SanDisk 1999 Annual Report Download - page 46

GEOGRAPHIC INFORMATION:
Information regarding geographic areas for the years ended
December 31, 1999, 1998, and 1997 are as follows:
Revenues are attributed to countries based on the location of the
customers. Long lived assets in other foreign countries includes
the investment in USIC of $51.2 million in 1999 and 1998, and
$40.3 million in 1997.
MAJOR CUSTOMERS
In 1999 and 1998, revenues from one customer represented
approximately $28.0 million and $14.0 million, respectively, of
consolidated revenues. In 1997, there were no customers who
accounted for more than 10% of total revenue.
NOTE 10:
Accumulated Other Comprehensive Income
As of January 1, 1998, the Company adopted Statement No. 130,
Reporting Comprehensive Income. Statement 130 establishes new rules
for the reporting and displaying of comprehensive income and its com-
ponents; however, the adoption of this Statement had no impact on the
Company’s net income or shareholders’ equity. Statement 130 requires
unrealized gains or losses on the Company’s available-for-sale securities,
which prior to adoption were reported separately in shareholders’ equity,
to be included in other comprehensive income. Comprehensive income
consists of net income and other comprehensive income.
Accumulated other comprehensive income presented in the accom-
panying balance sheet consists of the accumulated unrealized gains
and loses on available-for-sale marketable securities for all periods
presented. The tax effects for other comprehensive income were
immaterial for all periods presented.
NOTE 11:
Subsequent Events
On January 3, 2000, the USIC foundry was merged into UMC. The
Company had invested $51.2 million in USIC. In exchange for its
USIC shares, the Company received 111 million UMC shares. These
shares were valued at approximately $396 million at the time of the
merger, resulting in a pretax gain of $344 million ($204 million
after-tax). All of the UMC shares received by the Company are sub-
ject to trading restrictions imposed by UMC and the Taiwan Stock
Exchange. The trading restrictions will expire on one-half of the
shares six months after the date of the merger. The remaining shares
will become available for sale, over a two year period beginning in
January 2002. When the shares are ultimately sold, it is likely that
the Company will report additional gains or losses.
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SanDisk Corporation
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1999 1998 1997
(In thousands)
Accumulated other
comprehensive income
at beginning of year $ 471 $42 $ 5
Change of accumulated
other comprehensive
income during the year
Unrealized gain (loss)
on available-for-sale
securities $ ( 272 ) $ 429 $ 37
Accumulated other
comprehensive income
at year end $ 199 $ 471 $ 42
Years Ended December 31, 1999 1998 1997
(In thousands)
Revenues:
United States $ 116,922 $ 60,113 $ 53,820
Japan 62,176 46,276 51,677
Europe 22,674 9,810 10,774
Other foreign countries 45,218 19,562 8,982
Tot al $ 246,990 $ 135,761 $ 125,253
Long Lived Assets:
United States $ 25,442 $ 16,779 $ 15,422
Japan 261 445 246
Europe 20 93
Other foreign countries 57,273 51,517 40,505
Tot al 82,996 68,750 56,176