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July 26, 2010

SanDisk Q2 revenue up 61% to $1.18bn

Net income increased to $258m from $53m for the same quarter previous year

By CBR Staff Writer

Storage company SanDisk has reported a total revenues of $1.18bn for the second quarter 2010, an increase of 61% compared to total revenue of $731m in the year-ago quarter.

The company posted an operating income $359m, compared to operating income of $68m in the year-ago quarter.

For the quarter ended on July 04, 2010, the company reported a net income of $258m, compared to a net income of $53m for the same quarter 2009. Diluted EPS for the second quarter of 2010 increased to $1.08 from $0.23 for the same quarter previous year.

The company said that the product revenue increased by 79% year-on-year to $1.09bn, while license and royalty revenue fell 27% year-on-year to $88m. The average price per gigabyte sold decreased by 18% year-over-year and 8% sequentially.

Eli Harari, chairman and chief executive at SanDisk, said: "SanDisk delivered another excellent quarter, with OEM demand driving record unit and gigabytes sold. We achieved 47% total gross margin, due to cost reductions and a stable pricing environment.

"We exited the quarter with a record high cash balance of $3.7bn or $2.6bn net of debt. For the second half of the year, demand from our diversified customer base is very strong.

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"We expect our recent announcement of our Fab 5 joint venture with Toshiba to allow us to meet our customers’ growing demand for flash in the coming years."


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