Dec 18, 2006
SanDisk Intends to Acquire up to $300 Million of its Outstanding Common Stock
Milpitas, CA, December 18, 2006 - SanDisk® Corporation (NASDAQ:SNDK), the world's largest supplier of flash storage card products, announced today that its Board of Directors authorized a stock repurchase program under which SanDisk intends to acquire up to $300 million of its outstanding common stock in the open market over the next two years.
Judy Bruner, SanDisk's Executive Vice President, Administration and Chief Financial Officer commented, "SanDisk has adopted this repurchase program in order to opportunistically reduce the level of stockholder dilution caused by the issuance of employee equity incentive awards. The size of this share repurchase program is less than the amount of cash generated from equity incentive exercises and related tax benefits over the past two years."
Under this program, share purchases will be made from time to time in the open market at the Company's discretion. The stock repurchase program does not obligate the Company to purchase any particular amount of shares and the plan may be suspended at the Company's discretion.
This news release contains certain forward-looking statements, including statements about our intention to pursue the above stock repurchase program and our future level and use of capital investment that are based on our current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate and may significantly and adversely affect our business, financial condition and results of operations. Risks that may cause these forward-looking statements to be inaccurate include among others: termination or suspension of the above repurchase program, which may occur at any time; that we may use substantially less than the full $300 million allocated under this repurchase program; and that we may change our level of capital investment or deploy such capital investment for uses other than capacity expansion and the other risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in our Securities and Exchange Commission filings and reports, including, but not limited to, our Form 10-K for the fiscal year ended January 1, 2006 and our quarterly reports on Form 10-Q. Future activities and plans may differ materially from those disclosed herein. We do not intend to update the information contained in this release.
SanDisk is the original inventor of flash storage cards and is the world's largest supplier of flash data storage card products using its patented, high-density flash memory and controller technology. SanDisk is headquartered in Milpitas, CA and has operations worldwide with more than half its sales outside the U.S.
SanDisk is a trademark of SanDisk Corporation, registered in the United States and other countries.
Lori Barker Padon