Here is the Reuters report that came across:
Sandisk sees growth rate slowing
October 13, 1999 04:35 PM
SUNNYVALE, Calif., Oct. 13 (Reuters) - SanDisk, a supplier of flash memory data storage products, said Wednesday that it saw quarter-over-quarter revenue growth slowing in the fourth quarter due to impact from the earthquake in Taiwan.
The company made the announcement Wednesday as it released its third quarter balance sheet.
"We still expect revenues to grow but they will be limited as to how much based on the earthquake," said Michael Gray, vice president of finance told Reuters.
In a statement, Chief Executive Eli Harari said, "We currently believe that the fourth quarter megabytes shipped will exceed megabytes shipped in the third quarter, however, the projected quarter-over-quarter growth in revenues will be lower than the growth rate experienced in the third quarter.
"In the first quarter of 2000, we anticipate improved margins due to the higher pricing we instituted on new orders," Harari added.
On Wednesday Sandisk reported third quarter revenues of $67.5 million compared with $32.1 million in the year-ago period. Net income was $6.5 million or $0.21 per diluted share -- in line with analysts' expectations -- versus $2.5 million or $0.09 per share a year ago. ((Los Angeles newsdesk, (213) 380-2014))
REUTERS
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