Here are the raw numbers, for the record (L&R were $41m, BTW):
SanDisk Corporation
Condensed Consolidated Statements of Income
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
----------------------- ----------------------
January 2, December January 2, December
2005 28, 2003 2005 28, 2003
(unaudited) (unaudited) (unaudited)
----------- ----------- ----------- ----------
Revenues:
Product $507,697 $353,403 $1,602,836 $982,341
License and royalty 41,186 35,892 174,219 97,460
----------- ----------- ----------- ----------
Total revenue 548,883 389,295 1,777,055 1,079,801
Cost of product revenues 345,130 224,681 1,091,350 641,189
----------- ----------- ----------- ----------
Gross profits 203,753 164,614 685,705 438,612
Operating expenses:
Research and
development 35,580 25,263 124,994 84,200
Sales and marketing 25,830 21,251 91,296 66,317
General and
administrative 16,325 9,210 50,824 31,057
----------- ----------- ----------- ----------
Total operating expenses 77,735 55,724 267,114 181,574
Operating income 126,018 108,890 418,591 257,038
Interest income 6,824 3,243 20,363 8,865
Interest expense (884) (1,687) (5,949) (6,750)
(Loss) gain on
investment in foundries (11,977) 667 (12,927) 3,746
Recovery (loss) on
unauthorized sale of
UMC shares 6,193 - 6,193 (18,339)
Other income (loss), net (1,832) (1,617) (3,071) (2,679)
----------- ----------- ----------- ----------
Total other income
(expense) (1,676) 606 4,609 (15,157)
Income before taxes 124,342 109,496 423,200 241,881
Provision for income
taxes 46,007 21,658 156,584 73,022
----------- ----------- ----------- ----------
Net income $78,335 $87,838 $266,616 $168,859
=========== =========== =========== ==========
Net income per share
calculation:
Net income used in
computing basic net
income per share $78,335 $87,838 $266,616 $168,859
Tax-effected interest
and bond amortization
costs related to
convertible
subordinated notes 1,757 1,530 5,368 5,469
----------- ----------- ----------- ----------
Net income used in
computing diluted net
income per share $80,092 $89,368 $271,984 $174,328
=========== =========== =========== ==========
Shares used in computing
net income per share
Basic 170,869 159,883 164,065 144,781
Diluted 188,675 190,251 188,837 171,616
Net income per share
Basic $0.46 $0.55 $1.63 $1.17
Diluted $0.42 $0.47 $1.44 $1.02
SanDisk Corporation
Condensed Consolidated Balance Sheets
(In thousands)
January 2, September December
2005 26, 2004 28, 2003(a)
(1) (1)
ASSETS (unaudited) (unaudited)
----------- ----------- -----------
Current Assets:
Cash and cash equivalents $463,795 $602,183 $734,479
Short-term investments 859,175 748,830 528,117
Investment in foundries 20,398 23,541 36,976
Accounts receivable, net 194,535 136,156 184,236
Inventories 196,422 181,329 116,896
Deferred tax asset 83,150 94,827 70,806
Prepaid expenses, other current
assets and tax receivable 62,653 29,809 53,394
----------- ----------- -----------
Total current assets 1,880,128 1,816,675 1,724,904
Property and equipment, net 147,231 137,663 59,470
Investment in foundries 14,377 22,599 40,446
Investment in FlashVision 178,681 165,996 169,185
Investment in FlashPartners 24,192 56 -
Deferred tax asset 1,861 - -
Note receivable, Flash Vision 35,413 32,969 -
Deposits and other non-current
assets 38,297 36,060 46,151
----------- ----------- -----------
Total Assets $2,320,180 $2,212,018 $2,040,156
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities:
Accounts payable $82,974 $113,949 $88,737
Accounts payable to related
parties 48,115 55,438 45,013
Accrued payroll and related
expenses 41,786 30,026 28,233
Income taxes payable 39,139 2,467 37,254
Research and development
liability, related party 5,549 9,700 11,800
Other accrued liabilities 45,584 37,248 36,661
Deferred income on shipments to
distributors and retailers and
deferred revenue 90,307 96,290 99,136
----------- ----------- -----------
Total current liabilities 353,454 345,118 346,834
Convertible subordinated notes
payable - 150,000 150,000
Deferred tax liability - 10,469 1,458
Deferred revenue and other non-
current liabilities 26,576 22,837 25,992
----------- ----------- -----------
Total Liabilities 380,030 528,424 524,284
Commitments and contingencies
Stockholders' Equity:
Preferred stock - - -
Common stock 1,406,553 1,230,990 1,207,958
Retained earnings 520,240 441,905 253,624
Accumulated other comprehensive
income 18,893 11,614 54,290
Deferred compensation (5,536) (915) -
----------- ----------- -----------
Total stockholders' equity 1,940,150 1,683,594 1,515,872
----------- ----------- -----------
Total Liabilities and
Stockholders' Equity $2,320,180 $2,212,018 $2,040,156
=========== =========== ===========
(a) Information derived from the audited Consolidated Financial
Statements.
(1) Certain reclassifications have been made to conform to the current
year's presentation.
SanDisk Corporation
Consolidated Comparative Statement of Cash Flows
December 2004
(in thousands)
Three months ended Twelve months ended
January 2, December 28,January 2, December 28,
2005 2003 2005 2003
(unaudited)(unaudited) (unaudited)
----------------------------------------------
Cash flows from
Operating activities:
Net income $78,335 $87,838 $266,616 $168,859
Adjustments to
reconcile net income
to net cash provided
by operating
activities:
Depreciation 12,452 6,798 38,862 22,952
Provision for
doubtful accounts 1,739 512 4,581 1,400
Amortization bond
issuance costs 1,907 230 2,567 890
Deferred Taxes (5,842) 0 1,740 2,152
Recovery (loss) on
authorized sale of
UMC shares (6,193) 0 (6,193) 18,339
Loss (gain)
investment in
foundries 11,977 (667) 12,927 (3,746)
Other non-cash
charges (2,452) (1,975) (3,848) (1,452)
Changes in operating
assets and
liabilities:
Accounts
receivable (60,118) (44,802) (14,880) (104,550)
Other receivables
and tax refund
receivable 364 19,897 8,526 21,460
Inventories (15,093) (22,137) (79,526) (28,301)
Prepaid expenses,
deposits and
other assets (31,474) (21,179) (6,859) (16,316)
Income taxes
payable and other
accounts payable 31,022 20,260 2,825 93,996
Other current
liabilities,
related party (7,323) 16,361 3,102 27,811
Other current
liabilities 8,336 3,836 8,923 9,196
Research and
development
liabilities,
related parties (4,151) 5,300 (6,251) 1,293
Deferred income on
shipments and
deferred revenue (7,588) 38,229 (15,489) 57,682
Other non-current
liabilities 5,344 0 6,244 (1,225)
----------------------------------------------
Total adjustments (67,093) 20,663 (42,749) 101,581
----------------------------------------------
Net cash provided by
operating activities 11,242 108,501 223,867 270,440
----------------------------------------------
Cash flows from
Investing activities:
Purchases of short
term investments (223,398) (304,623)(1,142,508) (620,488)
Proceeds from sale
of short term
investments 111,714 151,912 810,111 327,457
Investment in
FlashPartners (23,059) 0 (23,129) 0
Business
acquisition (9,061) 0 (9,061) 0
Recovery on UMC
unauthorized sale 6,193 0 6,193 0
Investment in
foundries and
equity
investments, net 0 (3,819) (1,430) 17,878
Acquisition of
capital equipment (18,467) (16,115) (126,406) (58,495)
Loan to
Flash Vision 0 0 (32,969) 0
----------------------------------------------
Net cash used in
investing activities (156,078) (172,645) (519,199) (333,648)
----------------------------------------------
Cash flows from
financing activities:
Procceds from
secondary
offering of
common stock 0 521,608 0 521,608
Employee stock
programs 6,448 19,528 24,648 55,294
----------------------------------------------
Net cash provided by
financing activities 6,448 541,136 24,648 576,902
----------------------------------------------
Net increase (decrease)
in cash and cash
equivalents (138,388) 476,992 (270,684) 513,694
Cash and cash
equivalents at
beginning of period 602,183 257,487 734,479 220,785
----------------------------------------------
Cash and cash
equivalents at end of
period $463,795 $734,479 $463,795 $734,479
==============================================
Additional information:
Net change in cash and
cash equivalents $(138,388) $476,992 $(270,684) $513,694
Net change in short-
term investments 110,345 152,641 331,058 292,411
----------------------------------------------
Net change in cash,
cash equivalents and
short-term
investments $(28,043) $629,633 $60,374 $806,105
==============================================
--------------------------------------------------------------------------------
Contact:
SanDisk
Lori Barker Padon (Investors), 408-542-9565
or
Mike Wong (Media), 408-548-0223
--------------------------------------------------------------------------------
Source: SanDisk Corporation
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