Strong North American and OEM sales together with positive currency fluctuation helped the company to increase its revenue by 5% to 87m ($138m).
Cash increased by 4.9m to 44.4m, in a period that saw the company increase its sales into the mid-size and small printer market. Gross margins of 44 per cent compared well to 45 per cent for the previous quarter.
Creos fiscal year results were also announced, showing that company revenue was down 18% to 339m on results for 2001. Highlights included free cash flow up by 3.6m to 13.8m, capital expenditures were lowered by over 40% and cost control helped the company to reduce operating expenses.
We reacted decisively to changing market conditions in fiscal 2002 and we are seeing the results of our efforts in improved financial performance, said Creo chief executive Amos Michelson. We controlled our expenses without compromising our ability to deliver competitive, cost-effective solutions.
The company remains optimistic, predicting revenue to rise to between 88m and 91m for first quarter ending December 31 2002.