in fiscal 2012. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.
"We delivered outstanding results in the fourth quarter and full year 2013 driven by strong execution and continued favorable portfolio mix shift," said Sanjay Mehrotra, president and chief executive officer of SanDisk. "Our SSD product revenue set another quarterly record and represented 19 percent of our annual revenue, and we also set a record for annual retail product revenue. SanDisk is enabling the next generation of mobile and enterprise data storage solutions, and we are excited about our prospects for 2014."
SanDisk’s fourth quarter of fiscal 2013 conference call is scheduled for 2:00 P.M., Pacific Time, Wednesday, January 22, 2014. 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 719-325-4835 and the dial-in password is 8002130. 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), a Fortune 500 and S&P 500 company, is a global leader in flash storage solutions. For more than 25 years, SanDisk has expanded the possibilities of storage, providing trusted and innovative products that have transformed the electronics industry. Today, SanDisk’s quality, state-of-the-art solutions are at the heart of many of the world's largest data centers, and embedded in advanced smart phones, tablets and PCs. SanDisk’s consumer products are available at hundreds of thousands of retail stores worldwide. For more information, visit www.sandisk.com.
© 2014 SanDisk Corporation. All rights reserved. SanDisk is a trademark of SanDisk Corporation, registered in the United States and other countries.
This press release contains certain forward-looking statements, including statements about our business prospects in 2014 and continued favorable portfolio mix shift, that are based on our current expectations and subject to numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate and 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 among others:
(1) GAAP represents U.S. Generally Accepted Accounting Principles. (2) Non-GAAP represents GAAP excluding the impact of share-based compensation, amortization of acquisition-related intangible assets, impairment of acquisition-related intangible assets, non-cash economic interest expense associated with our convertible debt and related tax adjustments. (3) Non-GAAP diluted shares include the impact of offsetting shares from the call option related to the 1.5% Sr. Convertible Notes due 2017 and the impact of share-based compensation.
Q4 2013 Financial Tables
Investor Contacts:Jay Iyer 408-801-2067 firstname.lastname@example.org Brendan Lahiff 408-801-1732 email@example.com
Media Contact: Lee Garvin Flanagin 408-801-2463 firstname.lastname@example.org
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