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SanDisk Breaks Company Profit Record, Acquires Matrix Semiconductor

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October 21, 2005 - SanDisk, maker of MultiMedia Card and CompactFlash products and original inventor of flash storage cards, is doing very well. Third-quarter profits almost doubled to 45%, reaching a company record of $590 million in revenue and a net income of $107.5 million over last third quarter’s $54.1 million. Compared to the second quarter of just this year alone, revenues increased by 15 percent.

CEO Eli Harari of SanDisk said, "We are very pleased with the outstanding results for our third quarter. …We are optimistic about our business in the traditionally strong fourth quarter."

In addition to posting its earnings report yesterday, SanDisk also announced that it will acquire Matrix Semiconductor, a developer of 3-D integrated circuits that are not rewritable once programmed. SanDisk recently released a product called Cruzer Freedom, a USB flash drive that permits storage of one-time downloadable copyrighted material from the internet; the company indicated a desire to use Matrix’s one-time programmable (OTP) chips for other similar applications, particularly for storing downloaded music.

President of Matrix Semiconductor Dennis Segers said, "The Matrix team is excited about joining SanDisk and fulfilling our vision of 3-D memory technology. Joining SanDisk will provide us with financial, manufacturing, marketing and sales channel resources to help establish Matrix 3DM as a mainstream storage technology for a broad range of consumer applications."

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