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Reuters: ‘Creative Outlook Dims as iPod Shines’
Sunday, August 7th, 2005 at 3:00 PM - by Brad Cook
Reuters reporter Jennifer Tan writes on Monday that Singapore-based Creative Technology, which will report its latest financial results on Thursday, "probably swung to a quarterly loss and wrote off unsold stock after consumer demand softened and stiff competition hit margins." She added: "Analysts said Creative's fundamentals are likely to worsen."
Creative issued a sales warning in June, citing weak demand that at the time led some analysts to believe the bloom was off the MP3 player market. That caused Apple's stock to suffer, but when the company exceeded expectations during its quarterly call with analysts last month, it recovered. The general consensus then went in the direction of weakness in Creative's MP3 player business, which hasn't been helped by the US$100 million that its CEO pledged earlier this year to spend on marketing.
Ms. Tan writes that expectations for Creative's earnings announcement include a loss between $4 and $10.3 million, which does not "include write-downs for excess inventory or investment losses from its portfolio, analysts said." She adds that Creative's gross margin has likely dropped from 32.9% a year ago to less than 20% today. The company's stock is down 26% in the past 12 months.
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