NEW YORK, July 31, 2015 /PRNewswire/ --

ACI Association has initiated research coverage on SanDisk Corp. (NASDAQ: SNDK). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.

Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=SNDK

Highlights from our SNDK Report include: 


        
        - SanDisk Betters Expectations in the Second Quarter - On July 22, 2015, SanDisk
          announced its financial results for the second quarter of 2015. The Company reported
          Q2 revenues of $1.24 billion which bettered its management estimates of $1.15 billion
          to $1.23 billion. The Quarterly revenue also surpassed Zacks consensus estimate of
          $1.19 billion. However, the revenues were down by 24% on a Y-o-Y basis and by 7%
          sequentially. As per Zacks investment research the Y-o-Y decline can be attributed
          primarily to the competitive pricing pressure and unfavorable product mix. The Company
          generated adjusted earnings of 55 cents per share thereby outdoing Zacks consensus
          estimate of 20 cents a share.



        
        - Operating Results - During Q2 FY15, the Company's Gigabyte sales were down 6% on a
          Y-o-Y basis whereas the blended ASP per gigabyte declined 21% on a Y-o-Y basis. The
          Company reported gross profit of $484 million for the second quarter vis-a-vis $760
          million reported in the same quarter in the previous year. Gross margin slid to 39% as
          against 46% reported for Q2 FY14. The Company's operating expenses increased to
          $380.46 million from $342.99 million reported in Q2 FY14.



        
        - Balance Sheet and Cash Flows - The Company's cash & cash equivalents and short
          term marketable securities at the end of Q2 FY15 stood at $1.76 billion. During Q2
          FY15, the Company generated cash from operating activities to the tune of $28.9
          million versus cash from operating activities of $240.9 million during the second
          quarter in FY14. Sandisk's Board of Directors have also declared a third quarter 2015
          cash dividend of 30 cents a share payable on August 30, 2015, to stockholders of
          record as of the close of business on August 3, 2015.



        
        - Outlook- SanDisk expects the third quarter 2015 revenue to range between $1.35
          billion to $1.45 billion. The mid-point of this estimate stands at $1.40 billion which
          is higher than Zacks consensus estimate of $1.38 billion for Q3 FY15. Furthermore, the
          Company expects its operating expenses for the third quarter to range between $335
          million- $345 million. For the full fiscal 2015, the Company expects its revenue to
          range between $5.4 billion to $5.7 billion implying a mid-point of $5.55 billion,
          higher than Zacks consensus estimate of $5.53 billion.

To find out how this influences our rating on SanDisk Corp. read the full report in its entirely here: http://www.aciassociation.com/?c=SNDK

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