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Sales for the second quarter of fiscal 1999 were US$428.7 million, up from US$395.0 million for the same quarter last year. Sales for the first six months of fiscal 1999 were US$707.7 million, up from US$682.8 million for the same period last year.
Results for the second quarter were:
Results for the first six months of fiscal 1999 were:
During the latter part of the quarter, following final approval by the government of Singapore, Creative commenced its stock buy-back program, repurchasing approximately 3.5 million shares at a cost of US$57.5 million. These repurchased shares represented approximately four percent of the total number of shares then outstanding. Because the buy-back occurred late in the quarter, the shares repurchased did not have a significant impact on the number of shares used in earnings per share calculations.
Also during the quarter, Creative announced that its shareholders approved dividends totaling US$0.50 - comprising an Ordinary Dividend of US$0.25 and a Special Dividend of US$0.25, both of which are tax-exempt in Singapore - for each ordinary share of the company for the current fiscal year ending June 30, 1999 (no dividends were paid in any previous fiscal year). The record date for the dividend was January 18, 1999. The payment date is set to be February 2, 1999.
"We are pleased to report earnings in line with expectations for the quarter and to have delivered solid overall results," said Sim Wong Hoo, chairman and chief executive officer of Creative Technology Ltd. "During the quarter, our European business grew to unprecedented levels, offsetting ongoing weakness in Asia and the deteriorating Latin American market. Although relatively small in absolute dollars, our e-commerce channel partners showed substantial and very exciting percentage increases in sales of our products via the Web. The growth in sales through this new e-commerce channel is particularly exciting because it is in addition to dramatic year-over-year sales gains at our top five US retailers."
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Except for the historical information contained herein or in the accompanying conference call, the statements herein and in the call (including information on future products, future marketing efforts, and future revenues, margins, expenses and earnings) are forward looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward looking statements. Such statements are subject to the attached cautionary statements which are provided pursuant to The Private Securities Litigation Reform Act of 1995.
Creative Technology Ltd. develops, manufactures and markets a wide array of advanced multimedia solutions for the PC, entertainment, education, music and productivity tools markets. Creative's products are marketed through the OEM, systems integrator and retail channels under a variety of trademarks, including the "Blaster" family name. With the new Sound Blaster PCI standard, Creative has produced a solution that utilizes a combination of hardware and software for near-perfect compatibility with existing DOS and Windows titles. Creative's corporate headquarters and primary manufacturing are based in Singapore, with sales, distribution and research and development being carried out through an extensive, global network of subsidiaries located in North America, Europe, Asia and Africa.
Sound Blaster and Blaster are registered trademarks and PC-DVD Encore, DeskTop Theater, 3D Blaster and Graphics Blaster are trademarks of Creative Technology Ltd. Cambridge SoundWorks is a registered trademark of Cambridge SoundWorks, Inc. All other products mentioned herein are trademarks of their respective owners and are hereby recognized as such.
Safe Harbor for Forward Looking Statements:
Except for the historical information contained herein and in the accompanying conference call on today's date, the matters set forth herein and in the accompanying conference call (including our guidance on future revenues, margins, expenses and earnings) are forward looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward looking statements. Such risks and uncertainties include, among others: potential fluctuations in quarterly results due to the seasonality of Creative's business and the difficulty of projecting such fluctuations; reductions in the market value of products sold by Creative, including increases in supply or declines in demand or prices for CD-ROM or DVD drives, board and chip-level products, and software products; the short product cycles that characterize most of Creative's products; the increasing proliferation of sound functionality at the chip and operating system levels; Creative's reliance on sole sources for many of its chips and other key components; the timely ramp, delivery and market acceptance of new products, including Creative's next generation audio, graphics accelerator, CD-ROM and DVD drives and communications products; the volatility of share prices for companies in Creative's industry and the effect of those prices or other events beyond Creative's control; and other risk factors described in Creative's filings with the Securities and Exchange Commission over the past twelve months.