Press Releases

SanDisk Announces Fourth Quarter and Fiscal 2014 Results

2015年 1月 21日

SanDisk Announces Fourth Quarter and Fiscal 2014 Results

MILPITAS, Calif., Jan. 21, 2015 - SanDisk Corporation (NASDAQ:SNDK), a global leader in flash storage solutions, today announced results for the fourth quarter and fiscal year ended December 28, 2014. Fourth quarter revenue of $1.74 billion was slightly higher on a year-over-year basis and decreased 1 percent sequentially. Total revenue for fiscal 2014 was a record $6.63 billion, a 7 percent increase from $6.17 billion in fiscal 2013.

On a GAAP(1) basis, fourth quarter net income was $202 million, or $0.86 per share, compared to net income of $338 million, or $1.45 per share, in the fourth quarter of fiscal 2013 and $263 million, or $1.09 per share, in the third quarter of fiscal 2014. Net income for fiscal 2014 was $1.01 billion, or $4.23 per share, compared to $1.04 billion, or $4.34 per share, in fiscal 2013.

On a non-GAAP(2)(3) basis, fourth quarter net income was $294 million, or $1.30 per share, compared to net income of $390 million, or $1.71 per share, in the fourth quarter of fiscal 2013 and net income of $336 million, or $1.45 per share, in the third quarter of fiscal 2014. Net income for fiscal 2014 was $1.29 billion, or $5.60 per share, compared to $1.27 billion, or $5.31 per share, in fiscal 2013. For a reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.

“We delivered record revenue in 2014 with continued progress in shifting our portfolio towards high value solutions,” said Sanjay Mehrotra, president and chief executive officer of SanDisk. “Our SSD solutions reached 29 percent of revenue in 2014, with strong growth from both client and enterprise SSDs. We are disappointed with our fourth quarter results, which were impacted primarily by supply constraints. We believe that NAND flash industry fundamentals are healthy, and we expect our financial results to improve as we move through 2015.”

FOURTH QUARTER KEY FINANCIAL METRICS

Metrics
in millions, except percentages and per share amounts
GAAP (1)
Non-GAAP (2)
Q4’14 Q4’13 Q3’14 Q4’14 Q4’13 Q3’14
Revenue $1,735 $1,728 $1,746 $1,735 $1,728 $1,746
Gross Profit
percent of revenue
$740
43%
$857
50%
$817
47%
$780
45%
$880
51%
$855
49%
Operating Income
percent of revenue
$328
19%
$507
29%
$388
22%
$419
24%
$556
32%
$481
28%
EPS(3) $0.86 $1.45 $1.09 $1.30 $1.71 $1.45

FISCAL 2014 KEY FINANCIAL METRICS

Metrics
in millions, except percentages and per share amounts
GAAP (1)
Non-GAAP (2)
FY’14 FY’13 FY’14 FY’13
Revenue $6,628 $6,170 $6,628 $6,170
Gross Profit
percent of revenue
$3,068
46%
$2,867
46%
$3,191
48%
$2,927
47%
Operating Income
percent of revenue
$1,558
24%
$1,562
25%
$1,848
28%
$1,806
29%
EPS(3) $4.23 $4.34 $5.60 $5.31

OTHER HIGHLIGHTS

  • SanDisk announced today that its Board of Directors has authorized a $2.5 billion increase in the company’s existing share repurchase program. With the additional authorization, the company has approximately $3.0 billion remaining available for stock repurchases under the program.
  • SanDisk announced today a first quarter 2015 dividend of $0.30 per share of common stock, payable on March 23, 2015 to shareholders of record as of the close of business on March 2, 2015.
  • SanDisk celebrated the receipt of its 5,000th patent and was named a Thomson Reuters 2014 Top 100 Global Innovator for the fourth consecutive year.
  • SanDisk introduced the iXpand™ Flash Drive, the company's first USB Flash Drive designed specifically for iPhone and iPad, allowing quick photo and video transfers from an iPhone or iPad to a Mac or PC.

CONFERENCE CALL

SanDisk’s fourth quarter of fiscal 2014 conference call is scheduled for 2:00 P.M., Pacific Standard Time, Wednesday, January 21, 2015. The conference call will be webcast and can be accessed live, and throughout the quarter, at SanDisk’s website at www.sandisk.com/IR. To participate in the call via telephone, the dial-in number is 785-830-7989 and the password is 9225981. Participants are encouraged to dial in at least 10 minutes before the call commences. A copy of this press release will be furnished to the Securities and Exchange Commission on a current report on Form 8-K and will be posted to SanDisk’s website prior to the conference call.

ABOUT SANDISK

SanDisk Corporation (NASDAQ: SNDK), a Fortune 500 and S&P 500 company, is a global leader in flash storage solutions. For more than 25 years, SanDisk has expanded the possibilities of storage, providing trusted and innovative products that have transformed the electronics industry. Today, SanDisk’s quality, state-of-the-art solutions are at the heart of many of the world's largest data centers, and embedded in advanced smartphones, tablets and PCs. SanDisk’s consumer products are available at hundreds of thousands of retail stores worldwide. For more information, visit www.sandisk.com.


©2015 SanDisk Corporation. All rights reserved. SanDisk is a trademark of SanDisk Corporation, registered in the United States and other countries. iXpand is a trademark of SanDisk Corporation. iPhone, iPad and Mac are trademarks of Apple Inc., registered in the US and other countries.

This news release contains certain forward-looking statements, including those regarding our business prospects, continued favorable portfolio mix shift, market growth, industry supply-demand environment, product introductions, our intended financial plans and our performance for 2015, that are based on our current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate.

Risks that may cause these forward-looking statements to be inaccurate include, among others:

  • competitive pricing pressures or product mix changes, resulting in lower average selling prices, lower revenues and reduced gross margins;
  • insufficient or mismatched captive memory output, capacity, or inventory, resulting in lost revenue and growth opportunities, or excess or mismatched captive memory output or capacity, resulting in lower average selling prices, financial charges and impairments, lower gross margin or other consequences;
  • weakness in demand in one or more of our product categories, such as embedded products or SSDs, or adverse changes in our product or customer mix;
  • potential delays in product development or lack of customer acceptance and qualification of our solutions, including on new technology nodes, particularly OEM products such as our embedded flash storage and SSD solutions;
  • inability to develop, or unexpected difficulties or delays in developing or ramping with acceptable yields, new technologies or the failure of new technologies to effectively compete with those of our competitors;
  • our 1Z-nanometer process technology, our X3 NAND memory architecture, our 3D NAND technology or our solutions utilizing these new technologies may not be available when we expect;
  • delays in the successful integration of Fusion-io or our inability to achieve the expected benefits from the acquisition in a timely manner, or at all; and
  • the other risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission filings and reports, including, but not limited to, our Quarterly Report on Form 10-Q for the fiscal quarter ended September 28, 2014.

(1) GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of share-based compensation, amortization of acquisition-related intangible assets, inventory step-up expense, non-cash economic interest expense associated with our convertible debt, non-cash change in fair value of the liability component of the convertible debt due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017 and related tax adjustments.
(3) Non-GAAP shares include the impact of offsetting shares from the call options related to the 1.5% Convertible Senior Notes due 2017 and 0.5% Convertible Senior Notes due 2020, and the impact of share-based compensation.

Q4 2014 Financial Tables

Investor Contacts:
Jay Iyer
408-801-2067
Jay.Iyer@sandisk.com

Brendan Lahiff
408-801-1732
Brendan.Lahiff@sandisk.com

Media Contact:
Michael Diamond
408-801-1108
Michael.Diamond@sandisk.com

媒體聯絡資訊

SanDisk 媒體聯絡人

press@sandisk.com