Delivers Record Revenue with Strong Profits and Cash Flow
MILPITAS, Calif. — (BUSINESS WIRE) — October 16, 2013 — SanDisk Corporation (NASDAQ: SNDK), 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(1) 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(2)(3) 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.”
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THIRD QUARTER 2013 KEY FINANCIAL METRICS |
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| Metric | GAAP | Non-GAAP | ||||||||||
| in millions, except percentages and per share amounts | Q313 | Q312 | Q213 | Q313 | Q312 | Q213 | ||||||
| Revenue | $1,625 | $1,273 | $1,476 | $1,625 | $1,273 | $1,476 | ||||||
| Gross Profit | $802 | $383 | $677 | $815 | $395 | $689 | ||||||
| percent of revenue | 49.3% | 30.1% | 45.8% | 50.1% | 31.0% | 46.7% | ||||||
| Operating Income | $408 | $132 | $393 | $533 | $164 | $429 | ||||||
| percent of revenue | 25.1% | 10.4% | 26.6% | 32.8% | 12.9% | 29.0% | ||||||
| Diluted EPS (3) | $1.18 | $0.31 | $1.06 | $1.59 | $0.48 | $1.22 | ||||||
