 |
CREATIVE TECHNOLOGY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In US$'000, except per share data)
(Unaudited)
|
|
|
Three months ended March 31, |
|
Nine months ended March 31, |
|
|
|
1999 |
|
1998 |
|
1999 |
|
1998 |
 |
|
|
|
|
|
|
|
|
|
| Sales, net |
|
$ |
313,715 |
$ |
298,423 |
$ |
1,021,403 |
$ |
981,199 |
|
|
|
|
|
|
|
|
|
|
| Cost of goods sold |
|
|
232,964 |
|
202,124 |
|
731,428 |
|
660,095 |
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
|
80,751 |
|
42,949 |
|
161,702 |
|
118,565 |
|
|
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
51,534 |
|
42,949 |
|
161,702 |
|
118,565 |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
11,825 |
|
10,142 |
|
33,852 |
|
31,108 |
|
|
|
|
|
|
|
|
|
|
|
Other charges |
|
-- |
|
-- |
|
-- |
|
60,300 |
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
|
63,359 |
|
53,091 |
|
195,554 |
|
209,973 |
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
|
17,392 |
|
43,208 |
|
94,421 |
|
111,131 |
|
|
|
|
|
|
|
|
|
|
| Interest income and other, net |
|
|
2,908 |
|
6,730 |
|
14,619 |
|
36,480 |
|
|
|
|
|
|
|
|
|
|
| Income before income taxes and minority interest |
|
|
20,300 |
|
49,938 |
|
109,040 |
|
147,611 |
|
|
|
|
|
|
|
|
|
|
| Provision for income taxes |
|
|
(1,624) |
|
(4,962) |
|
(8,617) |
|
(18,922) |
|
|
|
|
|
|
|
|
|
|
| Minority interest in (income) loss |
|
|
(425) |
|
261 |
|
(77) |
|
1,288 |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
18,251 |
$ |
45,237 |
$ |
100,346 |
$ |
129,977 |
|
|
|
|
|
|
|
|
|
|
| Basic earnings per share: |
|
$ |
0.21 |
$ |
0.50 |
$ |
1.10 |
$ |
1.44 |
|
|
|
|
|
|
|
|
|
|
| Average ordinary shares outstanding ('000) |
|
|
88,398 |
|
91,169 |
|
91,271 |
|
90,132 |
|
|
|
|
|
|
|
|
|
|
| Diluted earnings per share: |
|
$ |
0.20 |
$ |
0.48 |
$ |
1.07 |
$ |
1.37 |
|
|
|
|
|
|
|
|
|
|
| Average ordinary shares and equivalents outstanding ('000) |
|
|
90,835 |
|
95,056 |
|
93,646 |
|
94,839 |
CREATIVE TECHNOLOGY LTD.
CONSOLIDATED BALANCE SHEETS
(In US$'000, except per share data)
(Unaudited)
|
|
|
March 31, |
|
June 30, |
|
|
|
1999 |
|
1998 |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
348,531 |
$ |
417,262 |
|
Accounts receivable, net |
|
11,622 |
|
14,074 |
|
Inventory |
|
130,874 |
|
144,320 |
|
Other assets and prepaids |
|
12,292 |
|
10,180 |
|
Total current assets |
|
655,454 |
|
687,692 |
|
|
|
|
|
|
| Property and equipment, net |
|
|
98,694 |
|
100,767 |
| Investments and other non-current assets |
|
|
89,512 |
|
76,654 |
| Other non-current assets |
|
|
89,512 |
|
76,654 |
| Total Assets |
|
$ |
843,660 |
$ |
865,113 |
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Current Liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
127,562 |
$ |
90,544 |
|
Other accrued liabilities |
|
60,296 |
|
61,381 |
|
Income taxes payable |
|
47,084 |
|
45,002 |
|
Current portion of long term obligations |
|
6,602 |
|
5,973 |
|
Total current liabilities |
|
241,544 |
|
202,900 |
|
|
|
|
|
|
| Long term obligations |
|
|
29,193 |
|
32,277 |
|
|
|
|
|
|
| Minority interest in subsidiaries |
|
|
7,594 |
|
7,622 |
|
|
|
|
|
|
| Shareholders' equity: |
|
|
|
|
|
|
Ordinary shares ('000); S$0.25 par value; |
|
|
|
|
|
Authorized: 200,000 shares Outstanding: |
$ |
85,890 |
$ |
92,914 |
|
shares |
|
8,628 |
|
9,678 |
|
Additional paid-in capital |
$ |
163,254 |
$ |
158,532 |
|
Unrealised holding gains on quoted investments |
|
8,180 |
|
13,719 |
|
Retained earnings |
$ |
385,267 |
$ |
440,385 |
|
Total shareholders' equity: |
$ |
565,329 |
$ |
622,314 |
|
|
|
|
|
|
| Total Liabilities and Shareholders' Equity: |
|
$ |
843,660 |
$ |
865,113 |
|
|
