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Flashing record business at Sandisk
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Thursday, January 23, 2003
SanDisk Corp. announced that revenues for the fourth quarter ended December 31 were a record $179.8 million, up 27% sequentially from the prior quarter.
Product revenues were $158.7 million, up 20% sequentially. Retail sales increased 35% and represented 69% of product sales, while OEM/Industrial sales declined 4% relative to the prior quarter due to continuing weakness in the Industrial/Telecom sector.
Fourth quarter revenues from licenses and royalties were $21.1 million, up 133% sequentially due primarily to increased royalty-bearing sales by licensees. Product gross margin was a record 37%, up from 34% in the prior quarter.
The average price per megabyte sold declined 15% sequentially. Fourth quarter units sold increased 21% and megabytes sold increased 43% compared to the previous quarter, both representing new record levels.
Fourth quarter net income was $19.6 million, up 73% sequentially. Earnings per share were 26 cents per diluted share, up 63% sequentially and are net of unrealized losses of $15.8 million, before tax, or 20 cents per share, due to revaluation of the company's equity investments in Tower Semiconductor and Divio.
Total revenue for fiscal 2002 was $541.3 million, up 48% from $366.3 million in 2001. Product revenues were $492.9 million, up 56% from $316.9 million in 2001. Revenues from licenses and royalties were $48.4 million, down 2% from $49.4 million in 2001. Net income was $36.2 million, compared to a net loss of $297.9 million in 2001.
In the fourth quarter, retail revenues showed particularly strong growth in the US and Pacific Rim regions, with strong contributions from Compact Flash (CF), Secure Digital (SD) and Smart Media cards, SanDisk said. SD card sales increased 82% from the prior quarter.
The product gross margin improvement in the fourth quarter was attributable to cost efficiencies from higher sales levels, increased sales of MLC (Multi Level Cell) flash, as well as the sale of $3.6 million of NOR flash inventory that was previously written off, which represented 2% of product gross margin contribution.
"The outlook for 2003 is encouraging despite an anticipated seasonal decline in the first quarter sales compared to the traditionally strong fourth quarter," the company said.
By: DocMemory
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