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SanDisk Reports Strong Q1 Results

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.