During this quarter the company announced the availability of its new Fusion ioMemory PCIe application accelerators which utilize SanDisk NAND and dramatically improve performance compared to the previous generation ioDrive 2, enabling datacenter consolidation and lower total cost of ownership. These application accelerators also feature updated Virtual Storage Layer (VSL) data access acceleration software.
At the same time, SanDisk announced its CloudSpeed Eco Gen. II enterprise SATA SSD for cloud service providers, with up to 2 Tera Byte capacity, based on 15 nanometer NAND flash. The CloudSpeed Eco Gen. II delivers greater storage density with three times the streaming bandwidth versus hard disk drives (HDDs).
SanDisk announced a third quarter 2015 dividend of $0.30 per share of common stock which has an annualized yield of 2.2% based on Wednesday’s close.
Sanjay Mehrotra, President and CEO of SanDisk, said:
During the second quarter, we strengthened our portfolio with several new product launches in both the retail and commercial channels. We are making steady progress on all operational fronts, and remain focused on enhancing our financial performance.
At the end of the second quarter the company had $1.76 billion in cash, cash equivalents, and marketable securities compared to the end of December 2014 which had $2.26 billion. Free cash flow for the quarter was -$52 million compared to $197 million last year.
In the after hours trading session shares of SanDisk were halted briefly between 4:20 p.m. and 4:25 p.m. Eastern.
Shares of SanDisk closed Wednesday down 2.3% at $54.20 on a 52-week trading range of $53.18 to $106.64. Following the release of the earnings report, shares were up 7.3% at $58.19 in the after-hours trading session. The stock has a consensus analyst price target of $68.60.
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