SanDisk Announces Fourth Quarter and Full Year 2011 Financial Results

Reports Record Quarterly & Annual Revenues

MILPITAS, Calif. — (BUSINESS WIRE) — January 25, 2012 — SanDisk Corporation (NASDAQ: SNDK), a global leader in flash memory storage solutions, today announced results for the fourth quarter and fiscal year ended January 1, 2012. Total fourth quarter revenue of $1.58 billion increased 19% on a year-over-year basis and increased 11% on a sequential basis. Total revenue for fiscal 2011 of $5.66 billion increased 17% from $4.83 billion in fiscal 2010.

On a GAAP(1) basis, fourth quarter net income was $281 million, or $1.14 per diluted share, compared to net income of $485 million, or $2.01, per diluted share in the fourth quarter of fiscal 2010 and $233 million, or $0.96 per diluted share, in the third quarter of fiscal 2011. Net income for fiscal 2011 was $987 million, or $4.04 per diluted share.

On a non-GAAP(2) basis, fourth-quarter net income was $317 million, or $1.29 per diluted share, compared to net income of $307 million, or $1.27 per diluted share, in the fourth quarter of fiscal 2010 and net income of $292 million, or $1.20 per diluted share, in the third quarter of fiscal 2011. Net income for fiscal 2011 was $1.14 billion, or $4.65 per diluted share. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.

“We are pleased to deliver record quarterly and annual revenues with robust profitability,” said Sanjay Mehrotra, President and CEO. “The secular demand trends for NAND flash remain vibrant and we are particularly excited about the new growth opportunities for our business in the Enterprise and Client Computing markets.”

FOURTH QUARTER 2011 KEY FINANCIAL METRICS

Metric

in millions of US$, except %

    GAAP     Non-GAAP
    Q411     Q410     Q311     Q411     Q410     Q311
Revenue     $1,577     $1,327     $1,416     $1,577     $1,327     $1,416
Gross Profit

% of revenue

    $662

42.0%

    $576

43.4%

    $612

43.2%

    $676

42.9%

    $580

43.7%

    $627

44.3%

Operating Income

% of revenue

    $416

26.4%

    $357

26.9%

    $386

27.3%

    $449

28.5%

    $385

29.0%

    $417

29.4%

  • Cash flow from operations in the fourth quarter of fiscal 2011 was $210 million and free cash flow (3) was $299 million.
  • Total cash and cash equivalents and short and long-term marketable securities at the end of the fourth quarter of fiscal 2011 were $5.62 billion compared to $5.34 billion at the end of the fourth quarter of fiscal 2010 and $5.27 billion at the end of the third quarter of fiscal 2011.

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