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SanDisk Reports Strong Q1 Results

4/23/2010 09:59:10 AM Eastern
Milpitas, Calif. - SanDisk reported a net profit and double-digit gain in sales in its first quarter, ended April 4.

Total first-quarter revenue of $1.1 billion increased 65 percent on a year-over-year basis.

Net income for the quarter was $235 million, compared with GAAP net loss of $208 million in the first quarter of 2009.

On a non-GAAP basis, net income was $225 million, compared with a net loss of $108 million in the first quarter of 2009.

"We delivered SanDisk's first-ever billion-dollar Q1 in total revenue. This performance was driven by several factors, including our OEM business which grew to 63 percent of product revenues balancing out Q1 retail seasonality, and mobile product sales which more than doubled from this time last year," Eli Harari, chairman/CEO, said.

"Total gross margin of 46 percent was achieved through a combination of a stable pricing environment, excellent cost reduction and our increasingly diversified customer base. With the year off to a record start, SanDisk is poised to benefit from flash-memory demand in growth markets in 2010 and beyond," Harari added.
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