SanDisk 2005 Annual Report Download - page 123

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SANDISK CORPORATION
CONSOLIDATED BALANCE SHEETS
January 1,
2006
January 2,
2005
(In thousands, except per share
amounts)
ASSETS
Current assets:
Cash and cash equivalents ......................................... $ 762,058 $ 463,795
Short-term investments ........................................... 935,639 859,175
Investment in foundries ........................................... 18,338 20,398
Accounts receivable, net of allowance for doubtful accounts of $8,050 in 2005
and $8,462 in 2004 ............................................ 329,014 194,535
Inventories .................................................... 331,584 196,422
Deferred taxes ................................................. 95,518 83,150
Prepaid expenses, other current assets and tax receivable .................. 103,584 62,653
Total current assets ............................................ 2,575,735 1,880,128
Property and equipment, net ......................................... 211,092 147,231
Notes receivable from FlashVision .................................... 61,927 35,413
Investment in foundries ............................................ 11,013 14,377
Investment in FlashVision ........................................... 161,080 178,681
Investment in Flash Partners ......................................... 42,067 24,192
Deferred taxes ................................................... — 1,861
Deposits and other non-current assets .................................. 57,273 38,297
Total assets .................................................. $3,120,187 $2,320,180
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable ............................................... $ 231,208 $ 82,974
Accounts payable to related parties .................................. 74,121 48,115
Accrued payroll and related expenses ................................ 55,614 41,786
Income taxes payable ............................................ 2,165 39,139
Research and development liability, related party ........................ 4,200 5,549
Other accrued liabilities .......................................... 53,546 45,584
Deferred income on shipments to distributors and retailers and deferred
revenue..................................................... 150,283 90,307
Total current liabilities ......................................... 571,137 353,454
Deferred revenue and other non-current liabilities . ........................ 25,259 26,576
Total liabilities ............................................... 596,396 380,030
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, Authorized shares: 4,000,000, Issued and
outstanding: none ............................................... — —
Common stock, $0.001 par value; Authorized shares: 400,000,000; Issued and
outstanding: 188,221,958 in 2005 and 179,964,226 in 2004 ................ 188 180
Capital in excess of par value ........................................ 1,621,819 1,406,373
Retained earnings ................................................. 906,624 520,240
Accumulated other comprehensive income .............................. 2,635 18,893
Deferred compensation ............................................. (7,475) (5,536)
Total stockholders’ equity ....................................... 2,523,791 1,940,150
Total liabilities and stockholders’ equity. . . .......................... $3,120,187 $2,320,180
The accompanying notes are an integral part of these consolidated financial statements.
F-4