Exhibit 99.1
SanDisk Corporation
Condensed Consolidated Balance Sheets
(In thousands)
Condensed Consolidated Balance Sheets
(In thousands)
January 1, 2006 | October 2, 2005 | |||||||||||
ASSETS | (unaudited) | (unaudited) | January 2, 2005* | |||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | $ | 762,058 | $ | 764,612 | $ | 463,795 | ||||||
Short-term investments | 935,639 | 890,938 | 859,175 | |||||||||
Investment in foundries | 18,338 | 19,410 | 20,398 | |||||||||
Accounts receivable, net | 329,014 | 211,219 | 194,535 | |||||||||
Inventories | 331,584 | 286,878 | 196,422 | |||||||||
Deferred tax asset | 95,518 | 77,250 | 83,150 | |||||||||
Other current assets | 103,584 | 37,022 | 62,653 | |||||||||
Total current assets | 2,575,735 | 2,287,329 | 1,880,128 | |||||||||
Property and equipment, net | 211,092 | 179,822 | 147,231 | |||||||||
Notes receivable, FlashVision | 61,927 | 64,442 | 35,413 | |||||||||
Investment in foundries | 11,013 | 8,611 | 14,377 | |||||||||
Investment in FlashVision | 161,080 | 166,041 | 178,681 | |||||||||
Investment in Flash Partners | 42,067 | 21,461 | 24,192 | |||||||||
Deferred tax asset | — | 16,275 | 1,861 | |||||||||
Other non-current assets | 57,273 | 35,543 | 38,297 | |||||||||
Total Assets | $ | 3,120,187 | $ | 2,779,524 | $ | 2,320,180 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||||||||
Current Liabilities: | ||||||||||||
Accounts payable | $ | 231,208 | $ | 146,317 | $ | 82,974 | ||||||
Accounts payable to related parties | 74,121 | 71,160 | 48,115 | |||||||||
Accrued payroll and related expenses | 55,614 | 46,230 | 41,786 | |||||||||
Income taxes payable | 2,165 | 17,382 | 39,139 | |||||||||
Research and development liability, related party | 4,200 | 5,000 | 5,549 | |||||||||
Other current accrued liabilities | 53,546 | 44,336 | 45,584 | |||||||||
Deferred income on shipments to distributors and retailers and deferred revenue | 150,283 | 170,634 | 90,307 | |||||||||
Total current liabilities | 571,137 | 501,059 | 353,454 | |||||||||
Deferred revenue and non-current liabilities | 25,259 | 19,662 | 26,576 | |||||||||
Total Liabilities | 596,396 | 520,721 | 380,030 | |||||||||
Commitments and contingencies | ||||||||||||
Stockholders’ Equity: | ||||||||||||
Common stock | 1,622,007 | 1,484,927 | 1,406,553 | |||||||||
Retained earnings | 906,624 | 772,710 | 520,240 | |||||||||
Accumulated other comprehensive income | 2,635 | 8,921 | 18,893 | |||||||||
Deferred compensation | (7,475 | ) | (7,755 | ) | (5,536 | ) | ||||||
Total stockholders’ equity | 2,523,791 | 2,258,803 | 1,940,150 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 3,120,187 | $ | 2,779,524 | $ | 2,320,180 | ||||||
*Information derived from the audited Consolidated Financial Statements.