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April 24, 2009

SanDisk swings to loss in Q1

Product revenue fell 19% to $588m

By CBR Staff Writer

Storage company SanDisk has reported a net loss of $208m for the first quarter 2009, against profit of $11m in the year-ago quarter, on revenue down 22% at $659.47m.

It made an operating loss of $165.33m compared to operating income of $4.9m in the year-ago period. Diluted net loss per share was $0.92 compared to diluted EPS of $0.05.

The company said product revenue fell 19% to $588m, while license and royalty revenue fell 43% to $71.37m. Total megabytes sold increased 166% year-over-year and 9% sequentially.

During the quarter the company completed the restructuring of its manufacturing joint venture with Toshiba for a total value of JPY 79.3 billion ($805.6m).

Eli Harari, chairman and chief executive at SanDisk, said: Industry fundamentals improved in the first quarter. Our financial results improved substantially from the prior quarter driven by better than expected demand, strong product cost reductions and lower operating expenses. We completed the previously announced restructuring of the Manufacturing Joint Ventures with Toshiba, which substantially improves our financial position by bringing in cash and reducing our equipment lease obligations. Our outlook is cautiously optimistic for continued improvement in the second quarter.

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