SanDisk Corporation (NASDAQ:SNDK), a global leader in flash
memory storage solutions, announced today results for the first quarter
ended April 1, 2012. Total first quarter revenue of $1.21 billion
declined 7% on a year-over-year basis and declined 24% on a sequential
On a GAAP(1) basis, first quarter net income was
$114 million, or $0.46 per diluted share, compared to net income of
$224 million, or $0.92, per diluted share in the first quarter of fiscal
2011 and $281 million, or $1.14 per diluted share, in the fourth quarter
of fiscal 2011.
On a non-GAAP(2) basis, first quarter net income was $156
million, or $0.63 per diluted share, compared to net income of
$251 million, or $1.03 per diluted share, in the first quarter of fiscal
2011 and net income of $317 million, or $1.29 per diluted share, in the
fourth quarter of fiscal 2011. For reconciliation of non-GAAP to GAAP
results, see accompanying financial tables and footnotes.
"Our first quarter results were adversely impacted by
lower-than-expected pricing and demand weakness in certain segments and
we expect similar trends in the second quarter as well," said Sanjay
Mehrotra, president and chief executive officer. "We believe a
seasonally stronger demand environment in the second half of the year,
combined with our diversifying portfolio of mobile and SSD solutions,
will allow us to deliver strong sequential revenue growth in the third
and fourth quarters."
FIRST QUARTER 2012 KEY FINANCIAL METRICS
in millions of US$, except %
% of revenue
SanDisk's first quarter of fiscal 2012 conference call is scheduled for
2:00 P.M., Pacific Time, Thursday, April 19, 2012. The conference call
will be webcast and can be accessed live, and throughout the quarter, at
SanDisk's website at http://www.sandisk.com/IR.
To participate in the call via telephone, the dial-in number is
719-234-0008 and the dial-in password is 4015842. 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.
This news release contains certain forward-looking statements, including
statements about our business prospects and our expectations regarding
our business, financial results, and pricing, seasonality and demand
trends for the second quarter and second half of fiscal 2012, including
the potential benefits of our diversifying portfolio of mobile and 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
(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 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 holder(s).
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