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SanDisk Q2 Product Sales Soar 34%

7/18/2002 12:02:00 PM Eastern

Sunnyvale, Calif. - Sandisk generated its first profitable quarter from operations in six reporting periods and experienced strong growth in global retail and consumer OEM sales.

This was demonstrated by a record number of units and megabytes sold during the second three months, said the company. The supplier of flash-memory-data storage products said product revenue climbed 34 percent in the second quarter, hitting $115.7 million, up from $88.1 million. Second quarter net income was $9 million, compared with a loss of $10 million in the year-ago three months.

Product gross margin in the second quarter climbed dramatically, to 27 percent, up from 6 percent in the first quarter of 2002. Average selling price per megabyte declined by 8 percent in the second quarter, down from a steeper decline of 15 percent in the first quarter. The company also set new record levels in the second three months, selling 37 percent more units and 48 percent more megabytes than the first quarter of 2002.

For the six months, SanDisk product sales hit $202.1 million, up from $176.2 million in the same period in 2001. The company reported net income of $5.3 million for the six months, down from a loss of $153.1 million in the same timeframe last year.

SanDisk is forecasting product revenue in the third quarter to be slightly higher than in the second quarter, while it is cautiously optimistic about a stronger fourth quarter, particularly in its retail channel. It said gross margin should improve modestly relative to the second quarter.

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