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To: Percival 917 who wrote (15259)	4/19/2000 8:23:00 PM
From: r.edwards	Read Replies (1) \| Respond to of 35685

Hi Joel,SanDisk Announces Record Revenue, Net Income and Earnings Per Share for First Quarter 2000 04/19 5:13P (BW) Story 3228 (SNDK) SUNNYVALE, Calif.--(BUSINESS WIRE)--April 19, 2000--SanDisk Corporation (Nasdaq:SNDK), the world's largest supplier of flash memory data storage products, today announced record revenue for its quarter ended March 31, 2000. Total first quarter revenues were $109.4 million, an increase of 148% from the first quarter of 1999 due primarily to increased sales of our CompactFlash and MultiMediaCard products. Product revenues were $97.2 million, an increase of 171% from $35.9 million compared to the same period last year. Revenues from licenses and royalties were $12.1 million, up 48% from $8.2 million in the first quarter of 1999. Net income for the quarter was $219.3 million and included a one-time after tax gain of $204 million from the previously announced conversion of SanDisk's investment in the United Silicon Inc. foundry into shares of United Microelectronics Corp. Excluding this one-time gain, net income for the current quarter was $15.3 million, up 256% compared to $4.3 million in the same period last year. In the first quarter, diluted earnings per share were $3.00, which included $2.79 per share from the gain on SanDisk's foundry investment. Diluted earnings per share excluding this one-time gain were $0.21 per share compared to $0.07 per share in the first quarter of 1999. Total first quarter revenues increased sequentially by $26.6 million, or 32%, from total revenues of $82.8 million for the fourth quarter of 1999. Product revenues increased by 39%. Current quarter diluted earnings per share, net of the one-time gain related to the USIC merger, increased to $0.21 per share, up 40% compared to $0.15 per share for the fourth quarter of 1999. "The first quarter was an outstanding quarter for SanDisk with total revenues reaching a record high, surpassing the $100 million mark for the first time," said Dr. Eli Harari, President and CEO of SanDisk. "Product gross margins improved by three percentage points to 30% and operating income reached a record level. New bookings significantly surpassed the previous quarter's record bookings and backlog at quarter-end was at an all time high. --------------------------------------------------------------------------------