Creo's Stock Falls After Fiscal Q4 Loss
Commercial printing technology firm Creo Products Inc. posted a $5.7 million loss for its fiscal fourth-quarter 2001, which ended Sept. 30, causing its stock to slide right before Thanksgiving.Creo's stock on the Nasdaq fell $2.11, to $10.65, on Nov. 20, the day the announcement was made. The company projected that its first-quarter 2002 performance would equal or surpass its fourth-quarter 2001 results but did not anticipate a full recovery until the second half of its fiscal 2002.
The firm said it would expand its cost-cutting program started in August, which included a 5 percent staff reduction. New measures will include consolidation of some facilities as well as salary and benefit cuts, which the company expects to offset in July 2002 with stock options.
Creo Products, Vancouver, British Columbia, is a digital pre-press technology firm focused on the application of imaging and information technology.
