Delivers Record Annual Revenue and Operating Cash Flow
MILPITAS, Calif. — (BUSINESS WIRE) — January 22, 2014 — SanDisk Corporation (NASDAQ: SNDK), a global leader in flash storage solutions, today announced results for the fourth quarter and fiscal year ended December 29, 2013. Fourth quarter revenue of $1.73 billion increased 12 percent on a year-over-year basis and increased 6 percent sequentially. Total revenue for fiscal 2013 of $6.17 billion increased 22 percent from $5.05 billion in fiscal 2012.
On a GAAP(1) basis, fourth quarter net income was $338 million, or $1.45 per diluted share, compared to net income of $214 million, or $0.87 per diluted share, in the fourth quarter of fiscal 2012 and $277 million, or $1.18 per diluted share, in the third quarter of fiscal 2013. Net income for fiscal 2013 was $1.04 billion, or $4.34 per diluted share, compared to $417 million, or $1.70 per diluted share in fiscal 2012.
On a non-GAAP(2)(3) basis, fourth quarter net income was $390 million, or $1.71 per diluted share, compared to net income of $257 million, or $1.05 per diluted share, in the fourth quarter of fiscal 2012 and net income of $371 million, or $1.59 per diluted share, in the third quarter of fiscal 2013. Net income for fiscal 2013 was $1.27 billion, or $5.31 per diluted share, compared to $582 million, or $2.38 per diluted share in fiscal 2012. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.
“We delivered outstanding results in the fourth quarter and full year 2013 driven by strong execution and continued favorable portfolio mix shift,” said Sanjay Mehrotra, president and chief executive officer of SanDisk. “Our SSD product revenue set another quarterly record and represented 19 percent of our annual revenue, and we also set a record for annual retail product revenue. SanDisk is enabling the next generation of mobile and enterprise data storage solutions, and we are excited about our prospects for 2014.”
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FOURTH QUARTER KEY FINANCIAL METRICS |
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| Metric | GAAP | Non-GAAP | ||||||||||
| in millions, except percentages and per share amounts | Q413 | Q412 | Q313 | Q413 | Q412 | Q313 | ||||||
| Revenue | $1,728 | $1,542 | $1,625 | $1,728 | $1,542 | $1,625 | ||||||
| Gross Profit | $857 | $603 | $802 | $880 | $615 | $815 | ||||||
| percent of revenue | 49.6% | 39.1% | 49.3% | 50.9% | 39.9% | 50.1% | ||||||
| Operating Income | $507 | $336 | $408 | $556 | $368 | $533 | ||||||
| percent of revenue | 29.4% | 21.8% | 25.1% | 32.2% | 23.9% | 32.8% | ||||||
| Diluted EPS (3) | $1.45 | $0.87 | $1.18 | $1.71 | $1.05 | $1.59 | ||||||
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FISCAL 2013 KEY FINANCIAL METRICS |
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| Metric | GAAP | Non-GAAP | ||||||
| in millions, except percentages and per share amounts | FY13 | FY12 | FY13 | FY12 | ||||
| Revenue | $6,170 | $5,053 | $6,170 | $5,053 | ||||
| Gross Profit | $2,867 | $1,683 | $2,927 | $1,733 | ||||
| percent of revenue | 46.5% | 33.3% | 47.4% | 34.3% | ||||
| Operating Income | $1,562 | $696 | $1,806 | $827 | ||||
| percent of revenue | 25.3% | 13.8% | 29.3% | 16.4% | ||||
| Diluted EPS (3) | $4.34 | $1.70 | $5.31 | $2.38 | ||||
