Creative Muvo2 FM
Creative Muvo2 FM Mp3 Player, size: 1.6 MB
Creative Muvo2 FM Quick Start
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User reviews and opinions
|mdefreitas||2:56am on Friday, October 1st, 2010|
|Love It This was my first MP3 player and when it broke (i left it in front of the computer vent and it overheated) I bought the same one again.|
|cocoon||6:47am on Wednesday, September 15th, 2010|
|This is a great new mp3 player. portable, light-weight, 5gb n/a For the price and the build quality, this is an amazing value. 1. Compact Size 2. Huge Space - 5GB 3. Great Sound Qaulity 4.|
|bruce.wilson||7:13am on Sunday, June 20th, 2010|
|size, had a good memory size (at the time), microdrive more shock resistant compared to hard drives buttons hard to press, screen too small. size, had a good memory size (at the time), microdrive more shock resistant compared to hard drives buttons hard to press, screen too small. This is a great mp3 player which I have owned for the last 3 years. It has never once let me down. The usb2 lead loads songs up quickly.|
|Jens-Uwe||6:50pm on Friday, May 28th, 2010|
|Navigation is User Friendly, Removable USB drive is awesome. I love the microphone option. You can record hours of conversations.|
|chocoholic||7:32pm on Monday, March 29th, 2010|
|This is a nifty little gadget. I have 2, this one and the 256 without the FM radio. If I got to choose over again, I would go without the radio.|
Comments posted on www.ps2netdrivers.net are solely the views and opinions of the people posting them and do not necessarily reflect the views or opinions of us.
The Leader In Digital Entertainment
Here at Creative, we aim to meld our products into your life. With a slew of top-notch quality MP3 players, speakers and a host of other products, we offer consumers a variety of choices coupled with entertaining experiences. To us, innovation has no limits and we will continue to evolve along with your ever-changing needs. For now. For always.
Sleek, stylish design Revolutionary innovative technology Sheer uncompromised quality Great, unbeatable value Excellent customer service
Constant Innovation. Uncompromising Quality.
In keeping with our promise of constant innovation, Creative is proud to present to you our new range of MP3 players. As always, each player is created with uncompromising quality as our guiding principle, and built with its own unique sense of identity. Also integrated within every Creative MP3 player is our guarantee of unsurpassed cutting-edge technology blended seamlessly with the trendiest designs. Whatever the occasion or lifestyle you lead, we have a player that suits your every need.
Creative NOMAD MuVo NX 128MB Creative DMP FX120 Creative DMP FX120 Creative DMP FX120 Creative DMP FX120 Creative MuVo Micro Creative MuVo TX FM 512MB Creative MuVo Sport
Creative MuVo TX 256MB
Creative Rhomba NX 512MB
Creative NOMAD MuVo NX 256MB
Creative MuVo Slim
Introducing ZEN Micro - The Mesmerizing Beauty.
Holds up to 2,500 songs on 5GB hard drive Removable rechargeable battery Up to 12 hours of battery life FM radio Voice recording Vertical touch pad Micro sized (3.3" tall, 2" wide, 0.7" deep) Curved to fit your hand Superb audio clarity at 98dB SNR A choice of 10 colours
Creative NOMAD MuVo2 FM 5GB
Creative Portable Media Center
Creative MuVo TX FM 512MB
Creative NOMAD MuVo2 FM 5GB Creative NOMAD MuVo2 FM 5GB Creative ZEN Touch
Creative PC-CAM 920 Slim
Creative I-Trigue L3450
Creative TravelSound MP3
SoundWorks Radio CD
Creative I-Trigue 5600
Creative Sound Blaster Live! 24-bit External
Creative WebCam Live! Creative Inspire TD7700
Creative Sound Blaster PCMCIA Audigy 2 ZS
Creative WebCam Instant
Creative Digital Camera 4200ZS
Creative DV-CAM 316 Creative I-Trigue 3400 Creative GigaWorks S750 700Watts 7.1 Speaker System Creative Prodikey DM
TABLE OF CONTENTS
Chairmans Message Selected Consolidated Financial Data Managements Discussion and Analysis of Financial Condition and Results of Operations Report of Independent Accountants Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Cash Flows Consolidated Statements of Shareholders Equity Notes to Consolidated Financial Statements Stock Market Information The Creative Network Corporate Directory 2 4
US report 04-6 22-9 Black
27/9/04, 3:40 PM
Dear Shareholders, In my message to you last year, I shared with you that Creative was at an inflection point. I said that the Personal Digital Entertainment (PDE) market that we pioneered five years earlier has finally achieved critical mass, and has reached a self sustaining rapid growth stage and is about to explode. The PC and consumer electronics markets were also at their inflection points, with the two giant markets converging on the new PDE market and moving towards a head-on collision to battle for the dominance of this new space. Over the past year, the PDE market has indeed exploded, especially for the MP3 digital audio segment. Major players, incumbents as well as new players, from both the PC and consumer electronics market have been drawn in by the attractive opportunities in this nascent and potentially huge, but highly competitive market. Competition is expected to become more intense as even more entrants are drawn in, but we expect the market to consolidate soon to a few major players. In fact, the consolidation has already begun. On Creatives part, we were well positioned and fully prepared to take on this new and exciting challenge. We had over the past year continued to prepare ourselves for the challenge of extending our unrivaled leadership position in the PC audio arena into the highly competitive PDE market, focusing attention especially on the MP3 digital audio segment. We continued to acquire new capabilities in PDE, focusing our R&D resources on innovation in both technical product design and visual ID of our products (the results of which you can see on the cover pages of this Annual Report), which are key to the PDE market, as we significantly increased the overall number of product offerings. I am pleased to report that Creative has lived up to the challenge to take advantage of this new inflection point and we are ready to enter a new era of rapid growth on the back of the exploding MP3 digital audio and PDE markets. We have started to reap the benefits of our hard work over the past few years to remodel our product lines and businesses, and to invest in expanding our product development capabilities in PDE. We returned to revenue growth in fiscal 2004, with significant growth in revenues coming from the PDE product category, and continued to achieve operating profits in all four quarters of the fiscal year. Sales for fiscal year 2004 were $815 million, an increase of 16% compared to $702 million for the fiscal year 2003. Gross profit as a percentage of sales was 35% in fiscal 2004, similar to that achieved in fiscal 2003. Net income for fiscal 2004 was $134 million, compared to $23 million in fiscal 2003. Net income for fiscal 2004 included net investment gains of $73 million and a tax write-back of $12 million, while the net income for fiscal 2003 included net investment losses of $6 million. Excluding these investment gains/ losses and tax write-back, the results would have been a net income of $49 million for fiscal 2004 and $29 million for fiscal 2003. We finished the fiscal year with strong growth in sales, particularly in the third and fourth quarters where we achieved exceptionally strong growth of 26% and 35% respectively year-over-year. This strong growth was driven largely by the PDE product category, which includes our Zen and MuVo MP3 digital audio players and our family of webcams, with PDE sales increasing by 115% for the fiscal year. For the third and fourth quarters, the growth rate for PDE sales was a phenomenal 121% and 219% respectively year-over-year. Within PDE, the growth rate for MP3 digital audio players was even more phenomenal, with sales in the fourth quarter growing to almost four times year-over-year. PDE products became the largest revenue contributor in fiscal 2004. Sales from PDE as a percentage of total sales increased to 33%, compared to 18% in the previous year. Its contribution continued to increase in each quarter during the year and rose to a record high of 44% in the fourth quarter. Reflecting our continued success in moving beyond the PC market and into the consumer electronics market, revenue contribution from the sale of products outside the PC box grew to 64% of total revenues in fiscal 2004, and reached a record high of above 70% in the fourth quarter. With the large majority of our revenue coming from products functioning external to the PC box, we are no longer solely dependent on the PC market and add-in cards. In achieving the above accomplishments, we have significantly expanded the breadth of our product lines over the past year, with the introduction of more new products than in any other period in our history, particularly in the PDE category. New products in the PDE category include MP3 digital audio players in all four segments of the market, i.e. flash memory, 1.0-inch microdrives and 1.8-inch hard drives, as well as the personal media center (PMC) players. Flash memory MP3 digital audio players included the MuVo NX, TX and TX FM range of products. The latest MuVo TX FM comes with a choice of 128MB, 256MB and 512MB capacities, a super fast USB 2.0 flash drive, and FM radio functionality in a tiny form factor.
The Creative MuVo Slim was a notable addition to the flash memory MP3 line-up with a lovely slender form, a choice of 8 brilliant colors, and great usability. The MuVo2 1.0-inch microdrive MP3 digital audio player was released in 1.5GB, 4GB and 5GB capacities and saw overwhelming demand from the channels worldwide. The MuVo2 5GB is offered in a variety of 5 trendy colors. The Creative Zen Touch is the companys flagship high capacity MP3 digital audio player and was the first to be shipped with a 1.8 inch hard drive. It is a prime example of what consumers look for in a PDE device: great looks, great audio quality, ease-of-use, super-long battery life and large storage capacity. Its unique vertical scroll strip allows for fast, convenient searching of music files. The recently launched Creative Zen Portable Media Center (PMC) allows consumers to store and play back their favorite video clips, thousands of digital photos, as well as thousands of songs, and take all of them along with them wherever they go. Long battery life and an attractive display round off an impressive package. New products in the other product categories include: for audio, the flagship Sound Blaster Audigy 2 ZS Platinum Pro, which is the leading PC audio card for movies, games, and music; for speakers, Creative GigaWorks S750, the premier 7.1 speaker system offered by Creative which combines crystal-clear satellite speakers with a subwoofer offering thumping bass; and for workstation graphics, the 3Dlabs Wildcat Realizm which has set impressive new standards for professional graphics and has rocked the workstation market with its stunning image processing power. To have a comprehensive view of the breadth and beauty of the full range of Creatives new products, which includes many offerings in MP3 digital audio players, cameras, sound cards, external audio, speakers, workstation graphics, communications, keyboards and mice, I would like to invite you to visit the Creativex Showroom at our Singapore Headquarters and our www.creative.com web site. Looking ahead, we intend to continue focusing on growing revenue and gaining market share in the MP3 and PDE markets. We believe the growth we saw in the past year is just the beginning of the many new opportunities to grow our PDE revenues. There are significant further long term growth opportunities in the PDE market, driven mainly by the MP3 segment, which we believe has the potential to continue its exponential growth over the next few years. We also see significant opportunities to further build our direct-to-consumer business, and to aggressively pursue the OEM and ODM channels for our PDE products. Overall, we expect PDE to contribute more than 50% of total revenues in the current fiscal year. To support this growth, we have continued to expand our R&D resources in MP3 and PDE development to increase significantly our product offerings in this category. Our early success in this area is clearly visible in our MP3 players segment, where we expect to double the line of MP3 players from the present 8 lines to 16 lines by this year end, covering all segments of the MP3 market. I am so proud of the new lineup of MP3 players that we have for this holiday season, that I have decided to give all our valued shareholders a sneak preview of what I feel will be the hottest upcoming line of MP3 players in our arsenal the Zen Micro which you can see on the front and inside covers of this Annual Report. We will also need to significantly increase our investments in marketing. We have started an aggressive marketing campaign in Singapore, including both print and TV advertising, and it has achieved very effective results. Following the success in Singapore, we intend to scale the marketing campaign globally, starting initially with Asia, focusing on major cities. The PDE market will be very competitive and challenging. However, with the benefit of the experience we have gained from the PC market, which is marked by rapid changes in technology and market conditions, we have the ability to respond rapidly to changes in business conditions and rise to meet the competition and challenges in the PDE market. We believe we can remain quick and nimble, execute well on our plans, and be the strong leader in the PDE and MP3 digital audio player markets.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES GENERAL Managements Discussion and Analysis of Financial Condition and Results of Operations are based upon Creatives Consolidated Condensed Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Management believes the following critical accounting policies affect its more significant estimates and assumptions used in the preparation of its consolidated financial statements: Revenue recognition; Allowances for doubtful accounts, returns and discounts; Valuation of inventories; Valuation of investments; Valuation of goodwill and other intangible assets; Assessment of the probability of the outcome of current litigation; and Accounting for income taxes.
REVENUE RECOGNITION Revenue from product sales is recognised when persuasive evidence of an arrangement exists, title and risk of loss transferred, delivery has occurred, price is fixed or determinable, and collectibility is probable. Allowances are provided for estimated returns, discounts and warranties. Management analyzes historical returns, current economic trends and changes in customer demand and acceptance of its products when evaluating the adequacy of the sales returns allowance. Such allowances are adjusted periodically to reflect actual and anticipated experience. When recognizing revenue, Creative records estimated reductions to revenue for customer and distributor programs and incentive offerings, including price protection, promotions, other volume-based incentives and rebates. Significant management judgment and estimates must be used in connection with establishing these allowances in any accounting period. If market conditions were to change, Creative may take action when necessary to increase customer incentive offerings, possibly resulting in an incremental reduction of revenue at the time the incentive is offered.
ALLOWANCES FOR DOUBTFUL ACCOUNTS, RETURNS AND DISCOUNTS Creative establishes allowances for doubtful accounts, returns and discounts for specifically identified doubtful accounts, returns and discounts based on credit profiles of its customers, current economic trends, contractual terms and conditions and historical payment, return and discount experience. Management performs ongoing credit evaluations of customers financial condition and uses letters of credit in certain circumstances. Credit insurance coverage is obtained when coverage is available and feasible. However, Creative is not able to procure credit insurance coverage for all customers as insurers have excluded certain customers and geographic markets. In the event actual returns, discounts and bad debts differ from these estimates, or Creative adjust these estimates in future periods, its operating results and financial position could be adversely affected.
VALUATION OF INVENTORIES Creative states inventories at the lower of cost or market. Management performs a detailed assessment of inventory at each balance sheet date to establish provisions for excess and obsolete inventories. Evaluation includes a review of, among other factors, historical sales, current economic trends, forecasted sales, demand requirements, product lifecycle and product development plans, quality issues, and current inventory levels. In the event that Creative adjusts its estimates, such as forecasted sales and expected product lifecycles, its operating results and financial position could be adversely affected.
VALUATION OF INVESTMENTS Creative holds equity investments in various companies from less than 1% to 100% of the issuers outstanding capital stock. Investments in companies in which Creative acquires more than 50% of the outstanding capital stock, or which are under Creatives effective control, are treated as investments in subsidiaries, and the balance sheets and results of operations are fully consolidated after making an allowance for any minority interests. Companies in which Creatives investments total between 20% and 50% of such companys capital stock are treated as associated companies and recorded on an equity basis, whereby the cost of investment is adjusted to recognise Creatives share of all post acquisition results of operations. As for investments of less than 20%, non-quoted investments are carried at cost, less provisions for permanent impairment where necessary, and quoted investments are reported at fair value with the unrealised gains and losses included as a separate component of shareholders equity. The investment portfolio is monitored on a periodic basis for impairment. Creatives investments in these companies are inherently risky because the markets for the technologies or products they have under development are typically in the early stages and may never develop. In the event that the carrying value of an investment exceeds its fair value and the decline in value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis for the investment is established. Fair values for investments in public companies are determined using quoted market prices. Fair values for investments in privately-held companies are estimated based upon one or more of the following: pricing models using historical and forecasted financial information and current market rates, liquidation values, the values of recent rounds of financing, or quoted market prices of comparable public companies.
RESULTS OF OPERATIONS The following table sets forth, for the periods indicated, selected statement of operations data as a percentage of sales:
Years ended June Sales, net Cost of goods sold Gross profit 100 % % % 67 33
Operating expenses: Selling, general and administrative Research and development Other charges Operating income Gross (Loss) from investments, net Interest income and other, net Income (loss) before income taxes and minority interest Provision for income taxes Minority interest in (income) loss Net income (loss) % 4 (1) (1) 3 % (6) 1 (1) (1) (2) %
Creatives net sales, by product category, for the past three fiscal years were as follows:
Percentage of Net Sales for fiscal years ended June Audio Speakers Personal Digital Entertainment Graphics & Video Communication Others 25 % 23 % 33 % 8% 4% 7% % 23 % 18 % 12 % 6% 8% % 21 % 9% 6% 9% 11 %
YEAR ENDED JUNE 30, 2004 COMPARED TO YEAR ENDED JUNE 30, 2003
Net sales Net sales for the year ended June 30, 2004 increased by 16% compared to the year ended June 30, 2003. The revenue increase was mainly attributable to Creatives strategy of focusing on audio products, speakers and personal digital entertainment (PDE) products outside the personal computer (PC) box. Audio product sales (Sound Blaster audio cards and chipsets) declined by 14% compared to fiscal year 2003, and as a percentage of sales, represented 25% of sales in fiscal 2004 compared to 33% in fiscal 2003. Sales for high-end retail audio products such as the Audigy line of products were higher in fiscal 2004 compared to fiscal 2003. Overall audio sales in fiscal 2004 were lower compared to fiscal 2003 primarily due to a drop in sales through original equipment manufacturers (OEM), particularly sales of low-end audio products. Sales of speakers increased by 16% in fiscal 2004 compared to fiscal 2003 mainly due to strong demand for new models of highend GigaWorks speakers, I-Trigue speakers and portable TravelSound speakers. As a percentage of sales, speakers remained at 23% of sales in fiscal 2004 compared to fiscal 2003. Sales of PDE products, which include digital audio players and digital cameras, increased by 115% compared to fiscal 2003 and comprised 33% of sales compared to 18% in fiscal 2003. In fiscal 2004, Creative launched a number of new digital audio players and expanded its existing MuVo family of flash players and Zen family of hard drive players which helped the company to strengthen its market share in digital audio players. The significant increase in PDE sales in fiscal 2004 was driven by strong demand for MuVo flash players, MuVo2 hard drive players and the Jukebox Zen. Sales of graphics products in fiscal 2004 decreased by 21% compared to fiscal 2003, and as a percentage of sales, decreased from 12% in fiscal 2003 to 8% in fiscal 2004. Sales of communication products decreased by 32% in fiscal 2004 compared to fiscal 2003, and as a percentage of sales, decreased from 6% in fiscal 2003 to 4% in fiscal 2004. Sales of communication products were higher in fiscal 2003 due to a major deal to supply broadband modems to a customer between March 2002 and September 2002. Sales of other products, which include mouse and keyboard products, music products, accessories and other miscellaneous items, increased by 17% in fiscal 2004 compared to fiscal 2003 but, as a percentage of sales decreased from 8% in fiscal 2003 to 7% in fiscal 2004.
PricewaterhouseCoopers Singapore September 24, 2004
CONSOLIDATED BALANCE SHEETS
(In US$000, except per share data) June ASSETS Current assets: Cash and cash equivalents Accounts receivable, less allowances of $20,700 and $18,417 Inventory Other assets and prepaids Total current assets Property and equipment, net Investments Other non-current assets Total Assets LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Accounts payable Accrued liabilities Income taxes payable Current portion of long term obligations and others Total current liabilities Long term obligations Minority interest in subsidiaries Shareholders equity: Ordinary shares (000); S$0.25 par value; Authorized: 200,000 shares Outstanding: 81,369 and 79,714 shares Additional paid-in capital Unrealized holding gains on quoted investments Deferred share compensation Retained earnings Total shareholders equity Total Liabilities and Shareholders Equity $ $ June 30 2003
211,077 85,456 183,899 27,156 507,588 106,198 209,291 117,771 940,848
232,053 61,225 80,367 11,269 384,914 104,404 49,168 108,357
86,179 88,542 28,160 7,205 210,086 35,614 3,651
52,869 79,573 37,564 5,519 175,525 39,027 3,454
7,952 323,660 151,153 (1,991) 210,723 691,497 940,848 $
7,713 314,572 14,189 (4,305) 96,668 428,837 646,843
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In US$000, except per share data) Years ended June Sales, net Cost of goods sold Gross profit Operating expenses: Selling, general and administrative Research and development Other charges (Note 17) Operating income Gain (loss) from investments, net Interest income and other, net Income (loss) before income taxes and minority interest Provision for income taxes Minority interest in (income) loss Net income (loss) Basic earnings (loss) per share Weighted average ordinary shares outstanding (000) Diluted earnings (loss) per share Weighted average ordinary shares and equivalents outstanding (000) $ $ $ 167,588 69,504 44,248 72,602 9,276 126,126 8,539 (418) 134,247 1.66 80,654 1.61 83,630 $ $ $ 162,839 58,775 27,203 (6,049) 4,864 26,018 (2,720) 79 23,377 0.30 79,202 0.29 80,851 $ $ $ 170,122 38,248 26,080 28,073 (45,414) 5,155 (12,186) (5,698) (1,843) (19,727) (0.27) 73,182 (0.27) 73,182 $ 814,853 533,513 281,340 $ 2003 701,769 452,952 248,817 $ 2002 805,905 543,382 262,523
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (decrease) in cash and cash equivalents (in US$000) 2004 Cash flows from operating activities: Net income (loss) $ Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation of fixed assets Amortisation of intangible assets Deferred share compensation amortization Write off of acquired in-process technology Minority interest in income (loss) Equity share in (gain) loss of unconsolidated investments Loss (gain) on disposal of fixed assets Write downs of investments and other non-current assets Gain from investments, net Profits arising from deemed disposal of interests in associated company Deferred income taxes, net Gain on disposal of interests in associated company Changes in assets and liabilities, net: Accounts receivable Inventory Marketable securities Other assets and prepaids Accounts payable Accrued and other liabilities Income taxes, including deferred tax Net cash (used in) provided by operating activities Cash flows from investing activities: Capital expenditures, net Proceeds from sale of fixed assets Proceeds from disposal of interests in associated company Proceeds from sale of quoted investments Purchase of new subsidiaries (net of cash acquired) Purchase of investments Increase in other non current assets, net Net cash provided by (used in) investing activities Cash flows from financing activities: (Decrease) increase in minority shareholders loan and equity balance Buyout of subsidiarys preference shares issued to minority interest Buyout of subsidiarys minority interest Proceeds from exercise of ordinary share options Repurchase of ordinary shares Proceeds from debt obligations Repayments of debt obligations Repayments of capital leases Dividends paid to ordinary shareholders 134,247 Years ended June $ 23,377 $ 2002 (19,727)
20,317 3,299 2,(287) 395 3,374 (14,812) (23,053) 4,707 (38,110)
19,094 9,129 3,706 (79) 2,186 (113) 13,618 (7,777) (2,184)
24,636 5,233 2,759 26,080 1,843 1,49,303 (5,341) 266
(24,181) (103,532) (18,011) 33,194 8,468 (9,404) (20,715)
23,968 28,182 1,388 6,488 (11,940) (3,125) (6,230) 99,688
18,243 50,589 2,193 1,094 (33,659) (29,431) (6,076) 89,440
(15,646) 161 45,372 23,777 (270) (11,700) (17,625) 24,069
(15,695) 2,605 11,248 (5,516) (4,914) (12,272)
(8,730) 383 13,936 (25,806) (9,152) (20,629) (49,998)
(84) 9,(11,620) (2,642) (20,192)
(6,690) (3,992) 4,073 30,802 (21,697) (2,887) (19,824)
229 (10,019) 8,195 (18,013) (2,758) (292) (18,024)
27/9/04, 3:41 PM
2004 Dividends paid to minority interest Net cash used in financing activities Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental disclosure of cash flow information: Interest paid Income taxes paid, net Non cash transaction: Buyout of a subsidiarys preference shares Shares issued for aqcuisition of subsidiary Fixed assets acquired under capital lease $ (24,330) (20,976) 232,053 211,077
Years ended June (2,065) (22,280) 65,136 166,917 $ 232,053 $
2002 (40,682) (1,240) 168,157 166,917
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
(In US$000, except share data) Ordinary Shares (000) Balance at June 30, 2001 Shares issued under employee options and share purchase plans Repurchase of ordinary shares Dividends paid Reversal of unvested deferred share compensation, net Amortization of deferred share compensation Comprehensive loss Buyout of a subsidiarys preference shares Shares and share options issued for acquisition of 3Dlabs Balance at June 30, 2002 Shares issued under employee options and share purchase plans Dividends paid Reversal of unvested deferred share compensation, net Amortization of deferred share compensation Comprehensive income (loss) Balance at June 30, 2003 Shares issued under employee options and share purchase plans Dividends paid Reversal of unvested deferred share compensation, net Amortization of deferred share compensation Comprehensive income Balance at June 30, 2004 73,944 $ Ordinary Share Capital Unrealised Additional Holding Gains Deferred Paid In (Losses) on Share Capital Investments Compensation 22,249 $ (5,711) $
Retained Earnings 148,879 $
6,914 $ 209,555 $
1,319 (2,722) 6,325 78,866
180 (381) 879 7,592
8,(1,169) 11,789 82,874 311,445
1,169 2,759 (7,053) (8,836)
(18,013) (18,024) (19,727) 93,115
8,195 (18,013) (18,024) 2,759 (21,340) 11,789 76,700 423,952
3,952 (825) 314,572
825 3,706 (4,305)
(19,824) 23,377 96,668
4,073 (19,824) 3,706 16,930 428,837
1,655 81,369 $
136,964 151,153 $
58 2,256 (1,991) $
(20,192) 134,247 210,723 $
9,385 (20,192) 2,256 271,211 691,497
7,952 $ 323,660 $
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The consolidated financial statements include the financial statements of Creative Technology Ltd and Creatives subsidiaries under its effective control from their respective dates of acquisition, after elimination of intercompany transactions and balances. The consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (US GAAP). The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Creative conducts a substantial portion of its business in United States dollars (US$ or $). All dollar amounts included in the financial statements and in the notes herein are United States dollars unless designated as Singapore dollars (S$). Creatives fiscal year-end is June 30. Creative generally operates on a thirteen week calendar closing on the Friday closest to the natural calendar quarter. For convenience, all quarters are described by their natural calendar dates. Foreign exchange The functional currency of Creative and its subsidiaries is predominantly the US dollar and accordingly, gains and losses resulting from the translation of monetary assets and liabilities denominated in currencies other than the US dollar are reflected in the determination of net income (loss). Creative enters into forward exchange contracts to reduce its exposure to foreign exchange translation gains and losses. Forward exchange contracts are marked to market each period and the resulting gains and losses are included in the determination of net income or loss. No forward exchange contracts were outstanding at June 30, 2004. Included in interest and other expenses for fiscal years 2004, 2003 and 2002 are exchange gains of $4.5 million, $5.4 million and $3.9 million, respectively. At June 30, 2004, monetary assets and liabilities of Creative are denominated in the following currencies:
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contd) Concentrations of credit risk Financial instruments that potentially subject Creative to significant concentrations of credit risk consist principally of cash and cash equivalents and trade accounts receivable. Creative limits the amount of credit exposure to any one financial institution. Creative sells its products to original equipment manufacturers, distributors and key retailers. Creative believes that the concentration of credit risk in its trade receivables is substantially mitigated due to performance of ongoing credit evaluations of its customers financial condition, use of short collection terms, use of letters of credit in certain circumstances, procurement of credit insurance coverage and the geographical dispersion of sales. Creative establishes allowances for doubtful accounts, returns and discounts for specifically identified doubtful accounts, returns and discounts based on credit profiles of its customers, current economic trends, contractual terms and conditions and historical payment, return and discount experience. Stock-based compensation Creative accounts for stock-based employee compensation in accordance with Accounting Principles Board Opinion (APB) No. 25, Accounting for Stock Issued to Employees, and related Interpretations, and complies with the disclosure provisions of Statement of Financial Accounting Standards (SFAS) No. 123, Accounting for Stock-Based Compensation, and SFAS 148, Accounting for StockBased Compensation, Transition and Disclosures. Accordingly, compensation expense for stock options is measured as the excess, if any, of the fair market value of Creatives stock at the date of the grant over the stock option exercise price. See Note 9. Recently issued accounting pronouncements In March 2004, the Emerging Issues Task Force (EITF) reached a consensus on recognition and measurement guidance previously discussed under EITF Issue No. 03-01, The Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments (EITF 03-01). The consensus clarifies the meaning of other-than-temporary impairment and its application to investments in debt and equity securities, in particular, investments within the scope of FASB Statement No. 115, Accounting for Certain Investments in Debt and Equity Securities, and investments accounted for under the cost method. This consensus is to be applied to other-than-temporary impairment evaluations in reporting periods beginning after June 15, 2004. The Company does not believe that this consensus will have a material impact on its consolidated results of operations as its current policies are consistent with the consensus. In March 2004, the FASB issued a proposed Statement, Share-Based Payment, an amendment of FASB Statements Nos. 123 and 95, that addresses the accounting for share-based payment transactions in which a company receives employee services in exchange for either equity instruments of the company or liabilities that are based on the fair value of the companys equity instruments or that may be settled by the issuance of such equity instruments. The proposed statement would eliminate the ability to account for share-based compensation transactions using the intrinsic method that we currently use and generally would require that such transactions be accounted for using a fair-value-based method and recognized as expense in our consolidated statement of operations. The recommended effective date of the proposed statement is currently for fiscal years beginning after December 15, 2004. Should this proposed statement be finalized in its current form, it will have an impact on our consolidated statement of operations as we will be required to expense the fair-value of our stock option grants and stock purchases under our employee stock purchase plan. In April 2004, the Emerging Issues Task Force issued Statement No. 03-06 Participating Securities and the Two-Class Method Under FASB Statement No. 128, Earnings Per Share (EITF 03-06). EITF 03-06 addresses a number of questions regarding the computation of earnings per share by companies that have issued securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the company when, and if, it declares dividends on its common stock. The issue also provides further guidance in applying the two-class method of calculating earnings per share, clarifying what constitutes a participating security and how to apply the two-class method of computing earnings per share once it is determined that a security is participating, including how to allocate undistributed earnings to such a security. EITF 03-06 became effective during the quarter ended June 30, 2004, the adoption of which did not have an impact on the Companys calculation of earnings per share. NOTE 2 NET INCOME (LOSS) PER SHARE In accordance with SFAS 128, Earnings per Share, Creative reports both basic earnings per share and diluted earnings per share. Basic earnings per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of ordinary and potentially dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares are excluded from the computation if their effect is anti-dilutive. In computing the diluted
Years ended June Net income (loss) Movement in unrealized holding gains (losses) Reclassification adjustments: Losses included in net income (loss) $ 134,247 139,410 (2,446) 136,964 Total comprehensive income (loss) $ 271,211 $ $ 2003 23,377 (3,110) (3,337) (6,447) 16,930 $ $ 2002 (19,727) 15,042 (16,655) (1,613) (21,340)
NOTE 7 SHARE REPURCHASES Details of Share repurchases by Creative since the commencement date of the program on November 6, 1998 are set out below:
Number of Shares Repurchased (in millions) As of June 30, 2002 Fiscal year 2003 Fiscal year 2004 Total 26.3 26.3 Average Price (US$) $ 13 $ 13
At the Annual General Meeting (AGM) held on November 26, 2003, the shareholders approved the share repurchase mandate allowing Creative to buy up to 10% of the issued share capital of Creative as at the date of the AGM. This amounts to approximately 8.1 million shares. This authority to repurchase these shares shall continue in force unless revoked or revised by the shareholders in a general meeting, or until the date that the next AGM of Creative is held or is required to be held, whichever is the earlier. In accordance with Singapore statutes, such repurchases are recorded as a reduction in retained earnings. NOTE 8 DIVIDENDS At the Annual General Meeting held on November 26, 2003, Creatives shareholders approved an ordinary dividend of $0.25 for each outstanding ordinary share of Creative for the fiscal year ending June 30, 2004. Dividends of $20.2 million were paid on December 23, 2003 to all shareholders of record as of December 10, 2003. Creative paid an ordinary dividend of $0.25 in fiscal 2003 and 2002, amounting to $19.8 million and $18.0 million, respectively. NOTE 9 EMPLOYEE SHARE PURCHASE AND STOCK OPTION PLANS Creative Employee Share Purchase Plan As approved by the shareholders in November 1999, Creative has adopted the 1999 Employee Share Purchase Plan that permits substantially all employees to purchase ordinary shares of Creative. Participating employees may purchase ordinary shares through regular payroll deductions accumulated during each offering period at a purchase price of 85% of the lower of the fair market value on the offering date or on the purchase date. Each offering period consists of four six months purchase periods, except for the first purchase period in the first offering period, which was four months. A total of 1.0 million ordinary shares were reserved for issuance under this plan. In addition, on each July 1, the aggregate number of ordinary shares reserved for issuance under the plan shall be increased automatically by 1% of the total number of outstanding ordinary shares of Creative on the immediately preceding June 30; provided that the aggregate shares reserved under this plan shall not exceed 5.0 million shares. In fiscal 2004, 2003 and 2002, 137,900, 282,700 and 248,000 shares were issued at a weighted average exercise price of $5.71, $5.24 and $5.19 per share under Creatives Employee Share Purchase Plan respectively. Creative Employee Stock Option Plans In December 1994, Creative adopted the new Creative Technology Employees Share Option Scheme (the New Plan). Options granted under this plan were in accordance with Section 422(a) of the US Internal Revenue Code of 1986, as amended. On November 13, 1996, at a special meeting, shareholders approved certain changes to the New Plan to make it less restrictive. Under the amended New Plan, the total number of shares that could be granted was increased to an overall maximum of 15% of the issued share capital of Creative. The amended New Plan also provided for incentive stock options to be granted to employees of Creative on a quarterly basis, at the average market price established on the five days closing immediately prior to the date of grant. The options vested at the rate of 25% at the end of each anniversary of the grant date and were exercisable over a period not exceeding five years from the date of grant.
As of October 6, 1998, Creative is no longer subject to the listing rules of the Singapore Exchange but is required only to comply with the listing rules of NASDAQ, including rules governing stock option plans. Since many of Creative employees and shareholders are located in the United States of America, Creative has obtained shareholders approval on December 30, 1998 to replace the New Plan with the Creative Technology (1999) Share Option Scheme (1999 Scheme), which is more in accordance with US practice. The 1999 Scheme allows options to be granted to full-time employees as well as consultants and non-executive directors. The total number of shares that may be granted as options is 7.5 million provided that such amount shall be automatically increased on the first day (July 1) of each of the five fiscal years ending June 30, 2001, 2002, 2003, 2004 and 2005 by four percent of the issued share capital of Creative as at the last day of the immediate preceding fiscal year. The Option Committee, made up of the Board of Directors, has the discretion to decide the vesting schedule in the letter of offer. If it is not specifically stated in the letter of offer, 1/4 of the total amount of the grant vest on the first anniversary of the grant date and 1/48 of the total amount of the grant on the last day of each calendar month thereafter. The exercise price of options granted under the 1999 Scheme may be less than the fair market value of the shares as of the date of grant and the options expire after the tenth anniversary of the date of grant, except in the case of options granted to participants other than employees, options expire not later than the fifth anniversary of the date of grant. In fiscal 2002, Creative granted 7.1 million options under the 1999 Scheme at a weighted average exercise price of $4.57. Options to acquire 2.9 million shares were granted in fiscal 2002 below fair market value, resulting in a deferred share compensation of $0.8 million being amortized over the vesting period of the underlying options. The 7.1 million options that were granted in fiscal 2002 included 1.6 million Creatives options that were granted to assume 3Dlabs outstanding employee stock options (see Note 17). In fiscal 2003, Creative granted 0.4 million options at fair market value under the 1999 Scheme at a weighted average exercise price of $6.99. In fiscal 2004, Creative granted 0.15 million options at fair market value under the 1999 Scheme at a weighted average exercise price of $10.14. Creative Employee Stock Option Plans A summary of options granted to employees and non-employee directors under Creatives stock option plans is presented below:
Options Outstanding Number of Shares (000) Balance as of June 30, 2001 Granted at fair market value below fair market value pursuant to the acquisition of 3Dlabs (see Note 17) Exercised Canceled Balance as of June 30, 2002 Granted at fair market value Exercised Canceled Balance as of June 30, 2003 Granted Exercised Canceled Balance as of June 30, 2004 at fair market value 6,781 2,509 2,931 1,641 (1,070) (913) 11,(566) (1,101) 10,(1,517) (304) 8,921 Weighted Average Exercise Price ($) 9.01 4.72 4.80 3.93 6.45 9.18 6.56 6.99 4.58 7.44 6.59 10.14 5.64 6.48 6.82 31
NOTE 17 BUSINESS COMBINATION (Contd) and determinable. The assumed stock options were valued using the Black-Scholes valuation model, with a volatility rate of 60%, a riskfree interest rate of 2.20% to 4.93%, expected dividend yield of 2.5%, and an estimated vest term of 0.01 years after vest date. Of the total assumed stock options of 3Dlabs, approximately 1.3 million stock options with an intrinsic value of $7.0 million were unvested. In accordance with FIN 44, Accounting for Certain Transactions Involving Stock Compensation, these unvested options were accounted for as deferred stock-based compensation and are being recognized as compensation expense over their related vesting periods. Creative accounted for the acquisition using the purchase method of accounting and has included the results of 3Dlabs from the acquisition date of May 15, 2002. The allocation of the purchase price to in-process technology and identifiable intangible assets acquired was based on independent appraisals. The income approach, which includes an analysis of the markets, cash flows and risks associated with achieving such cash flows, was the primary technique utilized in valuing the existing technology, in-process technology and non-competition agreements. In estimating the fair value of the patents/core technology and trade name/trademarks, royalty savings approach was used. The following table summarizes the estimated fair values of the tangible assets acquired and the liabilities assumed at the date of acquisition (in US$000):
Cash Other current assets Property and equipment Total assets acquired Total liabilities assumed Net liabilities assumed $ $ 11,285 13,899 10,717 35,901 (56,963) (21,062)
The following table summarizes the allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed (in US$000):
Net liabilities assumed Goodwill Acquired in-process technologies Other intangible assets consisting of: Existing technology Patent/core technology Non-competition agreement Trade name/trademarks Total purchase price excluding deferred share compensation Total deferred share compensation Total purchase price including deferred share compensation $ $ 7,580 6,4,160 116,264 7,053 123,317 $ (21,062) 91,976 26,080
The intangible assets are being amortized over their respective benefit periods, which range from one to six years. In accordance with SFAS 142, Goodwill and Other Intangible Assets, Creative will assess goodwill for impairment at least annually. In accordance with the prevailing accounting standards, the amount of $26.1 million allocated to acquired in-process technology was written off as other charges in fiscal 2002.
NOTE 18 SEGMENT REPORTING Creative operates primarily in one industry segment and provides advanced multimedia solutions for personal computers and personal digital entertainment products. Creative has manufacturing plants and distribution centers in Singapore, Malaysia and China, with the European distribution center located in Dublin, Ireland and the Americas distribution center located in Milpitas, California. Creative focuses its worldwide sales and marketing efforts predominantly through sales offices in North America, Europe and the Asia Pacific region. The following is a summary of net sales by product category (in US$000):
Years ended June External net sales: Audio Speakers Personal Digital Entertainment Graphics & Video Communications Others Consolidated $ $ 202,490 183,913 268,133 68,539 30,442 61,336 814,853 $ $ 234,734 158,343 124,746 86,321 44,920 52,705 701,769 $ $ 353,877 165,263 73,031 48,633 70,454 94,2002
The following is a summary of operations by geographical regions (in US$000):
Years ended June External net sales: Asia Pacific The Americas Europe Consolidated $ $ 125,909 378,653 310,291 814,853 $ $ 95,711 343,946 262,112 701,769 $ $ 141,966 390,861 273,078 805,2002
Years ended June Operating income (loss): Asia Pacific The Americas Europe Consolidated $ $ 33,106 (171) 11,313 44,248 $ $ 25,353 (10,744) 12,594 27,203 $ $ 11,126 (5,290) 22,237 28,2002
NOTE 18 SEGMENT REPORTING (Contd)
As of June Identifiable assets: Asia Pacific The Americas Europe Consolidated $ $ 742,139 123,628 75,081 940,848 $ $ 496,646 89,683 60,514 646,843 2003
Long-lived assets are based on the physical location of the assets at the end of each of the fiscal years. Goodwill of $92.0 million as of June 30, 2004 and 2003 was allocated to Asia Pacific region. Geographic revenue information for the three years ended June 30, 2004 is based on the location of the selling entity.
As of June Identifiable assets: Singapore United States of America Ireland Rest of the World Consolidated $ $ 347,549 123,628 67,947 401,724 940,848 $ $ 289,248 89,683 52,382 215,530 646,843 2003
Years ended June Revenue by geographic region: Singapore United States of America Ireland Rest of the World Consolidated $ $ 66,446 378,653 310,291 59,463 814,853 $ $ 58,418 343,946 260,964 38,441 701,769 $ $ 89,458 390,861 272,824 52,762 805,2002
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