Creative Announces Q3 FY09 US$41.8 million Loss ~ Creative Labs Zen MP3 Players Sound Blaster Card
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Wednesday, May 6, 2009

Creative Announces Q3 FY09 US$41.8 million Loss



Well, another money losing quarter for Creative again and more restructuring efforts -> cut jobs, save money. Its not really a surprise as we already got a warning earlier on. Moving forward, it will be even tougher for Creative as they not only have to deal with the economy crisis but also the swine flu virus or the H1N1 flu virus that is infecting the Americans. This will in turn affect the US economy possibly delaying the time required for the economy to recover. It will be difficult for Creative if the US economy takes a longer time to recover.

SINGAPORE – May 5, 2009– Creative Technology Ltd. today announced financial results for the third quarter of its 2009 fiscal year, ended March 31, 2009. All financial results are stated in U.S. dollars.

Revenues for the third quarter were $83.1 million, compared to revenues of $150.3 million for the same quarter last year. Results for the period include restructuring charges of $11.2 million. Net loss for the third quarter was $41.8 million, with loss per share of $0.60. This compares to net income of $3.0 million with earnings per share of $0.04 for the same period last year.

“As we announced on April 3, our revenue and gross margins are substantially lower due primarily to two factors. First, the impact the global economic downturn has had on demand for our products, and second, our decision to close or consolidate certain businesses in order to focus on specific markets that provide the best opportunities to improve our business going forward,” said Craig McHugh, president and COO of Creative. “We expect the difficult market conditions to remain this quarter. We will continue our efforts to restructure our Company as we work to further reduce operating expenses and our operating loss.”

Share Buyback Program
During the third quarter, Creative purchased 1.31 million shares under its share buyback program at an average price of $2.74.

4 comments:

S Eshagh said...
This comment has been removed by a blog administrator.
Anonymous said...

Wonder why others are not coming forward to by Creative...

Anonymous said...

Wonder why others are not coming forward to buy Creative...

Jimmyboy88 said...
This comment has been removed by the author.

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