SanDisk Corp.s revenue more than doubled from a year ago, as the company capitalized on the demand for CompactFlash flash cards for digital cameras and other portable devices.
SanDisks fourth-quarter revenues, reported Wednesday, grew by 116 percent from the same period a year ago, to $389 million. The company recorded net income of $88 million, a roughly fourfold increase from the fourth quarter of 2002, when SanDisk reported net income of $20 million.
SanDisk, based in Sunnyvale, Calif., nearly repeated its performance for fiscal 2003, as revenue jumped 99 percent to $1.1 billion, with a net income of $169 million. The company reported a net income of $36 million for fiscal 2002.
"Our excellent performance in the fourth quarter capped an outstanding year for SanDisk," said Eli Harari, president and chief executive of SanDisk, in a statement.
"In the fourth quarter we were able to meet the strong surge in holiday season demand and increased our megabyte shipments by 39 percent, primarily from increased production of .13 micron NAND at our FlashVision joint venture. In the past two quarters alone, we shipped almost as many megabytes of flash memory as in the prior fifteen years combined. Royalty income increased dramatically in the fourth quarter, reflecting the industry-wide growth of flash memory shipments by our licensees. This is a testimony to the value of SanDisks broad based patents in these growing markets," he said.
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