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PMA 2005 | SanDisk Announces Record Financial Results |
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SanDisk Announces Record Financial Results: SanDisk today Announced that they have posted record 4Q Operating Income and revenues ($549 million). Unit sales are also up 45% and Megabytes are up 110%. Gross Margin increases to 32% and Operating Margin is at 23%. They put the increases down to strong interest by the market in Digital Cameras, Mobile Handsets, Digital Audio Playeras and Flash Drives.
Total revenue for fiscal 2004 was $1.8 billion, up 65% from $1.1 billion in 2003. Product revenues were $1.6 billion, up 63% from $1.0 billion in 2003. License and royalty revenues were $174 million, up 79% from $97 million in 2003. Net income was $267 million, up 58% from net income of $169 million in 2003. The provision for income tax was 37% for 2004 compared to 30% in 2003. Fully diluted earnings per share for fiscal 2004 were $1.44, compared to $1.02 in 2003.
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"SanDisk experienced outstanding results in our fourth quarter due to strong demand for our products in digital cameras, USB flash drives, mobile handsets and our new line of flash digital audio players," said SanDisk CEO Eli Harari. "In the fourth quarter we sold 110% more megabytes than in the prior quarter by successfully shifting consumer preference to our higher capacity cards. Higher yields on our 90-nanometer NAND/MLC, and higher unit volumes allowed us to aggressively reduce our costs and improve operating margins by almost 3% in the quarter despite a 34% sequential decline in the average price per megabyte."
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Eli Harari - President & CEO
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"In 2005 we will continue our focus on three areas. First, driving growth in our target consumer and handset markets, including the new storage opportunities in handsets, flash digital audio players, video games, second generation intelligent flash drives, and crypto-secure cards. Second, building our brand and expanding our global sales channels beyond 100,000 storefronts. Third, executing the transition of our captive volume production from 90-nanometer to 70-nanometer NAND/MLC, as well as ramping the new 300-millimeter flash fab, both currently scheduled to commence in the second half of 2005. I am optimistic about the rapidly expanding and pervasive use of our storage technology and products in numerous emerging markets and applications over the next several years."
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Related SanDisk links:
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» Sandisk Flash Memory buyers guide
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» Sandisk Card reader buyers guide
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| » Sandisk at Photokina 2004 |
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» Sandisk at CeBIT 2004
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