I have just read the "Annual Report" .....
..and IMHO, it is rubbish. In fact, it barely deserves the name "annual report".
When it arrived a few days ago, I skimmed it, and was somewhat dissapointed at its negative tone, even though the business outlook looked good, and now I understand why I felt that. I have just counted 10 continuous pages of risk factors, not counting the additional risk factors scattered liberally throughout most other sections. Now, that is not normally what you get in an annual report!
Usually, you get a report on last year, and a glowing picture of the future, plus the financial data.
The Sandisk "Annual Report" however, is a 2-page letter from Eli Harari, and then the form 10k.
Thats it. Nothing else. No glowing testimonials. No happy customers. And a bunch of mostly obviously 'fake' products on the front cover of the report. My kids could have developed a better looking mobile phone than the one they have 'faked'.
Add that , together with the dismal packaging on the products, and the awful fake products on the front picture of the "Annual Report", and you come to a picture of a a company with excellent products, excellent future prospects, that couldn't market its way out of a wet paper bag.
One more positive point, whoever decided by reading this that Sandisk had decided to give away 1/3 of its future production to Seagate for nothing should go back and read the statement again (Page 9). It says no such thing. (Someone already said that I know, I thought I'd just add my 2c.).
If there is an email address at Sandisk I will be mailing this to that also, as a dissatisfied shareholder.
JoeC |
