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January 27, 2010

SanDisk Q4 revenue up 44% to $1.24bn

Posts net income of $340m compared to net loss in the year ago quarter

By CBR Staff Writer

SanDisk has reported revenue of $1.24bn for the fourth quarter of 2009, an increase of 44% on a year-over-year basis and an increase of 33% on a sequential basis. Product revenue was $1.14bn, up 54% year-over-year and up 40% sequentially. License and royalty revenue was $100m, down 18% year-over-year and up 18% sequentially.

The company reported an operating income of $376m, or 30% of total revenue, compared to operating loss of $1.63bn in the fourth quarter of fiscal 2008 and operating income of $240m in the third quarter of fiscal 2009.

For the quarter ended January 3, 2010, the company posted a net income of $340m, or $1.45 per diluted share, compared to net loss of $1.76bn, or $7.78 per share in the fourth quarter of fiscal 2008 and net income of $231m, or $0.99 per diluted share in the third quarter of fiscal 2009.

For fiscal 2009, SanDisk revenue was up by 6% to $3.57bn from $3.35bn in fiscal 2008. Operating income was $519.4m compared to an operating loss of 1.97bn in fiscal 2008. Net income was $415m, or $1.79 per diluted share, compared to net loss of $1.99bn, or $8.82 per share in fiscal 2008.

Eli Harari, chairman and CEO, SanDisk, said: “We delivered a terrific fourth quarter in 2009 – our best performance ever in product revenue, profit and cash flow. These results demonstrate the success of the actions that we took this past year, including restructuring our captive supply and diversifying our OEM and retail channels that resulted in unit sales growth of 55% and gigabyte growth of 100% compared to the fourth quarter of 2008.

“Product gross margin was sharply higher due to continued strong cost reductions and stable pricing. In 2010, we look forward to solid growth in our markets with a continued emphasis on profitability.”

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