SanDisk Announces Record Revenue for First Quarter 1999

SUNNYVALE, Calif.--SanDisk Corporation, the world's largest supplier of flash memory data storage products, today announced record revenue for its quarter ended March 31, 1999.

Total first quarter revenues were .1 million, an increase of 15% from the prior quarter due primarily to increased sales of CompactFlash products. Revenues from licenses and royalties were .2 million. Net income for the quarter was .3 million, up 21% from .6 million in the previous quarter. Diluted earnings per share was /var/www/cgi-bin/mt/mt.cgi.15, compared to /var/www/cgi-bin/mt/mt.cgi.13 per share for the fourth quarter of 1998.

"I am very pleased with SanDisk's performance in the just concluded quarter" said Dr. Eli Harari, President and CEO of SanDisk "In many respects, this was our best quarter ever. Total units shipped increased by 57% and total megabytes shipped increased by 35% over the previous quarter. Shipments of our MultiMediaCard increased to 62,000 units, up from 18,000 units in the prior quarter. Product gross margins increased to 26% from 23% in the fourth quarter despite a 13% decline in overall average selling price per megabyte shipped."

"Sales growth was strongest in the United States and Europe, with the Far East showing first signs that the worst of its recession may be behind us. Design-in activity continued strong across our products and target markets, which are responding favorably to the significant cost and price reductions we achieved over the past several quarters."