Flash storage manufacturer Sandisk reports .19 diluted, .04 above estimates. Stock up 4 1/2 today, to 54 3/8, now has a market value of over $1.4 billion. Revenues for the quarter up to $52.5 million, with $10 million of that in royalty revenue.
Details below:
SUNNYVALE, Calif., July 14 (Reuters) -
SanDisk Corporation
Condensed Consolidated Statements of Income
(In thousands, except per share data)
Three months ended Six months ended
June 30, June 30,
1999 1998 1999 1998
Revenues:
Product $42,300 $23,480 $78,226 $48,906
License and royalty 10,249 7,881 18,459 16,557
Total revenues 52,549 31,361 96,685 65,463
Cost of sales 30,858 20,560 57,367 38,332
Gross profits 21,691 10,801 39,318 27,131
Operating expenses:
Research and development 6,007 4,474 11,219 8,805
Sales and marketing 5,755 4,248 10,928 8,199
General and administrative 2,896 1,709 5,290 3,753
Total operating expenses 14,658 10,431 27,437 20,757
Operating income 7,033 370 11,881 6,374
Interest and other income, net
1,465 1,278 3,069 2,617
Income before taxes 8,498 1,648 14,950 8,991
Provision for income taxes 2,804 595 4,933 3,235
Net income 5,694 1,053 10,017 5,756
Earnings per share
Basic 0.21 0.04 0.37 0.22
Diluted 0.19 0.04 0.34 0.21
Average common shares
outstanding
Basic 26,943 26,168 26,855 26,094
Diluted 29,514 27,834 29,414 27,928
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