Press Releases


Oct 16, 2014

Delivers Record Quarterly Revenue

MILPITAS, Calif., Oct. 16, 2014 - SanDisk Corporation (NASDAQ:SNDK), a global leader in flash storage solutions, today announced results for the third quarter ended September 28, 2014. Third quarter revenue of $1.75 billion increased 7 percent on a year-over-year basis and increased 7 percent sequentially.

On a GAAP(1) basis, third quarter net income was $263 million, or $1.09 per share, compared to net income of $277 million, or $1.18 per share, in the third quarter of fiscal 2013 and $274 million, or $1.14 per share, in the second quarter of fiscal 2014.

On a non-GAAP (2)(3) basis, third quarter net income was $336 million, or $1.45 per share, compared to net income of $371 million, or $1.59 per share, in the third quarter of fiscal 2013 and net income of $329 million, or $1.41 per share, in the second quarter of fiscal 2014. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.

“Third quarter results reflect the strength of our diversified product portfolio, broad customer engagements and solid execution,” said Sanjay Mehrotra, president and chief executive officer. “Demand for NAND flash continues to be strong across mobile, client and enterprise, where SanDisk’s innovations are creating significant opportunities. As we focus on closing a record 2014, we also look forward to building upon our success in 2015.”


in millions, except percentages and per share amounts
GAAP (1)
Non-GAAP (2)
Q3’14 Q3’13 Q2’14 Q3’14 Q3’13 Q2’14
Revenue $1,746 $1,625 $1,634 $1,746 $1,625 $1,634
Gross Profit
percent of revenue
Operating Income
percent of revenue
EPS(3) $1.09 $1.18 $1.14 $1.45 $1.59 $1.41


  • SanDisk completed the acquisition of Fusion-io, a leading developer of flash-based PCIe hardware and software solutions, for approximately $1.1 billion, net of cash assumed.
  • SanDisk commemorated the opening of Phase 2 of Fab 5 and began construction of the New Fab 2 in Yokkaichi, Japan.
  • SanDisk announced design wins for its high-performance, low-latency ULLtraDIMM™ SSDs with Super Micro Computer and Huawei.
  • SanDisk introduced innovative products in several product categories:
    • In enterprise solutions, Dell launched SanDisk DAS Cache server-side caching software, allowing customers to benefit from SSDs, while maintaining data on direct-attached, disk-based storage.
    • In client solutions, SanDisk launched the SanDisk Ultra® II SSD, utilizing X3 technology to deliver a high-performance, cost-effective storage upgrade for PCs.
    • SanDisk launched the industry’s highest-capacity SD™ card with the 512GB SanDisk Extreme PRO® SDXC™ UHS-I card and the industry’s fastest microSD™ UHS-I card with the 64GB SanDisk Extreme PRO microSDXC™ UHS-I card, both enabling 4K Ultra HD video capture.
  • SanDisk announced today a fourth quarter 2014 dividend of $0.30 per share of common stock, payable on November 24, 2014 to shareholders of record as of the close of business on November 3, 2014.


SanDisk’s third quarter of fiscal 2014 conference call is scheduled for 2:00 P.M., Pacific Daylight Time, Thursday, October 16, 2014. The conference call will be webcast and can be accessed live, and throughout the quarter, at SanDisk’s website at To participate in the call via telephone, the dial in number is 719-325-4758 and the dial-in password is 9292176. 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

© 2014 SanDisk Corporation. All rights reserved. SanDisk, SanDisk Ultra and SanDisk Extreme PRO are trademarks of SanDisk Corporation, registered in the United States and other countries. ULLtraDIMM is a trademark of SanDisk Enterprise IP LLC. The SD, microSD, microSDXC and SDXC marks are trademarks of SD-3C, LLC.

This news release contains certain forward-looking statements, including those regarding our business prospects and opportunities, market growth, demand for our products, our innovations, and our performance for the remainder of 2014 and in 2015, 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:

  • competitive pricing pressures or product mix changes, resulting in lower average selling prices, lower revenues and reduced gross margins;
  • insufficient or mismatched captive memory output, capacity, or inventory, resulting in lost revenue and growth opportunities;
  • weakness in demand in one or more of our product categories, such as embedded products or SSDs, or adverse changes in our product or customer mix;
  • potential delays in product development or lack of customer acceptance and qualification of our solutions, including on new technology nodes, particularly OEM products such as our embedded flash storage and SSD solutions;
  • excess or mismatched captive memory output or capacity, resulting in lower average selling prices, financial charges and impairments, lower gross margin or other consequences;
  • inability to develop, or unexpected difficulties or delays in developing or ramping with acceptable yields, new technologies or the failure of new technologies to effectively compete with those of our competitors;
  • our 1Z nanometer process technology, our X2 and X3 NAND memory architectures or our solutions utilizing these new technologies may not be available when we expect; 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 Quarterly Report on Form 10-Q for the fiscal quarter ended June 29, 2014.

(1) GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of share-based compensation, inventory step-up expense, amortization of acquisition-related intangible assets, non-cash economic interest expense associated with our convertible debt and related tax adjustments.
(3) Non-GAAP shares include the impact of offsetting shares from the call options related to the 1.5% Sr. Convertible Notes due 2017 and 0.5% Sr. Convertible Notes due 2020, and the impact of share-based compensation.

Q3 2014 Financial Tables

Investor Contacts:
Jay Iyer

Brendan Lahiff

Media Contact:
Michael Diamond


SanDisk Press Contact