Wednesday, October 16th 2013

SanDisk Announces Third Quarter Results

SanDisk Corporation, a global leader in flash storage solutions, today announced results for the third quarter ended September 29, 2013. Third quarter revenue of $1.63 billion increased 28 percent on a year-over-year basis and increased 10 percent sequentially.

On a GAAP basis, third quarter net income was $277 million, or $1.18 per diluted share, compared to net income of $77 million, or $0.31 per diluted share, in the third quarter of fiscal 2012 and $262 million, or $1.06 per diluted share, in the second quarter of fiscal 2013.

On a non-GAAP basis, third quarter net income was $371 million, or $1.59 per diluted share, compared to net income of $118 million, or $0.48 per diluted share, in the third quarter of fiscal 2012 and net income of $299 million, or $1.22 per diluted share, in the second quarter of fiscal 2013.

Third quarter GAAP results include an $83 million partial impairment of acquisition-related intangible assets stemming from the 2011 acquisition of Pliant Technologies, Inc. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.

"We delivered outstanding third quarter results driven by our strategy to shift to higher value solutions across our portfolio," said Sanjay Mehrotra, president and chief executive officer of SanDisk. "Our client and enterprise SSD products continue to gain momentum and our acquisition of SMART Storage Systems expands our presence in enterprise SSDs. With our solid execution, we also delivered strong year over year growth in retail and embedded products."
At the end of the third quarter of fiscal 2013, SanDisk's cash and short and long-term marketable investments totaled $4.3 billion. Cash flow from operations in the third quarter of fiscal 2013 totaled $382 million.

OTHER KEY DEVELOPMENTS
  • SanDisk established its first ever dividend program on July 31, 2013 with the first quarterly payment made in the third fiscal quarter.
  • SanDisk announced today its fourth-quarter dividend of $0.225 per share of common stock, payable on November 25, 2013 to shareholders of record as of the close of business on November 4, 2013.
  • SanDisk spent a total of $1.07 billion on stock repurchases in the third fiscal quarter, including a previously announced $1.0 billion accelerated stock repurchase program.
  • SanDisk completed the acquisition of SMART Storage Systems.
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