SanDisk Announces Fourth Quarter And Fiscal Year 2001 Results

1/23/2002 - SanDisk Corporation (NASDAQ:SNDK), the world’s largest supplier of flash memory data storage products, today announced results for its fourth quarter ended December 31, 2001. Total fourth quarter revenues were $91.9 million, an increase of 40% from $65.9 million in the third quarter of 2001. Product revenues were $83.3 million, up 45% from the prior quarter due to record sales through the retail channel and increases in units and megabytes shipped. Fourth quarter revenues from licenses and royalties were $8.6 million, unchanged from the prior quarter. The current quarter loss before taxes was $15.8 million and includes start-up costs and a strategic equity investment write-down. This compares to a loss before taxes of $174.8 million in the third quarter that included equity investment and inventory write-downs, equipment write-off charges, start-up costs and restructuring charges. Net income in the fourth quarter of 2001 was $25.6 million, or $0.36 per share on a diluted basis and included a $41.5 million tax benefit provision, or $0.59 per diluted share, of which $29.7 million was generated by an unrealized fourth quarter appreciation in the value of the Company’s equity investment in UMC. This compares to a net loss in the third quarter of $170.5 million, or $2.50 per diluted share.

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