Scitex yields $12.1 million net loss in first quarter
Scitex Corp. Ltd., Herzlia, Israel, reported a $12.1 million loss for the first quarter ended March 31. This is an improvement, however, over a net loss of $17.2 million in the same quarter last year. Revenue for the first quarter was $64.1 million, down from $168.7 million in the first quarter of 2000. The company said comparisons between the two quarters are irrelevant due to a shift in its digital preprint business in the second quarter of 2000. Scitex now has an equity investment in Creo Products Inc., where it formerly had full ownership. Meaningful comparisons will be possible beginning with the second quarter of 2001.
| Scitex Corp. Ltd. |
| (in thousands U.S. dollars, unaudited) |
|
Three months ended March 31, 2001 |
Three months ended March 31, 2000 |
| Net revenue |
$64,119 |
$168,731 |
| Net loss |
($12,120) |
($17,153) |
Creo Products’ acquisition of Scitex prepress division yields both higher revenue and a net loss
Creo Products Inc., Vancouver, British Columbia, Canada, said its purchase of Scitex Corp.’s prepress division boosted revenue in the second quarter ended March 31. Creo achieved revenue of US$172.9 million for the quarter, compared to $63.3 million in the second quarter of 2000. The company said this increase was primarily the result of its April 2000 acquisition of the prepress division of Scitex. Despite higher revenue, however, Creo reported a net loss of $9.9 million for the quarter, compared to net income of $7.1 million last year.
Revenue for the first six months of fiscal year 2001 was $343.3 million, compared to $117.4 million in the same period last year. Creo reported a net loss of $23.6 million for the six months, compared to net income of $12.4 million last year.
Creo said it yielded a net loss for the first six months and the second quarter due to the business integration costs and goodwill and amortizations costs of the Scitex acquisition.
| Creo Products Inc. |
| (in thousands U.S. dollars, unaudited) |
|
Three months ended March 31, 2001 |
Three months ended March 31, 2000 |
Six months ended March 31, 2001 |
Six months ended March 31, 2000 |
| Net revenue |
$172,919 |
$63,284 |
$343,337 |
$117,405 |
| Net income (loss) |
($9,886) |
$7,130 |
($23,559) |
$12,356 |
|
