Creo announces third quarter fiscal 2001 results
$10 million in Adjusted Earnings; Company Launches Efficiency Program
VANCOUVER, Aug. 2 /PRNewswire/ – Creo Products Inc. (NASDAQ: CREO – news; TSE: CRE – news; ‘Creo’) today announced financial results for the three and nine months ended June 30, 2001, reported in U.S. dollars.
For the third fiscal quarter of 2001, Creo achieved revenues of $170.0 million or an increase of 4.6 percent, compared to $162.6 million in the third quarter of fiscal 2000. Adjusted earnings for Creo were $10.0 million or $0.20 per share (diluted) excluding the effect of business integration costs of $1.3 million and goodwill and other intangible assets amortization of $18.3 million. This compares to adjusted earnings of $13.7 million or $0.28 per share (diluted) for the same period a year ago. Under U.S. GAAP, Creo recorded a loss of $8.4 million or $0.17 per share (diluted) for the third fiscal quarter, and under Canadian GAAP, the company reported a loss of $9.3 million or $0.19 per share (diluted).
“Our performance was reasonably stable this quarter,” stated Amos Michelson, chief executive officer of Creo. “However, we are seeing more customers delaying purchases due to the economic climate. Given the continued weakness in the North American and European markets, we are focused on those elements of our performance that we can control – bringing strong products to market quickly and ensuring that our sales force is optimally effective. We are also implementing a worldwide initiative to reduce costs and increase operating efficiencies while continuing to manage the company for the long- term.”
