Q3 FY08 Financial Results Ended Up US$3 Million Profit ~ Creative Labs Zen MP3 Players Sound Blaster Card
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Sunday, April 20, 2008

Q3 FY08 Financial Results Ended Up US$3 Million Profit



Q3 FY08 results came below Creative expectation but still managed to close with a US$3 million profit due to lowering operating expenses. Sales is still lower as compared to same quarter in previous year.

Creative CEO is also very generous in rewarding his staff with his own 668,800 shares and there was also a 2.5 million share buy-back in the same quarter.

Share buy-back is deemed to be a good gesture especially to shareholders as it helps to stablise the share price and also a good show of confidence from the management about their own company.

Press Release:
SINGAPORE – Apr. 19, 2008– Creative Technology Ltd, a worldwide leader in digital entertainment products, today announced financial results for the third quarter of its 2008 fiscal year, ended March 31, 2008. All financial results are stated in U.S. dollars.

Revenues for the third quarter were $150.3 million, compared to revenues of $183.8 million for the same quarter last year. Net income was $3.0 million for the period, with earnings per share of $0.04. This compares to a net loss of $23.6 million with a loss per share of $0.28 including restructuring charges of $3.5 million for the same period last year.

“Our third quarter results came in below our expectations,” said Craig McHugh, president and COO of Creative Labs, Inc. “We are moving to reduce our operating expenses to bring them in line with our revenues and gross margins. As we reduce our operating expenses we expect to incur restructuring charges in the current and upcoming quarter. As we look forward we are targeting to maintain our fourth quarter revenues at about the same level as the third quarter.”

During the third quarter, Creative Chairman and CEO Sim Wong Hoo gave 668,800 of his personal Creative Shares as a gift to 972 employees of Creative. In accordance with US GAAP, the value of these Creative Shares in the amount of $3.0 million has been reported as a non-cash charge in the Company’s operating expenses for the third quarter.

Share Buyback Program
During the third quarter, Creative purchased 2.5 million shares under its share buyback program at an average price of $4.68.

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