sandisk corp (SNDK) Key Developments
Brower Piven Announces Class Action Lawsuit in the United States District Court for the Northern District of California on SanDisk Corporation
May 6 15
Brower Piven announced that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of SanDisk Corporation securities during the period between October 16, 2014 and March 25, 2015, inclusive. Investors who wish to become proactively involved in the litigation have until May 29, 2015 to seek appointment as lead plaintiff. The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company was experiencing certain production qualification delays on certain of its key products and lower than expected sales of enterprise products and that the Company was vulnerable to lower pricing in some areas of its business. According to the complaint, following the Company’s March 26, 2015 announcement that, for reasons attributed to the above undisclosed factors, it expects its fiscal first quarter revenue and its 2015 revenue to be below previous forecasts, the value of SanDisk shares declined significantly.
SanDisk Corp. Introduces Next Generation of Fusion ioMemory™ PCIe Application Accelerators for Boosting Data Center Performance
Apr 27 15
SanDisk Corporation unveiled a new generation of its Fusion ioMemoryTM PCIe application accelerators to dramatically improve performance, while helping to drive data center consolidation and lower total cost of ownership. The new Fusion ioMemory PCIe application accelerators 'comprised of SanDisk NAND flash, and Virtual Storage Layer (VSL) data access acceleration software' deliver up to a 4x price performance improvement, with up to a 61% list price reduction over the previous generation Fusion ioDrive®2 product. The Fusion ioMemory portfolio offers an array of form factors ranging from PCIe cards to mezzanine storage for HP and Cisco blade servers. Each card is optimized for mixed-use or read-intensive workloads and can also be paired with SanDisk’s recently announced next generation FlashSoft caching software, which reduces I/O latency in VMware vSphere®, Windows Server® and Linux environments, helping customers further accelerate enterprise applications. The newly updated Fusion ioMemory application accelerator portfolio includes: SX350 and SX300 Series Ranging in capacity from 1.25TB up to 6.4TB, the SX350 and SX300 provide a cost-efficient solution for both mixed-use workloads such as virtualization, databases, business intelligence and real-time financial data processing and read-intensive workloads, such as web hosting, data mining, seismic data processing, content caching, 3D Animation, and CAD/CAM. PX600 Series "Ranging from 1TB up to 5.2TB, the PX600 series is designed for mixed-use workloads such as virtualization, databases, business intelligence and real-time financial data processing. Mezzanine Series Available on the latest HP Gen9 and Gen8 BladeSystem Servers and the newest CISCO UCS B-Series Blade Servers, the SanDisk’s Mezzanine Series delivers high performance and density gains over hard disk drives for virtualized environments. Utilizing the Mezzanine cards helps support more virtual machines per server, and accelerates database mining and business intelligence, resulting in cost and time savings. FlashSoft Bundles The new bundles deliver the benefits of Fusion ioMemory flash hardware and caching software in a single solution that is easy to evaluate, deploy and support, regardless of storage operating systems or architectures. Each of the new Fusion ioMemory PCIe cards also offer 2x more random read performance over the ioDrive2 generation for increased endurance, and an updated Virtual Storage Layer (VSL), which provides direct memory access, minimizes latency and maximizes application throughput.
SanDisk Corp. Announces Unaudited Consolidated Earnings Results for First Quarter Ended March 29, 2015
Apr 16 15
SanDisk Corp. announced unaudited consolidated earnings results for first quarter ended March 29, 2015. For the quarter, the company reported revenue of $1,332,241,000, operating income of $57,187,000, income before income taxes of $33,617,000, net income of $39,025,000 or $0.17 per diluted share, non-GAAP net income of $133,687,000 or $0.62 per diluted share, non-GAAP operating income of $198,034,000, net cash provided by operating activities of $308,865,000, acquisition of property and equipment, net of $98,287,000 compared to the revenue of $1,511,945,000, operating income of $425,174,000, income before income taxes of $409,539,000, net income of $268,948,000 or $1.14 per diluted share, non-GAAP net income of $330,030,000 or $1.44 per diluted share, non-GAAP operating income of $476,466,000, net cash provided by operating activities of $382,079,000, acquisition of property and equipment, net of $34,517,000 for the same quarter a year ago.
SanDisk Corporation Declares Second Quarter Cash Dividend Payable on May 26, 2015
Apr 16 15
SanDisk Corporation announced that the Board of Directors has declared a second quarter 2015 cash dividend of 30 cents per share on the company’s common stock. The dividend will be payable on May 26, 2015 to stockholders of record as of the close of business on May 4, 2015.
SanDisk Corp. Provides Revenue Guidance for the Second Quarter and Full Year of 2015
Apr 15 15
SanDisk Corp. provided revenue guidance for the second quarter and full year of 2015. For the second quarter of 2015, the company expected sequential decline in revenue, with revenue targeted in the range of $1.15 billion to $1.225 billion and gross margins are expected at 37% to 40%.
For the full year 2015, the company expects revenue in the range of $5.4 billion to $5.7 billion.