Creative 2001 Annual Report Download - page 5

Download and view the complete annual report

Please find page 5 of the 2001 Creative annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 40

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40

5
CONSOLIDATED BALANCE SHEET DATA (US$’000):
As of June 30
2001 2000 1999 1998(1) 1997
Cash and cash equivalents $ 168,157 $ 285,757 $ 318,990 $ 417,262 $ 417,943
Working capital 203,180 331,414 400,998 484,792 371,921
Total assets 673,980 1,176,459 805,689 865,113 814,818
Long-term debt, net of
current maturities 22,560 27,051 28,642 32,277 33,711
Shareholders’ equity 381,886 778,638 560,261 622,314 522,605
Notes:
(1) Financial data for fiscal 1998 includes the results of Cambridge SoundWorks, Inc., ENSONIQ Corporation,
Silicon Engineering, Inc., and the NetMedia Division of OPTi Inc. acquired during fiscal 1998, from the date
each acquisition was completed.
(2) Included in the results of operations are restructuring and other charges of: $22.8 million in fiscal 2001 which
comprised $8.4 million restructuring charges, $3.2 million fixed assets impairment write-downs and $11.2
million write-off of other assets acquired from Aureal Semiconductor, Inc. (“Aureal”); in fiscal 2000, the $20.0
million charge relates to the settlement of all outstanding litigation claims between Aureal and Creative; $68.6
million in fiscal 1998 relating to a $60.3 million write-off of acquired in-process technology and a charge of $8.3
million for cessation of certain activities. See Notes 13 and 14 of “Notes to Consolidated Financial Statements.”
(3) As described in Note 9 of “Notes to Consolidated Financial Statements”, Creative was granted a Pioneer
Certificate in 1990 under which income classified as pioneer status income is exempt from tax in Singapore,
subject to certain conditions. Such status had the effect of reducing Creative’s provision for income taxes by
approximately $0.8 million, $18.3 million, $26.4 million, $43.3 million and $36.4 million, or $0.01, $0.21,
$0.29, $0.46 and $0.40 per share, for fiscal 2001, 2000, 1999, 1998 and 1997 respectively. The corporate income
tax rate in Singapore, which would otherwise be applicable, would have been 24.5% for fiscal year 2001, 25.5%
for fiscal year 2000, and 26% for fiscal years 1997 to 1999. Creative’s Pioneer Certificate expired in March
2000. Creative has applied for a separate and new Pioneer Certificate covering a new range of products. If
Creative is awarded this new Pioneer Certificate, profits from qualified products under the new Pioneer Certificate
will be exempted from tax in Singapore. The Singapore corporate income tax rate of 24.5% will be applicable
to the profits of products excluded from the new Pioneer Certificate. See MD&A for further discussion.