Creo recorded net earnings of US$12.3m or US24c per diluted share. This compares to net earnings of US$1.5m or US3c per diluted share in the first quarter a year ago and US$2.4m or US5c per diluted share in the prior quarter. Net earnings for the 2004 first quarter include a one-time gain from the sale of an investment in Printcafe Software of US17c per diluted share.

Amos Michelson, Creo CEO, says, “Creo has delivered our best earnings performance in 14 quarters, even before the one-time gain this quarter. This is also the highest quarterly revenue in nine quarters. Compared to last year, revenues were particularly strong in our Asia-Pacific region and in the digital printing business with Xerox. Revenue in Europe, Middle East and Africa (EMEA) increased, largely on the strength of the euro, while revenue in the Americas was down in the first quarter as anticipated.

“We remain focused on growth and in particular on the execution of our digital media strategy. This quarter we introduced Creo’s first digital plate and completed the acquisition of a plate manufacturing facility. In addition, we released the Veris inkjet proofer into production, giving us an important new source of both equipment and consumables growth. In fiscal 2004, we expect to increase consumables revenue from digital plates and proofing materials by over 50 per cent from US$47.3m in fiscal 2003. In early January, Creo added digital presses to our product offering in the US and Canada, under the reseller agreement signed with Xerox. This will allow us to increase our participation in one of the fastest growing markets in our industry.”

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