Creative Announces Q2 FY08 Profit And CES New Products ~ Creative Labs Zen MP3 Players Sound Blaster Card
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Tuesday, January 29, 2008

Creative Announces Q2 FY08 Profit And CES New Products




Creative Labs reported a net profit of US$7.6 million for its 2nd quarter, but compared to same period last year, it is down US$92 million due to Apple's license payout. Revenue came in at US$262.5 million, compared to US$324.4 million a year ago. They also increase their cash holding to $291 million and reducing net inventory to $93 million.

Moving forward, they will be announcing many new products this year as we already have a sneak preview @ CES 2008. A new product category, wireless, portable inPerson conferencing system. An enhanced Apple docking system called Xdock HD which up converts iPod video to HD 1024 quality. An add-on external speaker to its successful line of mp3 player, the Zen Stone and Zen Stone Plus. A new feature with no increase in its current retail price.

Full article:
SINGAPORE – Jan. 28, 2008– Creative Technology Ltd, a worldwide leader in digital entertainment products, today announced financial results for the second quarter of its 2008 fiscal year, ended December 31, 2007. All financial results are stated in U.S. dollars.

Revenues for the second quarter were $262.5 million, compared to revenues of $324.4 million for the same quarter last year. Net income for the second quarter was $7.6 million, with earnings per share of $0.09. This compares to net income of $92.1 million with EPS of $1.10 for the same period last year, which includes $82.0 million in net income with EPS of $0.98 for the paid-up license from Apple for its use of the ZEN Patent in its products. Excluding the paid-up license from Apple, net income was $10.1 million with EPS of $0.12 for the same period last year.

“We continue to improve our operating results, achieving operating income of $7 million compared to $3.3 million last year and increasing gross margins to 23 percent,” said Craig McHugh, president and COO of Creative Labs, Inc. “During the quarter we also strengthened our balance sheet, increasing our cash position to $291 million and reducing our net inventory to $93 million. We were able to improve our operating results even though we had a reduction in our year-over-year revenues.”

“We’re very excited about delivering on our strategy of introducing key new products, which we did this month at the Consumer Electronics Show in Las Vegas,” continued McHugh.

“At CES we unveiled a breakthrough with our inPerson multi-party, multi-platform inPerson conferencing system,” said Sim Wong Hoo, chairman and CEO of Creative.

“With our portable, wireless inPerson system, you can have a high resolution video and audio multi-party call with multiple offices participating around the world. Each party can join an inPerson Conference from an inPerson system, through a PC with our inPerson inVite, and even from a cell phone for voice. With inPerson Conferencing, you can experience high resolution video on the system’s seven-inch display with high quality audio on the built-in speaker or output to a large screen LCD or plasma display. With inPerson we are creating an entirely new category, inPerson Conferencing, taking video conferencing outside the board room. With its breakthrough price and ease of use, all of the employees in a company can communicate inPerson, dramatically reducing the need for travel, saving cost and reducing their carbon footprint. In referring to the excitement that inPerson generated at the Consumer Electronics Show, U.S.-based BetaNews.com wrote, ‘the inPerson demo drew a crowd that rivaled Panasonic's 150-inch HDTV display.’”

Craig McHugh continued, “We announced new MP3 players with our ZEN Stone and ZEN Stone Plus with Built-in Speaker in cool new colors. We also announced our Xdock HD iPod dock, which upconverts iPod video to HD-quality and plays back music wirelessly in Xtreme Fidelity. The Xdock HD drew huge crowds at CES and Macworld this month, and it was selected by judges as a finalist for the Best of CES award and iLounge’s Macworld Best in Show award. We came out with another great accessory for the iPod with our TravelSound i80 travel speaker system for the iPod Nano. We generated further excitement for our headphone and headset category with the introduction of the HS-1200 Digital Wireless Headset.”

“As we look into our current third fiscal quarter we are targeting to further improve our gross margins and achieve overall profitability,” added McHugh.

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