MILPITAS, Calif., July 22, 2015 - SanDisk Corporation (NASDAQ: SNDK), a global leader in flash storage solutions, today announced results for the second quarter ended June 28, 2015. Second quarter revenue of $1.24 billion decreased 24 percent on a year-over-year basis and decreased 7 percent sequentially.
On a GAAP(1) basis, second quarter net income was $81 million, or $0.38 per share, compared to net income of $274 million, or $1.14 per share, in the second quarter of 2014 and $39 million, or $0.17 per share, in the first quarter of 2015.
On a non-GAAP(2)(3) basis, second quarter net income was $136 million, or $0.66 per share, compared to net income of $329 million, or $1.41 per share, in the second quarter of 2014 and net income of $134 million, or $0.62 per share, in the first quarter of 2015. For a reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.
“During the second quarter, we strengthened our portfolio with several new product launches in both the retail and commercial channels,” said Sanjay Mehrotra, president and chief executive officer, SanDisk. “We are making steady progress on all operational fronts, and remain focused on enhancing our financial performance.”
SanDisk’s second quarter 2015 conference call is scheduled for today at 2:00 P.M., Pacific Time, Wednesday, July 22, 2015. The conference call will be on live webcast and can be accessed from SanDisk’s investor relations website at www.sandisk.com/IR. To dial into the live call, please dial 719- 325-4800 and provide the password 3235993. Participants are encouraged to dial in at least 10 minutes before the call commences. Supplemental information and slides that accompany the web broadcast will be available on the SanDisk’s investor relations website at www.sandisk.com/IR after the prepared remarks. 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.
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, the SanDisk logo, ioDrive and SanDisk Extreme are trademarks of SanDisk Corporation, registered in the United States and other countries. CloudSpeed Eco and Fusion ioMemory are trademarks of SanDisk Corporation. Other brand names mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).
This news release contains certain forward-looking statements, including those regarding industry environment, our business prospects, our intended financial, operational and strategic plans and priorities, our future financial performance and market share, our customer base, customer qualifications and product mix, technology trends and adoption, and new products and technologies, 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:
All statements made in this news release are made only as of the date of this release. We undertake no obligation to update the information in this release in the event facts or circumstances change after the date of this release.
(1) GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of share-based compensation, amortization and impairment of acquisition-related intangible assets, non-cash economic interest expense associated with the convertible senior notes, non-cash change in fair value of the liability component of the convertible senior notes due to the conversion of a portion of the 1.5% Convertible Senior Notes due 2017 and related tax adjustments.
(3) Non-GAAP shares are adjusted for the impact of expensing share-based compensation and include the impact of offsetting shares from the call options related to the convertible senior notes.
(4) Net cash is defined as cash, cash equivalents, short and long-term marketable securities, minus the aggregate principal amount of the outstanding convertible senior notes.
(5) Free cash flow is defined as net cash provided by operating activities less (a) acquisition of property and equipment, net, and (b) net investment and notes receivables activity with Flash Ventures.
* 1GB=1,000,000,000 bytes. Actual user storage may be less.