This is a string of bad news, after the resignation of two of its independent directors. Creative now announced that its revenue is expected to drop to US$80 million from US$150 million for the same quarter last year.
SINGAPORE – Apr. 3, 2009 – Creative Technology Ltd. today announced that it expects its revenue for the third quarter of its 2009 fiscal year to come in at about US$80 million with gross margin of approximately 10 percent.
The projected revenue and gross margin for the quarter are substantially lower than the same period last year, due primarily to the impact the global economic downturn has had on demand for the Company’s products and the Company’s decision to close or consolidate certain businesses in order to focus on specific markets that provide the best opportunities to improve its business going forward. In addition the Company continued its efforts to reduce its operating costs going forward. As the Company announced on March 13, it will incur restructuring charges of approximately US$10 million in the third quarter.
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