Mein nächstes Investment: SANDISK

Total fourth quarter revenues increased $44.6 million, or 117%, over total revenues of $38.2 million for the same period last year. Product revenues increased by 132% compared to the same period of the prior year and license and royalty revenues increased by 59%. Current quarter diluted earnings per share increased 130% compared to $0.13 per share for the fourth quarter of 1998.
Revenues for fiscal 1999 were $247 million, an increase of 82% from $135.8 million for the previous year due to higher product sales and higher revenues from licenses and royalties. Product revenues increased 99% due primarily to increased sales of CompactFlash and MultiMediaCard products. Net income in 1999 was $26.6 million, or $0.86 per share, compared with $11.8 million, or $0.43 per share for 1998 on a diluted basis. SanDisk’s balance sheet remains strong with cash and investments of $460 million and no debt.
"The fourth quarter was an excellent quarter for SanDisk" said Dr. Eli Harari, President and CEO of SanDisk. "New records were achieved in product and royalty revenues, units and megabytes shipped, net income and earnings per share. We shipped 36% more megabytes over the previous quarter, making this the seventh consecutive quarter of record megabyte shipments. Product gross margins increased to 27% from 24% in the third quarter due to the improved cost structures of our 128Mbit and 256Mbit products, which offset a decline of 3% in the sales price per megabyte shipped. Product gross margins are projected to further improve in the first quarter, primarily on the strength of our 256Mbit production and projected higher volumes.
"Sales growth was particularly strong in Q4 in the North America and European regions. Revenues from the retail channel represented 34% of product sales during this holiday season quarter, representing almost as much revenue as in the three prior quarters combined. The key contributor was CompactFlash sold into digital cameras, which were a hot seller this holiday season. Order backlog at year-end was at an all time high. We are booked for the first quarter and for a substantial portion of the second quarter’s revenue. The pricing environment is stable.
"Fiscal year 1999 was a very good year for SanDisk. We doubled revenues, approaching the quarter billion dollar mark and doubled earnings per share. We made major strides in penetrating the retail channel and successfully executed the 64Mbit to 128Mbit to 256Mbit technology transitions into high volume production in less than twelve months. We launched with Matsushita and Toshiba the Secure Digital Memory Card and established a strategic cooperation with Toshiba for the joint development and joint manufacturing of gigabit density flash memory. We believe that SanDisk’s target markets are entering a strong growth phase, fueled by the accelerating convergence of consumer electronics, internet and wireless. These new and exciting markets represent immense opportunities for sustainable growth for SanDisk in the years ahead. We are optimistic about strong growth in our sales and profits in fiscal 2000."
This news release contains forward looking statements including the Company’s expectations for future product revenues and bookings, average selling prices, gross margin and profits that are based on current expectations and involve risks and uncertainties that may affect the Company’s business, financial condition and results of operations. In addition to the factors discussed above, other risks include: future average selling price erosion due to excess capacity and price competition; the timely introduction and acceptance of new consumer products that incorporate the Company’s flash storage devices; seasonality of product sales; the timely and successful manufacturing ramp up of new product generations with acceptable yields and lower manufacturing costs; the availability of adequate supply of flash memory wafers from UMC in Taiwan and of other critical materials and components; the successful ramp up of assembly operations in China and Taiwan; success in developing brand name preference and an efficient distribution system for SanDisk’s products in the retail channel; economic conditions and exchange rates in Japan, the Pacific Rim and other geographic regions as they affect SanDisk’s customers; the successful negotiation of a definitive agreement with Toshiba on the announced memo of understanding regarding joint development and manufacturing of advanced flash memories; the successful signing of a definitive agreement with Matsushita and Toshiba for the Secure Digital memory card; and the other risks detailed from time to time in the Company’s Securities and Exchange Commission filings and reports, including, but not limited to, the Form 10Q for the quarter ended September 30, 1999 and the Annual Report on Form 10-K for the year ended December 31, 1998. Future results may differ materially from those previously reported. The Company assumes no obligation to update the information in this release.
SanDisk Corporation designs, develops and markets flash memory data storage products used in a wide variety of electronic systems. The Company has optimized its flash memory storage solution, known as "system flash", to address the needs of many emerging applications in the consumer electronics and industrial/communications markets. The Company’s products include removable CompactFlash products and FlashDisk cards, embedded FlashDrives and Flash ChipSet products and MultiMediaCards. SanDisk is based in Sunnyvale, CA.
SanDisk’s web site / home page address: http:/ / www.sandisk.com
CompactFlash and CF are trademarks of SanDisk Corporation.
SanDisk Corporation
Condensed Consolidated Statements of Income

ASSETS December 31, 1999 December 31, 1998
Current Assets:
Cash and cash equivalents $ 146,170 $ 15,384
Short-term investments 313,346 119,074
Accounts receivable, net 52,434 20,400
Inventories 35,679 8,922
Deferred tax assets 17,000 15,900
Prepaid expenses and other current assets 3,761 6,694
Total current assets 568,390 186,374
Property and equipment, net 31,788 17,542
Investment in foundry 51,208 51,208
Deposits and other assets 6,338 617
Total Assets $ 657,724 $ 255,741
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 30,734 $ 6,938
Accrued payroll and related expenses 8,259 3,768
Other accrued liabilities 17,221 9,745
Deferred revenue 29,383 27,452
Total current liabilities 85,597 47,903
Stockholders' Equity:
Common stock 524,131 186,120
Retained earnings 47,996 21,718
Total stockholders' equity 572,127 207,838
Total Liabilities and
Stockholders' Equity $ 657,724 $ 255,741

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Nelson Chan, SanDisk's senior vice president of worldwide marketing, said, "Toshiba's ground-breaking introduction of its new SD Internet music player is the first of many new SD-based consumer electronics products that we expect to see on the market this year and in 2001. Toshiba is a world-class leader in both flash memory and consumer electronics products and we applaud Toshiba's vision in helping establish the SD Memory Card as an industry standard in the era of the Internet."
Toshiba's new mobile audio player has a slot for the SD Memory Card, a durable, solid-state (no moving parts), removable card with the physical profile of a postage stamp (24mm x 32mm x 2.1mm).
Toshiba announced that "this is the world's first AAC -- and MP3 -- compatible mobile audio player with a SD Memory Card slot. Support for AAC -- high quality sound compression for music distribution and digital satellite broadcasts that will start later this year -- and for MP3 -- today's most widely used format for digital music on the Internet -- assures that the MEA110AS will bring consumers a tremendous range of audio content. MEA110AS incorporates the SDMI-compliant Content Protection for Recordable Media (CPRM) developed by Toshiba and other leading IT companies, assuring a high level of copyright protection and data security, while achieving full compliance with the SD Audio format specified by the SD Association. The player's built-in 64 megabyte (MB) flash memory stores 60 minutes of music. An optional 64MB SD Memory Card adds a further 60 minutes."
The MEA110AS will be available in Japan starting April 22, according to Toshiba. Toshiba is now readying the product for its introduction in the international market.
"The SD Memory Card is a self-contained solution for the coming era of booming electronic distribution," said Masao Suga, who promotes mobile AV product applications at Toshiba, and will head the Mobile AV Network Division, which will be established on April 1 at Toshiba Corp. "A strong partnership between SanDisk and Toshiba in flash memory allows users of our new SD-based mobile products to be highly confident about the future of this small but powerful medium."
Both Toshiba and SanDisk plan to separately introduce 128MB SD Memory Cards by the end of 2000. The card provides an SDMI-compliant (Secure Digital Music Initiative) high level of copyright protection.
SanDisk Corporation, the world's largest supplier of flash data storage products, designs, manufactures and markets industry-standard, solid-state data, digital imaging and audio storage products using its patented, high density flash memory and controller technology. SanDisk is based in Sunnyvale, CA.
The matters discussed in this news release contain forward looking statements that are subject to certain risks and uncertainties as described under the caption "Factors That May Affect Future Results" in the company's annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission. The company assumes no obligation to update the information in this release.
Note to Editors: All trade names are either registered trademarks or trademarks of their respective holders. SanDisk's web site/home page address: www.sandisk.com

Total first quarter revenues increased sequentially by $26.6 million, or 32%, from total revenues of $82.8 million for the fourth quarter of 1999. Product revenues increased by 39%. Current quarter diluted earnings per share, net of the one-time gain related to the USIC merger, increased to $0.21 per share, up 40% compared to $0.15 per share for the fourth quarter of 1999.

"The first quarter was an outstanding quarter for SanDisk with total revenues reaching a record high, surpassing the $100 million mark for the first time," said Dr. Eli Harari, President and CEO of SanDisk. "Product gross margins improved by three percentage points to 30% and operating income reached a record level. New bookings significantly surpassed the previous quarter's record bookings and backlog at quarter-end was at an all time high.

"Sales growth improved sequentially in all geographic regions of the world, particularly in Japan and Europe. We experienced significant growth in unit sales of CompactFlash cards sold into digital cameras; MultiMediaCards sold into MP3 music players, smart phones and digital camcorders; and PC cards sold into telecommunication and industrial applications. MultiMediaCard unit sales more than doubled from the prior quarter. Retail sales were strong worldwide, continuing the trend started in the fourth quarter with holiday sales.

"Looking forward to the next several quarters, bookings visibility and new design win activity continue to be very good. Flash supply from the major vendors, including SanDisk, remains tight. Our primary focus in the near term is to work with our wafer foundry suppliers to further increase our shippable flash memory capacity through process shrinks and the qualification of additional fab capacity for second half shipments. We are optimistic about our continued growth in sales, product gross margins, and profits in fiscal 2000."

This news release contains forward looking statements including the Company's expectations for future product revenues and bookings, average selling prices, gross margin and profits that are based on current expectations and involve risks and uncertainties that may affect the Company's business, financial condition and results of operations. In addition to the factors discussed above, other risks include: the availability of adequate supply of flash memory wafers from UMC in Taiwan and from other sources; the availability of other critical materials and components; the timely and successful manufacturing ramp up of new product generations and new foundries with acceptable yields and manufacturing costs; the timely introduction and acceptance of new consumer products that incorporate the Company's flash storage devices; future average selling price erosion due to excess capacity and price competition; the successful ramp up of assembly operations in China, Taiwan and the Philippines; seasonality of product sales; success in developing brand name preference and an efficient distribution system for SanDisk's products in the retail channel; economic conditions and exchange rates in Japan, the Pacific Rim and other geographic regions as they affect SanDisk's customers; the successful negotiation of a definitive agreement with Toshiba on the announced memo of understanding regarding joint development and manufacturing of advanced flash memories; the successful signing of a definitive agreement with Matsushita and Toshiba for the Secure Digital memory card; the successful development and launch of our Secure Digital cards products; and the other risks detailed from time to time in the Company's Securities and Exchange Commission filings and reports, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 1999. Future results may differ materially from those previously reported. The Company assumes no obligation to update the information in this release.

SanDisk Corporation, the world's largest supplier of flash data storage products, designs, manufactures and markets industry-standard, solid-state data, digital imaging and audio storage products using its patented, high density flash memory and controller technology. SanDisk is based in Sunnyvale, CA.

SanDisk's first quarter 2000 conference call is scheduled for 2:00 p.m. PDT, Wednesday, April 19th. The phone number is 973/628-6885.

SanDisk's web site/home page address: www.sandisk.com

Note to Editors: CompactFlash and CF are trademarks of SanDisk Corporation.

                        SanDisk Corporation
             Condensed Consolidated Statements of Income
                (In thousands, except per share data)


                                                Three months ended
                                                     March 31,
                                                2000          1999
                                                ----          ----
Revenues:
  Product                                     $ 97,249      $ 35,926
  License and royalty                           12,120         8,210
                                              --------      --------
Total revenues                                  109,369        44,136
Cost of sales                                    67,758        26,509
                                              --------      --------
Gross profits                                    41,611        17,627

Operating expenses:
  Research and development                       8,769         5,212
  Sales and marketing                           10,544         5,173
  General and administrative                     4,747         2,394
                                              --------      --------
Total operating expenses                         24,060        12,779

Operating income                                 17,551         4,848

Interest income                                   5,618         1,397
Gain on investment in foundry                   344,168            --
Other income, net                                   434           207
                                              --------      --------
Income before taxes                             367,771         6,452

Provision for income taxes                      148,500         2,129
                                              --------      --------
Net income                                     $219,271      $  4,323
                                              ========      ========
Earnings per share
    Basic                                     $   3.32      $   0.08
    Diluted                                   $   3.00      $   0.07

Average common shares outstanding
    Basic                                       66,095        53,534
    Diluted                                     73,015        58,628


                         SanDisk Corporation
                Condensed Consolidated Balance Sheets
                           (In thousands)


ASSETS                                        March 31,   December 31,
                                                2000         1999
                                             ----------   ----------
Current Assets:
  Cash and cash equivalents                  $  107,558   $  146,170
  Short-term investments                        566,912      311,049
  Accounts receivable, net                       78,884       52,434
  Inventories                                    35,231       35,679
  Deferred tax assets                                --       17,000
  Prepaid expenses and other current assets       6,259        6,058
                                             ----------   ----------
Total current assets                             794,844      568,390

Property and equipment, net                       31,919       31,788
Investment in foundry                            197,688       51,208
Deposits and other assets                          9,460        6,338
                                             ----------   ----------
         Total Assets                        $1,033,911   $  657,724
                                             ==========   ==========
LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:

  Accounts payable                           $   31,347   $   30,734
  Accrued payroll and related expenses            6,908        8,259
  Other accrued liabilities                      27,046       17,221
  Deferred tax liability                         60,074         --
  Deferred revenue                               32,941       29,383
                                             ----------   ----------
Total current liabilities                        158,316       85,597

  Deferred tax liability                         68,317           --
                                             ----------   ----------
Total liabilities                                226,633       85,597

Stockholders' Equity:

Common stock                                     530,204      524,131
Retained earnings                                277,074       47,996
                                             ----------   ----------
Total stockholders' equity                       807,278      572,127

 Total Liabilities and
  Stockholders' Equity                       $1,033,911   $  657,724
                                             ==========   ==========
Copyright (C) 2000 Business Wire.  All rights reserved.


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CONTACT:       SanDisk
              Frank Calderoni, 408/542-0660 (CFO)

WEB PAGE:      www.businesswire.com

GEOGRAPHY:     CALIFORNIA

INDUSTRY CODE: HARDWARE
              EARNINGS

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