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SanDisk Announces Record Revenues and Operating Earnings; Year-over-Year Growth in Revenues of 84% and Earnings per Share of 300%.

Publication: Business Wire
Publication Date: 16-JUL-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Business Editors/High-Tech Writers

SUNNYVALE, Calif.--(BUSINESS WIRE)--July 16, 2003

SanDisk Corporation (NASDAQ:SNDK), the world's largest supplier of flash memory data storage card products, today announced results for the second quarter ended June 30, 2003. Total second quarter revenues grew 84% to $234.6 million compared to the second quarter of 2002 and increased 34% from the prior quarter of 2003. Second quarter net income was $41.3 million compared to $9.0 million and $24.9 million for the prior year's corresponding quarter and the first quarter of 2003, respectively. Earnings per share grew 300% for the second quarter of 2003 and were $0.52 per diluted share compared with $0.13 per diluted share in the same quarter of 2002. Earnings per share grew 58% sequentially compared to $0.33 per diluted share in the first quarter of 2003.

"The second quarter was our best quarter ever for revenues and operating earnings. Megabytes and units sold in the quarter reflect record performance, far exceeding our internal forecasts. Demand for our products was exceptionally strong throughout the quarter from OEM and retail customers in all geographies. Current market demand is driven by strong sales of digital cameras as well as accelerating sales of camera cell phones, USB flashdrives and numerous other new applications for NAND flash. I am particularly pleased with our increasing penetration into the camera cell phone market, as well as our excellent internal execution in launching the miniSD card in the second quarter," said Eli Harari, President and CEO of SanDisk Corporation. "Current demand for NAND flash is exceeding the total industry supply, resulting in a benign pricing environment as we enter the third quarter. I am optimistic about our business prospects in the second half of the year."

Q2 Financial Highlights

-- Product revenues...

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