SanDisk Announces First Quarter Results

Delivers record first quarter revenue

MILPITAS, Calif. — (BUSINESS WIRE) — April 17, 2013SanDisk Corporation (NASDAQ: SNDK), a global leader in flash memory storage solutions, announced today results for the first quarter ended March 31, 2013. First quarter revenue of $1.34 billion increased 11 percent on a year-over-year basis and decreased 13 percent on a sequential basis.

On a GAAP(1) basis, first quarter net income was $166 million, or $0.68 per diluted share, compared to net income of $114 million, or $0.46 per diluted share, in the first quarter of fiscal 2012 and $214 million, or $0.87 per diluted share, in the fourth quarter of fiscal 2012.

On a non-GAAP(2) basis, first quarter net income was $207 million, or $0.84 per diluted share, compared to net income of $156 million, or $0.63 per diluted share, in the first quarter of fiscal 2012 and net income of $257 million, or $1.05 per diluted share, in the fourth quarter of fiscal 2012. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.

“Our SSD products drove 20 percent of sales and we delivered a record first quarter retail revenue,” said Sanjay Mehrotra, president and chief executive officer of SanDisk. “Our strong results reflect an improved product mix and continued favorable industry supply and demand conditions. We believe our position in enterprise and client SSD markets, differentiated retail brand and continued focus on profitable growth provide us with solid momentum for continued gains in 2013.”

FIRST QUARTER 2013 KEY FINANCIAL METRICS

Metric   GAAP   Non-GAAP
in millions, except percentages and per share amounts   Q113   Q112   Q412 Q113   Q112   Q412
Revenue   $1,341   $1,206   $1,542 $1,341   $1,206   $1,542
Gross Profit $532   $417   $603 $543   $432   $615
percent of revenue   39.6%   34.5%   39.1% 40.5%   35.8%   39.9%
Operating Income $254 $192 $336 $288 $227 $368
percent of revenue   18.9%   15.9%   21.8% 21.5%   18.8%   23.9%
Diluted EPS   $0.68   $0.46   $0.87 $0.84   $0.63   $1.05

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