SINGAPORE (04/28/2000) - Multimedia systems vendor Creative Technology Ltd. has posted record net income of US$88.3 million on revenue of $330 million for the third quarter of its fiscal 2000 year, ended Mar. 31, 2000. Revenue was 5 percent higher than the $313.7 million achieved in the equivalent quarter last year, when net income reached $18.3 million, the company announced today.
Sales for the first nine months of fiscal 2000 were $1.036 billion, compared to $1.021 billion for the same period last year. Net income for the first nine months of fiscal 2000, including investment gains of $84.2 million, was $143.6 million. This compares to net income of $100.3 million for the same period last year.
The record income figure for the third quarter show that Creative's diversification from the audio and video card business into a broad-based clicks-and-mortar company is now yielding tangible results, Sim Wong Hoo, chairman and chief executive officer of Singapore-based Creative said in a statement.
Creative has moved strongly into the Internet music market, introducing the Nomad portable MP3 player and Lava Producer, a 3D music video authoring tool.
Creative has invested over $70 million in 20 start-up companies in a move to broaden its market reach to embrace the Internet. Many of these belong to the new local Internet companies being encouraged by the Singapore government, including regional portal Catcha.com Pte. Ltd. and Internet telephony companies MediaRing.com Pte. Ltd. and Innomedia Pte. Ltd.
Creative can be contacted at +65-895-4717 or on the Web at http://www.ctlsg.creaf.com/.