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Creative Posts Loss For Q4, Fiscal Year

Creative Technology announced worse-than-expected financial results for the fourth quarter and fiscal year 2001.
The company posted a net loss for the quarter of $73.4 million ($0.94 per share), on sales of $234.2 million -- down from $307.7 million for the same quarter of last year. Sales for fiscal year 2001, which ended June 30, were $1.23 billion, down from $1.34 billion in 2000. The net loss for fiscal 2001 was $130.4 million ($1.65 per share), which includes net investment losses and write-downs totaling $148.5 million and restructuring and other charges of $31.0 million. "As we previously announced, we fell short of our original revenue guidance for the quarter, primarily because of an unexpected downturn in sales in our Asian and European regions in the back half of the quarter," said Craig McHugh, president of Creative Labs, Inc. "Notwithstanding, we significantly reduced our inventory levels and operating expenses, and we posted positive operating income. We are also announcing today that we have embarked on a plan to focus the Company around our core audio businesses, which provide our highest margins."

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