SanDisk Announces Fourth Quarter and 2012 Year-End Results

  • Delivers fourth quarter revenue of $1.54 billion with record SSD & Embedded sales
  • Gross margin improvements drive substantial sequential earnings growth

MILPITAS, Calif. — (BUSINESS WIRE) — January 23, 2013SanDisk 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 2011.

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 2013.”

FOURTH QUARTER 2012 KEY FINANCIAL METRICS

Metric   GAAP   Non-GAAP
in millions of US$, except %   Q412   Q411   Q312 Q412   Q411   Q312
Revenue   $1,542   $1,577   $1,273 $1,542   $1,577   $1,273
Gross Profit $603   $662   $383 $615   $676   $395
% of revenue   39.1%   42.0%   30.1% 39.9%   42.9%   31.0%
Operating Income $336 $416 $132 $368 $449 $164
% of revenue   21.8%   26.4%   10.4% 23.9%   28.5%   12.9%

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