SAN JOSE, Calif. Amid a 70-nm flash-memory chip and systems launch, SanDisk Corp., a supplier of flash storage card products, said second quarter revenues increased 19 percent on a year-over-year basis to $515 million and increased 14 percent compared to the first quarter of 2005.
Second quarter net income, which included $27 million from its portion of Fab 3 development costs, was $70.5 million compared to $70.6 million in the second quarter of 2004. Fully diluted earnings per share were $0.37, compared with $0.38 in the second quarter of 2004.
"We are very pleased with our second quarter results," said Eli Harari, SanDisk’s CEO, in a statement.
"OEM bookings are robust, primarily from handset manufacturers that are bundling high capacity cards with new handsets that support music, video and higher megapixel cameras,” he said. “We believe this trend may be a positive precursor for the long awaited handset card market acceleration in 2006.”
During the second quarter, SanDisk made progress towards qualifying its 70-nm 8-gigabit NAND/MLC chip line, which is reportedly co-developed with Toshiba Corp.
“We expect to complete internal qualification and start production of this highly cost-effective chip in the third quarter and reach volume output in the fourth quarter -- in time for the anticipated increase in demand for high capacity cards for year-end holiday sales,” he added.