SanDisk Announces First Quarter 2016 Results 

MILPITAS, Calif., April 28 -- SanDisk Corporation (NASDAQ: SNDK), a global leader in flash storage solutions, has announced results for the first quarter ended April 3, 2016. First quarter revenue of $1.37 billion increased 3 percent on a year-over-year basis and decreased 11 percent sequentially.

On a GAAP basis, first quarter net income was $78 million, or $0.37 per share, compared to net income of $39 million, or $0.17 per share, in the first quarter of 2015 and net income of $135 million, or $0.65 per share, in the fourth quarter of 2015.

On a non-GAAP basis, first quarter net income was $167 million, or $0.82 per share, compared to net income of $134 million, or $0.62 per share, in the first quarter of 2015 and net income of $257 million, or $1.26 per share, in the fourth quarter of 2015. For a reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.

“Our first quarter results mark a solid start to 2016,” said Sanjay Mehrotra, president and chief executive officer of SanDisk. “We delivered year-over-year growth in revenue, earnings and cash flow, and are pleased with the strength of our Q1 revenue in enterprise solutions, client SSDs and removable products. We are excited about the opportunities ahead as the combination of SanDisk and Western Digital will provide our customers with a tremendous breadth of solutions and deep expertise in storage across a range of applications.”

News Highlights

• SanDisk and IBM announced a collaboration to bring out a unique class of next-generation, software-defined, all-flash storage solutions for the data center utilizing SanDisk’s InfiniFlash System and software defined storage featuring IBM Spectrum Scale filesystem from IBM. The joint solution addresses the escalating datacenter challenges of scale, performance, agility and break-through economics.
• SanDisk expanded its automotive solutions with an automotive grade SD card featuring a new suite of smart features including enhanced power failure protection, and a memory health status monitor. SanDisk also extended these new smart features to its SanDisk Industrial and SanDisk Industrial XT SD cards.
• SanDisk introduced new retail removable products, including introducing the world’s fastest microSD card, featuring transfer speeds of up to 275MB/s*, and the SanDisk Ultra USB Type-C Flash Drive designed specifically for next-generation devices with USB Type-C connectors.

In light of the pending acquisition of SanDisk by Western Digital Corporation (“Western Digital”), SanDisk will not hold a conference call to discuss its financial results. Concurrent with this press release, SanDisk has published business and financial commentary along with earnings presentation materials on its website at www.sandisk.com/ir.

About SanDisk

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.

Source: SanDisk