SanDisk Corporation, a global leader in flash storage solutions, today announced results for the first quarter ended March 30, 2014. First quarter revenue of $1.51 billion increased 13 percent on a year-over-year basis and decreased 12 percent sequentially.

On a GAAP basis, first quarter net income was $269 million, or $1.14 per diluted share, compared to net income of $166 million, or $0.68 per diluted share, in the first quarter of fiscal 2013 and $338 million, or $1.45 per diluted share, in the fourth quarter of fiscal 2013.On a non-GAAP basis, first quarter net income was $330 million, or $1.44 per diluted share, compared to net income of $207 million, or $0.84 per diluted share, in the first quarter of fiscal 2013 and net income of $390 million, or $1.71 per diluted share, in the fourth quarter of fiscal 2013. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.

"We delivered record first quarter results, driven by 61 percent growth in our SSD revenue and strong retail performance," said Sanjay Mehrotra, president and chief executive officer of SanDisk. "We are excited by the momentum we are building in our business as we continue to execute on our growth initiatives."

OTHER HIGHLIGHTS

• SanDisk announced today its second quarter 2014 dividend of $0.225 per share of common stock, payable on May 27, 2014 to shareholders of record as of the close of business on May 5, 2014.
• SanDisk recently introduced innovative products in three categories:

1) CloudSpeed Extreme, CloudSpeed Ultra, CloudSpeed Ascend and CloudSpeed Eco enterprise SATA SSDs for data center and cloud computing storage solutions at unit capacities ranging from 100 gigabytes to 960 gigabytes
2) High performance iNAND Extreme embedded flash storage at capacities up to 64 gigabytes for flagship Android based mobile devices
3) 128 gigabyte SanDisk Ultra microSDXC UHS-1 card, the world's highest capacity mobile offering