Creative In Red With US$32.2 Million Loss For Q1 2009 ~ Creative Labs Zen MP3 Players Sound Blaster Card
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Monday, October 27, 2008

Creative In Red With US$32.2 Million Loss For Q1 2009




SINGAPORE – Oct. 24, 2008– Creative Technology Ltd today announced financial results for the first quarter of its 2009 fiscal year, ended September 30, 2008. All financial results are stated in U.S. dollars.

Revenues for the first quarter were $141.2 million, compared to revenues of $184.6 million for the same quarter last year. Net loss for the first quarter was $32.2 million, with loss per share of $0.42, including a net investment loss of $8.8 million and $8.1 million of other losses primarily related to foreign exchange in the period. This compares to net income of $1.3 million with earnings per share of $0.02 including a net investment gain of $4.4 million for the same period last year.

“In our first quarter of our 2009 fiscal year, we continued to reduce our operating expenses from the previous quarter, and saw an improvement in our gross margins in our efforts to return to profitability. Our revenues and operating results were negatively impacted in the quarter by worsening global macroeconomic conditions,” said Craig McHugh, president and COO of Creative Labs, Inc. “With the challenging market conditions we are projecting revenues of about $140 to $160 million in our second fiscal quarter of 2009. We will continue to reduce operating expenses as we target to reduce our losses in the uncertain market environment ahead.”

During the quarter, Creative paid $100 million for the full repayment of the outstanding amount of its syndicated term loan.

Share Buyback Program
During the first quarter, Creative purchased 1.8 million shares under its share buyback program at an average price of $4.32.

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