| CREATIVE TECHNOLOGY LTD. | |||||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF INCOME | |||||||||||||
| (In US$ thousands, except per share amounts) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three months ended March 31, | Nine months ended March 31, | ||||||||||||
| 1996 | 1995 | 1996 | 1995 | ||||||||||
| Sales | $ | 282,062 | $ | 280,491 | $ | 1,015,759 | $ | 931,683 | |||||
| Cost of goods sold | 269,557 | 216,566 | 849,331 | 700,584 | |||||||||
| Gross profit | 12,505 | 63,925 | 166,428 | 231,099 | |||||||||
| Operating expenses: | |||||||||||||
| Selling, general and administrative expenses | 31,201 | 39,487 | 118,272 | 130,532 | |||||||||
| Research and development | 7,392 | 9,857 | 26,941 | 31,763 | |||||||||
| One time charges | 4,647 | - | 4,647 | 7,000 | |||||||||
| Total operating expenses | 43,240 | 49,344 | 149,860 | 169,295 | |||||||||
| Operating income (loss) | (30,735) | 14,581 | 16,568 | 61,804 | |||||||||
| Interest income (expense) and other, net | (1,824) | (1,281) | (10,805) | (4,072) | |||||||||
| Income (Loss) before income taxes and minority interest | (32,559) | 13,300 | 5,763 | 57,732 | |||||||||
| Provision for income taxes | (142) | (1,240) | (5,886) | (6,390) | |||||||||
| Minority interest | (415) | (900) | 603 | (835) | |||||||||
| Net income (loss) | $ | (33,116) | $ | 11,160 | $ | 480 | $ | 50,507 | |||||
| Net income (loss) per share | $ | (0.38) | $ | 0.13 | $ | 0.01 | $ | 0.56 | |||||
| Average ordinary shares and equivalents outstanding | 88,135 | 89,073 | 87,940 | 89,899 | |||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (In US$ thousands) | ||||||||
| (Unaudited) | ||||||||
| 31-Mar-96 | 30-Jun-95 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 122,585 | $ | 127,428 | ||||
| Accounts receivable, less allowances of $15,675 and $9,519 | 134,528 | 146,949 | ||||||
| Inventory | 283,662 | 262,091 | ||||||
| Other assets and prepaids | 33,784 | 31,759 | ||||||
| Total current assets | 574,559 | 568,227 | ||||||
| Property and equipment, at cost less accumulated depreciation | 66,140 | 62,104 | ||||||
| Investments and other non-current assets | 31,822 | 30,904 | ||||||
| $ | 672,521 | $ | 661,235 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 150,152 | $ | 176,373 | ||||
| Other accrued liabilities | 77,298 | 52,718 | ||||||
| Income taxes payable | 28,282 | 23,690 | ||||||
| Current portion of long term obligations | 100,266 | 154 | ||||||
| Total current liabilities | 355,998 | 252,935 | ||||||
| Long term obligations | 7,867 | 101,893 | ||||||
| Minority interest in subsidiaries | 2,886 | 3,919 | ||||||
| Shareholders' Equity: | ||||||||
| Ordinary Shares; S$0.25 par value Authorized: 200,000 shares Outstanding: 88,163 and 87,637 shares | 8,925 | 8,833 | ||||||
| Additional paid-in capital | 121,306 | 118,596 | ||||||
| Retained earnings | 175,539 | 175,059 | ||||||
| Total shareholders' equity | 305,770 | 302,488 | ||||||
| $ | 672,521 | $ | 661,235 | |||||
Copyright ©1995, 1996
Creative Labs, Inc.