SanDisk Corp Inc ? 27 January 2000
3
Table 1: SanDisk Income Statement
(figures in $millions, except per share data)
FY end: Dec. Mar 99 Jun 99 Sep 99 Dec 99 F99 Mar 00E Jun 00E Sep 00E Dec 00E F00E Mar 01E Jun 01E Sep 01E Dec 01E F01E
Total Revenue 44.1 52.5 67.5 82.8 247.0 99.5 108.5 118.0 139.0 465.0 152.0 167.0 182.0 219.0 720.0
Product 35.9 42.3 57.4 69.9 205.6 87.0 96.0 106.0 127.0 416.0 140.0 155.0 170.0 207.0 672.0
Lic. & Royalties 8.2 10.2 10.1 12.9 41.4 12.5 12.5 12.0 12.0 49.0 12.0 12.0 12.0 12.0 48.0
% Change Y/Y 29.4% 67.6% 110.5% 116.6% 81.9% 125.4% 106.5% 74.7% 67.9% 88.3% 52.8% 53.9% 54.2% 57.6% 54.8%
% Change Q/Q 15.5% 19.1% 28.5% 22.6% 20.2% 9.0% 8.8% 17.8% 9.4% 9.9% 9.0% 20.3%
Cost of Sales 26.5 30.9 43.9 50.9 152.1 61.1 66.2 72.1 83.8 283.2 91.0 100.3 109.3 132.1 432.7
% Change Y/Y 49.2% 50.1% 133.0% 120.0% 89.5% 130.4% 114.7% 64.2% 64.7% 86.1% 49.0% 51.4% 51.7% 57.6% 52.8%
% Change Q/Q 14.6% 16.4% 42.3% 15.9% 20.0% 8.5% 8.8% 16.3% 8.6% 10.2% 9.0% 20.8%
Prod. Gross Margins 26.2% 27.1% 23.6% 27.2% 29.8% 31.0% 32.0% 34.0% 35.0% 35.3% 35.7% 36.2%
Gross Margins 39.9% 41.3% 35.0% 38.5% 38.4% 38.6% 38.9% 38.9% 39.7% 39.1% 40.1% 39.9% 39.9% 39.7% 39.9%
SG&A 7.6 8.7 9.7 11.9 37.9 14.3 15.4 16.5 19.2 65.4 20.7 22.7 24.8 29.8 97.9
% of Total
Revenues
17.1% 16.5% 14.4% 14.4% 15.3% 14.4% 14.2% 14.0% 13.8% 14.1% 13.6% 13.6% 13.6% 13.6% 13.6%
R&D 5.2 6.0 6.9 8.7 26.9 10.6 12.5 13.8 16.7 53.6 18.2 20.0 21.8 26.3 86.4
% of Total
Revenues
11.8% 11.4% 10.3% 10.5% 10.9% 10.7% 11.5% 11.7% 12.0% 11.5% 12.0% 12.0% 12.0% 12.0% 12.0%
Operating Income 4.8 7.0 7.0 11.2 30.1 13.5 14.4 15.6 19.3 62.7 22.1 24.0 26.1 30.9 103.0
% of Total
Revenues
11.0% 13.4% 10.3% 13.6% 12.2% 13.5% 13.2% 13.2% 13.9% 13.5% 14.5% 14.3% 14.3% 14.1% 14.3%
Other Income(Exp) 1.6 1.5 2.8 3.7 9.5 4.5 4.7 4.8 2.0 16.0 1.0 1.0 1.0 1.0 4.0
Pretax Income 6.5 8.5 9.7 15.0 39.6 18.0 19.1 20.4 21.3 78.7 23.1 25.0 27.1 31.9 107.0
% of Total
Revenues
14.6% 16.2% 14.4% 18.1% 16.0% 18.0% 17.6% 17.3% 15.3% 16.9% 15.2% 14.9% 14.9% 14.6% 14.9%
Income Taxes 2.1 2.8 3.2 4.9 13.1 6.1 6.5 6.9 7.2 26.8 7.8 8.5 9.2 10.8 36.4
Tax Rate 32.9% 33.0% 33.0% 33.0% 33.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0%
Net Income 4.3 5.7 6.5 10.0 26.6 11.8 12.6 13.5 14.1 52.0 15.2 16.5 17.9 21.0 70.6
% of Total
Revenues
9.8% 10.8% 9.6% 12.1% 10.8% 11.9% 11.6% 11.4% 10.1% 11.2% 10.0% 9.9% 9.8% 9.6% 9.8%
Avg. No. of Common
Shares
29.3 29.5 30.5 33.5 30.7 36.2 36.5 36.9 37.4 36.8 38.4 38.8 39.2 39.6 39.0
Fully Diluted EPS $0.15 $0.19 $0.21 $0.30 $0.85 $0.32 $0.34 $0.36 $0.38 $1.40 $0.39 $0.42 $0.46 $0.53 $1.80
% Change Y/Y -10.6% 402.2% 129.5% 129.7% 98.7% 113.3% 78.9% 71.4% 26.7% 64.7% 21.9% 23.5% 27.8% 39.5% 28.6%
% Change Q/Q 14.9% 26.7% 10.5% 42.9% 6.7% 6.3% 5.9% 5.6% 2.6% 7.7% 9.5% 15.2%
Source: Merrill Lynch and The Company
[SNDK] MLPF&S was a manager of the most recent public offering of securities of this company within the last three years.
[SNDK] The securities of the company are not listed but trade over-the-counter in the United States. In the US, retail sales and/or distribution of this report may be made only in states where these securities are exempt from
registration or have been qualified for sale. MLPF&S or its affiliates usually make a market in the securities of this company.
Opinion Key [X-a-b-c]: Investment Risk Rating(X): A - Low, B - Average, C - Above Average, D - High. Appreciation Potential Rating (a: Int. Term - 0-12 mo.; b: Long Term - >1 yr.): 1 - Buy, 2 - Accumulate, 3 - Neutral, 4 -Reduce,
5 - Sell, 6 - No Rating. Income Rating(c): 7 - Same/Higher, 8 - Same/Lower, 9 - No Cash Dividend.
Copyright 2000 Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). This report has been issued and approved for publication in the United Kingdom by Merrill Lynch, Pierce, Fenner & Smith Limited, which is
regulated by SFA, and has been considered and issued in Australia by Merrill Lynch Equities (Australia) Limited (ACN 006 276 795), a licensed securities dealer under the Australian Corporations Law. The information herein was
obtained from various sources; we do not guarantee its accuracy or completeness. Additional information available.
Neither the information nor any opinion expressed constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives related to such securities ("related investments").
MLPF&S and its affiliates may trade for their own accounts as odd-lot dealer, market maker, block positioner, specialist and/or arbitrageur in any securities of this issuer(s) or in related investments, and may be on the opposite side
of public orders. MLPF&S, its affiliates, directors, officers, employees and employee benefit programs may have a long or short position in any securities of this issuer(s) or in related investments. MLPF&S or its affiliates may from
time to time perform investment banking or other services for, or solicit investment banking or other business from, any entity mentioned in this report.
This research report is prepared for general circulation and is circulated for general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific
person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that
statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each security?s price or value may rise or fall. Accordingly, investors may receive
back less than originally invested. Past performance is not necessarily a guide to future performance.
Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment mentioned in this report. In addition, investors in securities such as ADRs, whose values are influenced
by the currency of the underlying security, effectively assume currency risk. |
