SanDisk 2004 Annual Report Download - page 50

Download and view the complete annual report

Please find page 50 of the 2004 SanDisk annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 143

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143

Table of Contents
SANDISK CORPORATION
CONSOLIDATED INCOME STATEMENTS
January 2, December 28, December 29,
2005 2003 2002
(In thousands, except per share amounts)
Revenues:
Product $1,602,836 $ 982,341 $492,900
License and royalty 174,219 97,460 48,373
Total revenue 1,777,055 1,079,801 541,273
Cost of product revenues 1,091,350 641,189 352,452
Gross profit 685,705 438,612 188,821
Operating expenses
Research and development 124,994 84,200 63,177
Sales and marketing 91,296 66,317 40,407
General and administrative 50,824 31,057 27,086
Total operating expenses 267,114 181,574 130,670
Operating income 418,591 257,038 58,151
Equity in income of business ventures 568 178 856
Interest income 20,363 8,865 8,675
Interest expense (5,949) (6,750) (6,700)
Gain (loss) in investment in foundries (12,927) 3,746 (15,163)
Recovery (loss) on unauthorized sale of UMC shares 6,193 (18,339) —
(Loss) in equity investment — (148) (2,700)
Other (loss), net (3,639) (2,709) (3,140)
Income before taxes 423,200 241,881 39,979
Provision for income taxes 156,584 73,022 3,739
Net income $ 266,616 $ 168,859 $ 36,240
Net income per share
Basic $ 1.63 $ 1.17 $ 0.26
Diluted $ 1.44 $ 1.02 $ 0.25
Shares used in computing net income per share
Basic 164,065 144,781 137,610
Diluted 188,837 171,616 142,460
The accompanying notes are an integral part of these consolidated financial statements.
F−5