 |
CREATIVE TECHNOLOGY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In US$'000, except per share data)
(Unaudited)
|
|
|
Three months ended December 31, |
|
Six months ended December 31, |
|
|
|
1998 |
|
1997 |
|
1998 |
|
1997 |
 |
|
|
|
|
|
|
|
|
|
| Sales, net |
|
$ |
428,699 |
$ |
395,010 |
$ |
707,688 |
$ |
682,776 |
|
|
|
|
|
|
|
|
|
|
| Cost of goods sold |
|
|
299,308 |
|
264,933 |
|
498,464 |
|
457,971 |
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
|
129,391 |
|
130,077 |
|
209,224 |
|
224,805 |
|
|
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
58,445 |
|
41,150 |
|
110,168 |
|
75,616 |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
11,681 |
|
11,985 |
|
132,195 |
|
156,882 |
|
|
|
|
|
|
|
|
|
|
|
Other charges |
|
-- |
|
60,300 |
|
-- |
|
60,300 |
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
|
70,126 |
|
113,435 |
|
132,195 |
|
156,882 |
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
|
59,265 |
|
16,642 |
|
77,029 |
|
67,923 |
|
|
|
|
|
|
|
|
|
|
| Interest income and other, net |
|
|
6,094 |
|
6,276 |
|
11,711 |
|
29,750 |
|
|
|
|
|
|
|
|
|
|
| Income before income taxes and minority interest |
|
|
65,359 |
|
22,918 |
|
88,740 |
|
97,673 |
|
|
|
|
|
|
|
|
|
|
| Provision for income taxes |
|
|
(4,889) |
|
(8,332) |
|
(6,993) |
|
(13,960) |
|
|
|
|
|
|
|
|
|
|
| Minority interest in (income) loss |
|
|
112 |
|
86 |
|
348 |
|
1,027 |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
60,582 |
$ |
14,672 |
$ |
82,095 |
$ |
84,740 |
|
|
|
|
|
|
|
|
|
|
| Basic earnings per share: |
|
$ |
0.66 |
$ |
0.16 |
$ |
0.89 |
$ |
0.95 |
|
|
|
|
|
|
|
|
|
|
| Average ordinary shares outstanding ('000) |
|
|
92,428 |
|
90,167 |
|
92,708 |
|
89,614 |
|
|
|
|
|
|
|
|
|
|
| Diluted earnings per share: |
|
$ |
0.64 |
$ |
0.15 |
$ |
0.86 |
$ |
0.89 |
|
|
|
|
|
|
|
|
|
|
| Average ordinary shares and equivalents outstanding ('000) |
|
|
95,137 |
|
95,031 |
|
95,052 |
|
94,730 |
CREATIVE TECHNOLOGY LTD.
CONSOLIDATED BALANCE SHEETS
(In US$'000, except per share data)
(Unaudited)
|
|
|
December 31, |
|
June 30, |
|
|
|
1998 |
|
1998 |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
390,266 |
$ |
417,262 |
|
Accounts receivable, less allowances of |
|
13,000 |
|
14,074 |
|
Inventory |
|
124,945 |
|
144,320 |
|
Other assets and prepaids |
|
16,780 |
|
10,180 |
|
Total current assets |
|
760,864 |
|
687,692 |
|
|
|
|
|
|
| Property and equipment, net |
|
|
98,694 |
|
100,767 |
| Investments and other non-current assets |
|
|
98,199 |
|
100,767 |
| Investments and other non-current assets |
|
|
79,882 |
|
76,654 |
| Total Assets |
|
$ |
938,945 |
$ |
865,113 |
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Current Liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
123,970 |
$ |
90,544 |
|
Other accrued liabilities |
|
80,051 |
|
61,381 |
|
Dividend Payable |
|
44,991 |
|
-- |
|
Income taxes payable |
|
47,597 |
|
45,002 |
|
Current portion of long term obligations |
|
5,258 |
|
5,973 |
|
Total current liabilities |
|
301,867 |
|
202,900 |
|
|
|
|
|
|
| Long term obligations |
|
|
31,306 |
|
32,277 |
|
|
|
|
|
|
| Minority interest in subsidiaries |
|
|
7,477 |
|
7,622 |
|
|
|
|
|
|
| Shareholders' equity: |
|
|
|
|
|
|
Ordinary shares ('000); S$0.25 par value; |
|
|
|
|
|
Authorized: 200,000 shares Outstanding: |
$ |
89,983 |
$ |
92,914 |
|
shares |
|
9,231 |
|
9,678 |
|
Additional paid-in capital |
$ |
161,577 |
$ |
158,532 |
|
Unrealised holding gains on quoted investments |
|
7,558 |
|
13,719 |
|
Retained earnings |
$ |
419,929 |
$ |
440,385 |
|
Total shareholders' equity: |
$ |
598,295 |
$ |
622,314 |
|
|
|
|
|
|
| Total Liabilities and Shareholders' Equity: |
|
$ |
938,945 |
$ |
865,113 |
|
|