Press Releases

SanDisk Announces Record Fourth Quarter Revenues and Operating Income

2005年 1月 27日

SUNNYVALE , CA, January 27, 2005 - SanDisk® Corporation (NASDAQ:SNDK), the world's largest supplier of flash storage card products, today announced results for the fourth quarter ended January 2, 2005. Total fourth quarter revenues increased 41% on a year-over-year basis to $549 million and increased 35% compared to the third quarter of 2004. Fourth quarter net income, which reflected a 37% tax rate, was $78 million compared to $88 million of net income in the fourth quarter of 2003, which reflected a 20% tax rate, and $54 million of net income in the third quarter of 2004. Fully diluted earnings per share for the fourth quarter were $0.42 compared with $0.47 in the fourth quarter of 2003 and $0.29 in the third quarter of 2004.

  • Revenue of $549 million; EPS $0.42
  • Units up 45% and Megabytes up 110% sequentially from prior quarter
  • Product Gross Margin increases 3 points to 32%; Operating Margin 23%
  • Strong consumer sales into Digital Cameras, Flash Drives, Mobile Handsets and Digital Audio Players
Total revenue for fiscal 2004 was $1.8 billion, up 65% from $1.1 billion in 2003. Product revenues were $1.6 billion, up 63% from $1.0 billion in 2003. License and royalty revenues were $174 million, up 79% from $97 million in 2003. Net income was $267 million, up 58% from net income of $169 million in 2003. The provision for income tax was 37% for 2004 compared to 30% in 2003. Fully diluted earnings per share for fiscal 2004 were $1.44, compared to $1.02 in 2003.
 
"SanDisk experienced outstanding results in our fourth quarter due to strong demand for our products in digital cameras, USB flash drives, mobile handsets and our new line of flash digital audio players," said SanDisk CEO Eli Harari. "In the fourth quarter we sold 110% more megabytes than in the prior quarter by successfully shifting consumer preference to our higher capacity cards. Higher yields on our 90-nanometer NAND/MLC, and higher unit volumes allowed us to aggressively reduce our costs and improve operating margins by almost 3% in the quarter despite a 34% sequential decline in the average price per megabyte."
 
"In 2005 we will continue our focus on three areas. First, driving growth in our target consumer and handset markets, including the new storage opportunities in handsets, flash digital audio players, video games, second generation intelligent flash drives, and crypto-secure cards. Second, building our brand and expanding our global sales channels beyond 100,000 storefronts. Third, executing the transition of our captive volume production from 90-nanometer to 70-nanometer NAND/MLC, as well as ramping the new 300-millimeter flash fab, both currently scheduled to commence in the second half of 2005. I am optimistic about the rapidly expanding and pervasive use of our storage technology and products in numerous emerging markets and applications over the next several years."
 
Financial Results and Highlights
  • Revenue was a record $549 million in the fourth quarter, up 35% sequentially and 41% year-over-year.
  • Megabytes sold in the fourth quarter increased a record 110% sequentially and increased 228% year-over-year. Total megabytes sold in 2004 were approximately 167% higher than in 2003.
  • Units sold in the fourth quarter increased 45% sequentially and increased 55% year-over-year. Units sold in 2004 were 53% higher than in 2003.
  • Average density per card sold in retail increased to 356Megabytes (MB) in the fourth quarter from 254MB in the third quarter. Average density per card doubled from the fourth quarter of 2003 to the fourth quarter of 2004.
  • Average price per megabyte sold in the fourth quarter declined 34% sequentially and 56% from the corresponding quarter in 2003. Total average price per megabyte sold in 2004 declined 38% from 2003.
  • Product gross margin in the fourth quarter was 32%, compared to 29% in the third quarter of 2004 and 36% in the fourth quarter of 2003.
  • Operating income was a record $126 million, or 23% of revenues, compared to $84 million, or 21% of revenue, in the prior quarter, and $109 million, or 28% of revenues, in the fourth quarter of 2003. Operating income for 2004 was $419 million, up 63% from operating income of $257 million in 2003, and operating margin was consistent in both years at 24%.
  • Digital Audio Players were successfully launched during the holiday season.
  • Greg Rhine joined SanDisk as Senior Vice President, Worldwide Sales.
  • Storefronts grew to more than 100,000 from 60,000 at the beginning of the year.
  • SanDisk's revenue share for the US Memory Card Market grew to 46% in the fourth quarter of 2004 from 38% in the fourth quarter of 2003 and USB flash drive share increased to 38% from 22% for the same periods according to data from NPD Techworld, a division of the NPD Group.
  • SanDisk acquired MDRM to accelerate development of end-to-end solutions for distributing secure content through flash memory devices.
  • Flash Partners, a Toshiba and SanDisk venture, secured lease financing agreements for manufacturing equipment to be installed in the new Fab 3.
Scheduled Interview
SanDisk Corporation President and CEO, Eli Harari, is scheduled to appear on CNBC's "Closing Bell With Maria Bartiromo" today, January 27, 2005 at approximately 4:20 p.m. Eastern Time.
 
Conference Call
SanDisk's fourth quarter 2004 conference call is scheduled for 2:00 p.m. Pacific Time, Thursday, January 27, 2005. The conference call will be web cast by CCBN and can be accessed live, and throughout the quarter, at SanDisk's website at www.sandisk.com/IR and at www.streetevents.com for registered streetevents.com users. To participate in the call via telephone, the dial in number is (800) 289-0569 or (913) 981-5542 for international callers. The call will also be available by telephone replay through Tuesday, February 1, 2005, by dialing (888) 203-1112 or, for international callers, (719) 457-0820 and entering the pass code 270480. A copy of this press release will be filed with the Securities and Exchange Commission on a current report on Form 8-K and will be posted to our website prior to the conference call.

Forward-Looking Statements
This news release contains certain forward-looking statements, including our business outlook, expectations for new product introductions, applications, markets, customers and the transition and augmentation of our captive manufacturing capacity that are based on our current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate and may significantly and adversely affect our business, financial condition and results of operations. Risks that may cause these forward-looking statements to be inaccurate include among others: market demand for our products may grow more slowly than our expectations or a slower adoption rate for these products in new markets that we are targeting, slower than expected expansion of our global sales channels, fluctuations in operating results, unexpected yield variances and longer than expected low yields and other possible delays related to our conversion to 70-nanometer NAND flash technology or the ramp up of the new 300-millimeter flash fabrication facility, any interruption of or delay in supply from any of the semiconductor manufacturing facilities that supply products to us, our inability to make additional planned smaller geometry conversions in a timely manner, future average selling price erosion that may be more severe than our expectations due to possible excess industry capacity of flash memory either from existing suppliers or from new competitors, price increases from non-captive flash memory sources and third-party subcontractors, higher than expected operating expenses, higher than anticipated capital, adverse global economic and geo-political conditions, including adverse currency exchange rates and acts of terror, the timely development, internal qualification and customer acceptance of new products that are based on the 90-nanometer and 70-nanometer NAND technologies, fluctuations in license and royalty revenues, higher than anticipated tax rates, regulatory duties or fees, business interruption due to earthquakes or other natural disasters, particularly in areas in the Pacific Rim and Japan where we manufacture and assemble products, further impairment of our investments in Tower Semiconductor Ltd. due to any decline in stock valuations, and the other risks detailed from time-to-time in our Securities and Exchange Commission filings and reports, including, but not limited to, the Form 10-K for the year ended December 28, 2003 and our quarterly reports on Form 10-Q. Future results may differ materially from those previously reported. We do not intend to update the information contained in this release.
 
About SanDisk
SanDisk is the original inventor of flash storage cards and is the world's largest supplier of flash data storage card products using its patented, high-density flash memory and controller technology. SanDisk is headquartered in Sunnyvale, CA and has operations worldwide, with more than half its sales outside the U.S.
 
 

                         SanDisk Corporation
             Condensed Consolidated Statements of Income
                (In thousands, except per share data)
                          Three Months Ended     Twelve Months Ended
                        ----------------------- ----------------------
                         January 2,  December    January 2,  December
                            2005      28, 2003      2005      28, 2003
                        (unaudited) (unaudited) (unaudited)
                        ----------- ----------- ----------- ----------
Revenues:
   Product                $507,697    $353,403  $1,602,836   $982,341
   License and royalty      41,186      35,892     174,219     97,460
                        ----------- ----------- ----------- ----------
Total revenue              548,883     389,295   1,777,055  1,079,801
Cost of product revenues   345,130     224,681   1,091,350    641,189
                        ----------- ----------- ----------- ----------
Gross profits              203,753     164,614     685,705    438,612
Operating expenses:
  Research and
   development              35,580      25,263     124,994     84,200
  Sales and marketing       25,830      21,251      91,296     66,317
  General and
   administrative           16,325       9,210      50,824     31,057
                        ----------- ----------- ----------- ----------
Total operating expenses    77,735      55,724     267,114    181,574
Operating income           126,018     108,890     418,591    257,038
Interest income              6,824       3,243      20,363      8,865
Interest expense              (884)     (1,687)     (5,949)    (6,750)
(Loss) gain on
 investment in foundries   (11,977)        667     (12,927)     3,746
Recovery (loss) on
 unauthorized sale of
 UMC shares                  6,193           -       6,193    (18,339)
Other income (loss), net    (1,832)     (1,617)     (3,071)    (2,679)
                        ----------- ----------- ----------- ----------
Total other income
 (expense)                  (1,676)        606       4,609    (15,157)
Income before taxes        124,342     109,496     423,200    241,881
Provision for income
 taxes                      46,007      21,658     156,584     73,022
                        ----------- ----------- ----------- ----------
Net income                 $78,335     $87,838    $266,616   $168,859
                        =========== =========== =========== ==========
Net income per share
 calculation:
Net income used in
 computing basic net
 income per share          $78,335     $87,838    $266,616   $168,859
Tax-effected interest
 and bond amortization
 costs related to
 convertible
 subordinated notes          1,757       1,530       5,368      5,469
                        ----------- ----------- ----------- ----------
Net income used in
 computing diluted net
 income per share          $80,092     $89,368    $271,984   $174,328
                        =========== =========== =========== ==========
Shares used in computing
 net income per share
     Basic                 170,869     159,883     164,065    144,781
     Diluted               188,675     190,251     188,837    171,616
Net income per share
     Basic                   $0.46       $0.55       $1.63      $1.17
     Diluted                 $0.42       $0.47       $1.44      $1.02

                         SanDisk Corporation
                Condensed Consolidated Balance Sheets
                            (In thousands)
                                    January 2,  September   December
                                       2005     26, 2004   28, 2003(a)
                                                    (1)        (1)
              ASSETS               (unaudited) (unaudited)
                                   ----------- ----------- -----------
Current Assets:
 Cash and cash equivalents           $463,795    $602,183    $734,479
 Short-term investments               859,175     748,830     528,117
 Investment in foundries               20,398      23,541      36,976
 Accounts receivable, net             194,535     136,156     184,236
 Inventories                          196,422     181,329     116,896
 Deferred tax asset                    83,150      94,827      70,806
 Prepaid expenses, other current
  assets and tax receivable            62,653      29,809      53,394
                                   ----------- ----------- -----------
   Total current assets             1,880,128   1,816,675   1,724,904
 Property and equipment, net          147,231     137,663      59,470
 Investment in foundries               14,377      22,599      40,446
 Investment in FlashVision            178,681     165,996     169,185
 Investment in FlashPartners           24,192          56           -
 Deferred tax asset                     1,861           -           -
 Note receivable, Flash Vision         35,413      32,969           -
 Deposits and other non-current
  assets                               38,297      36,060      46,151
                                   ----------- ----------- -----------
        Total Assets               $2,320,180  $2,212,018  $2,040,156
                                   =========== =========== ===========
  LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities:
 Accounts payable                     $82,974    $113,949     $88,737
 Accounts payable to related
  parties                              48,115      55,438      45,013
 Accrued payroll and related
  expenses                             41,786      30,026      28,233
 Income taxes payable                  39,139       2,467      37,254
 Research and development
  liability, related party              5,549       9,700      11,800
 Other accrued liabilities             45,584      37,248      36,661
 Deferred income on shipments to
  distributors and retailers and
  deferred revenue                     90,307      96,290      99,136
                                   ----------- ----------- -----------
   Total current liabilities          353,454     345,118     346,834
 Convertible subordinated notes
  payable                                   -     150,000     150,000
 Deferred tax liability                     -      10,469       1,458
 Deferred revenue and other non-
  current liabilities                  26,576      22,837      25,992
                                   ----------- ----------- -----------
   Total Liabilities                  380,030     528,424     524,284
 Commitments and contingencies
Stockholders' Equity:
 Preferred stock                            -           -           -
 Common stock                       1,406,553   1,230,990   1,207,958
 Retained earnings                    520,240     441,905     253,624
 Accumulated other comprehensive
  income                               18,893      11,614      54,290
 Deferred compensation                 (5,536)       (915)          -
                                   ----------- ----------- -----------
   Total stockholders' equity       1,940,150   1,683,594   1,515,872
                                   ----------- ----------- -----------
         Total Liabilities and
          Stockholders' Equity     $2,320,180  $2,212,018  $2,040,156
                                   =========== =========== ===========
(a) Information derived from the audited Consolidated Financial
    Statements.
(1) Certain reclassifications have been made to conform to the current
    year's presentation.

                         SanDisk Corporation
           Consolidated Comparative Statement of Cash Flows
                            December 2004
                            (in thousands)
                          Three months ended     Twelve months ended
                        January 2, December 28,January 2, December 28,
                            2005       2003        2005       2003
                        (unaudited)(unaudited) (unaudited)
                        ----------------------------------------------
Cash flows from
 Operating activities:
  Net income               $78,335     $87,838   $266,616    $168,859
  Adjustments to
   reconcile net income
   to net cash provided
   by operating
   activities:
    Depreciation            12,452       6,798     38,862      22,952
    Provision for
     doubtful accounts       1,739         512      4,581       1,400
    Amortization bond
     issuance costs          1,907         230      2,567         890
    Deferred Taxes          (5,842)          0      1,740       2,152
    Recovery (loss) on
     authorized sale of
     UMC shares             (6,193)          0     (6,193)     18,339
    Loss (gain)
     investment in
     foundries              11,977        (667)    12,927      (3,746)
    Other non-cash
     charges                (2,452)     (1,975)    (3,848)     (1,452)
    Changes in operating
     assets and
     liabilities:
      Accounts
       receivable          (60,118)    (44,802)   (14,880)   (104,550)
      Other receivables
       and tax refund
       receivable              364      19,897      8,526      21,460
      Inventories          (15,093)    (22,137)   (79,526)    (28,301)
      Prepaid expenses,
       deposits and
       other assets        (31,474)    (21,179)    (6,859)    (16,316)
      Income taxes
       payable and other
       accounts payable     31,022      20,260      2,825      93,996
      Other current
       liabilities,
       related party        (7,323)     16,361      3,102      27,811
      Other current
       liabilities           8,336       3,836      8,923       9,196
      Research and
       development
       liabilities,
       related parties      (4,151)      5,300     (6,251)      1,293
      Deferred income on
       shipments and
       deferred revenue     (7,588)     38,229    (15,489)     57,682
      Other non-current
       liabilities           5,344           0      6,244      (1,225)
                        ----------------------------------------------
    Total adjustments      (67,093)     20,663    (42,749)    101,581
                        ----------------------------------------------
  Net cash provided by
   operating activities     11,242     108,501    223,867     270,440
                        ----------------------------------------------
Cash flows from
 Investing activities:
      Purchases of short
       term investments   (223,398)   (304,623)(1,142,508)   (620,488)
      Proceeds from sale
       of short term
       investments         111,714     151,912    810,111     327,457
      Investment in
       FlashPartners       (23,059)          0    (23,129)          0
      Business
       acquisition          (9,061)          0     (9,061)          0
      Recovery on UMC
       unauthorized sale     6,193           0      6,193           0
      Investment in
       foundries and
       equity
       investments, net          0      (3,819)    (1,430)     17,878
      Acquisition of
       capital equipment   (18,467)    (16,115)  (126,406)    (58,495)
      Loan to
       Flash Vision              0           0    (32,969)          0
                        ----------------------------------------------
  Net cash used in
   investing activities   (156,078)   (172,645)  (519,199)   (333,648)
                        ----------------------------------------------
Cash flows from
 financing activities:
      Procceds from
       secondary
       offering of
       common stock              0     521,608          0     521,608
      Employee stock
       programs              6,448      19,528     24,648 & 2005-01-07T00:00:00 Leading Graphics, Communications, Health Record, and Security Providers Endorse New U3 Platform for USB Flash Drives <p style="text-align: center"><strong><em>U3 Compatible USB Flash Drives Will Let Users Carry, Store and Launch Applications Anywhere They Go</em></strong></p> <table border="0" cellspacing="0" width="100%"> <tbody> <tr> <td width="100%" height="4" valign="top"> <p><strong>Las Vegas, January 7, 2005</strong> - U3™ LLC, which is creating a new hardware and software platform that will expand the USB flash drive market beyond storage, announced today that five significant application companies joined in endorsing the organization's efforts.</p> <p>U3 announced these endorsing companies in a press conference at the 2005 Consumer Electronics Show: Corel Corporation, provides award-winning line of graphics products, ICQ®, a leading instant messaging service provider with a global online community from America Online Inc.; the MedicAlert Foundation, one of the world's largest nonprofit membership organizations providing 24/7 transfer of critical identification and medical information; McAfee Inc. (NYSE: MFE), the leading provider of intrusion prevention and anti-virus solutions; and Zone Labs®, a Check Point® company (Nasdaq: CHKP), known as one of the most trusted brands in Internet security and a leading creator of endpoint security solutions.</p> <p>U3 is backed by the two market leaders in USB flash drives, M-Systems Flash Disk Pioneers Limited (NASDAQ: FLSH) and SanDisk Corporation (NASDAQ: SNDK), which made a companion announcement at the electronics show. The two founding companies said that U3 will expand the market for USB flash drives beyond storage by creating a new platform to attract a community of independent software developers (ISVs) to make applications for U3 devices. For the first time, users will be able to move more than just data. With U3, users will be able to choose from a wide range of applications that can be easily carried, stored and launched from any U3-compatible USB flash drive to any PC wherever they go. U3 technology will enable users to carry not only stored files, but entire computer applications on a tamperproof USB flash drive and launch such applications from any computer.</p> <p>"We are very excited to receive these key endorsements of the ground-breaking U3 platform," said Kate Purmal, interim executive director of U3. "U3 is committed to increasing the value and expanding the market for USB flash drives by uniting the industry around best-of-breed technology - attracting the best possible roster of developers to create novel and useful applications for one of the fastest-growing consumer electronic devices in history."</p> <p>U3 aims to expand the USB flash drive market beyond storage by creating a new standard platform; opening up a large untapped market for software developers; attracting a community of independent software vendors to create U3 applications; and providing developers with development tools and ongoing technical and marketing support including a Web-based distribution channel where users can easily purchase and download U3-compatible applications.</p> <p><strong>Support for the U3 Vision</strong></p> <p>"U3 has great potential to expand and simplify the way our customers take their Corel projects from computer to computer," said Jacqueline Maartense, Corel's executive vice-president worldwide of product marketing. "Today, we are evaluating how we might be able to take advantage of this technology and which products would be most suitable for this type of mobility."</p> <p>"ICQ supports the U3 initiative because it gives people the power to carry, store and launch essential applications by simply plugging a U3 device into any PC," said Ronen Arad, director of product management for ICQ. "The intelligent USB is the perfect way to provide convenience and security for users who want non-stop, portable access, and we at ICQ are extremely pleased to be the first to develop a compatible instant messaging client."<br /> <br /> "McAfee is proud to support anti-virus and firewall protection for the U3 platform," said Todd Gebhart, sales senior vice president of McAfee's global service provider team. "Since U3 devices will enable applications to be portable, the device becomes similar to a remote PC. McAfee's products will provide the features that will ensure U3 devices remain secure and virus-free."</p> <p>"U3 is a platform that will encourage the use of USB flash drives for people who need to be able to discretely and efficiently carry their health information with them at all times," said Paul Kortschak, president and CEO of MedicAlert Foundation. "This means that a MedicAlert® member can carry a complete medical history wherever they go to improve quality of care and to perhaps enable receiving a life-saving treatment in case of an emergency. Furthermore, this technology enhances our strategy and commitment for supporting health information technology initiatives to address medical errors and high healthcare costs related to the lack of available health information at the point of care."<br /> "New devices that provide 'anywhere/anytime' access increase the productivity and enjoyment of users," said Paul Weinstein, vice president business development, Check Point Software Technologies. "By leveraging U3 technology, Check Point can allow enterprises to manage and control secure usage of USB devices, enabling productivity gains without compromising corporate security standards."<br /> <br /> The first U3-compliant devices are expected to ship by this summer.</p> <p><strong>About U3</strong><br /> U3™ LLC is based in Redwood City, Calif. Its objective is to expand USB drive technology beyond storage. Users will be able to easily carry, store and launch a wide range of new applications from their U3 device from any PC wherever they may go. For more information see www.U3.com.</p> <p><strong>About Corel Corporation</strong><br /> Corel Corporation provides innovative software solutions that help millions of value-conscious businesses and consumers in over 75 countries improve their productivity. The Company is renowned for its powerful software portfolio that combines innovative photo editing and graphics creation, vector-illustration and technical-graphics applications along with office and personal productivity solutions. Corel's flagship products include CorelDRAW Graphics Suite, the WordPerfect Office Suite, the Corel Painter Natural-Media painting and illustration software and the Paint Shop Family of digital photography and image-editing software. Corel was acquired by San Francisco-based Vector Capital in August 2003 and, since that time has achieved record levels of profitability and growth across all product lines. Founded in 1985, Corel is headquartered in Ottawa, Canada. For more information or to download a trial version of our software, please visit www.corel.com.</p> <p><strong>About ICQ</strong><br /> ICQ is a leading instant messaging service provider with a global online communications community. The company's robust instant messaging software, enhanced communications features and dynamic community are available in 18 languages free of charge at www.icq.com. ICQ, created in 1996 by the Israel-based company, Mirabilis, is now wholly owned by America Online, Inc.</p> <p><strong>About McAfee</strong><br /> With headquarters in Santa Clara, Calif., McAfee, Inc. creates best-of- breed computer security solutions that prevent intrusions on networks and protect computer systems from the next generation of blended attacks and threats. McAfee's customers span large enterprises, governments, small and medium sized businesses, and consumers. For more information, McAfee, Inc. can be reached at 972-963-8000 or on the Internet at http://www.mcafee.com/.</p> <p><strong>About MedicAlert</strong><br /> Founded in 1956, MedicAlert (www.medicalert.org) is one of the world's largest nonprofit membership organizations with a mission to protect and save lives. The MedicAlert Electronic Health Record provides a secure and seamless transfer of identification and medical information to health and safety professionals 24 hours a day anywhere in the world, thereby ensuring patient safety and improving the quality of their care. Headquartered in the United States, MedicAlert has affiliates in nine countries including Canada, the United Kingdom, Australia, and New Zealand that help serve more than 4 million members around the globe. See www.medicalert.org.</p> <p><strong>About Microsoft</strong><br /> Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.</p> <p><strong>About Zone Labs</strong><br /> Zone Labs®, a Check Point® company (Nasdaq: CHKP), is one of the most trusted brands in Internet security. Zone Labs is a leading creator of endpoint security solutions protecting millions of PCs and the valuable, personally-identifiable information on those PCs, from hackers, spyware and data theft. The company's award-winning endpoint security product line is deployed in global enterprises, small businesses and consumers' homes, protecting them from Internet-borne threats. Check Point Integrity™ is an endpoint security management platform that protects corporate data and productivity. The ZoneAlarm family of products is among the most popular and successful Internet security products available today while IMsecure® Pro offers comprehensive security for instant messaging. Please visit http://www.zonelabs.com for more information.</p> <div style="text-align: left"> <div style="text-align: left">&nbsp;</div> <hr /> <p>All company and product names mentioned may be trademarks or registered trademarks of their respective holders and are used for identification purposes only.</p> <p>NOTE: This press release includes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties, which may cause actual results to vary significantly. These risks include, but are not limited to, risks related to: market acceptance of the U3 platform; the impact of competitive products and pricing; U3 development; commercialization and technological difficulties; development and growth of anticipated markets for U3; capacity and supply constraints; the effect of global economic conditions in general and conditions in SanDisk's and M-Systems' industry and target markets in particular; shifts in supply and demand; timely product and technology development/upgrades and the ability to manage changes in market conditions as needed; and other risk factors detailed in the M-Systems' and SanDisk's most recent respective annual reports and their other respective filings with the Securities and Exchange Commission. All forward-looking statements included in this release are based upon information available as of the date hereof. Each of M-Systems and SanDisk assumes no obligation to update the information in this release and disclaims any obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Reference to above websites does not constitute incorporation of any of the information thereon into this press release.<br /> <br /> <br /> <strong>Media Contact:</strong><br /> Teena Touch<br /> Porter Novelli for U3<br /> Phone: 415-975-3321<br /> Email: <a href="mailto:teena.touch@porternovelli.com">teena.touch@porternovelli.com</a></p> <p><strong>Developer Contact:</strong><br /> Nathan Gold<br /> Director U3 Developer Forum<br /> Phone: 1-800-U37-3654<br /> Email: <a href="mailto:ngold@u3.com">ngold@u3.com</a></p> </div> </td> </tr> </tbody> </table>

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