Creative Technology did not record the $100 million patent settlement from Apple as part of its income for the first quarter of its 2007 fiscal year.
Creative will instead book the payment into the current quarter, noting that lower-than-expected taxes on the payment will boost its revenue.
Creative settled its patent dispute with Apple in August. Under the terms of that deal, Apple agreed to hand over a one-off payment of $100 million. Initially, Creative expected this payment would contribute $0.85 per share to the company's results during the first quarter, which ended on 30 September.
Instead, Creative received the payment from Apple on 6 October and will account for the results during the current quarter. Creative did not explain why the payment was not received as expected during the first fiscal quarter. However, a lower tax rate on the payment means Creative will record an after-tax profit of $82 million on the settlement during the current period, it said.
The company needs the boost. Creative recorded loss of $21 million for the first fiscal quarter, compared to a loss of $700,000 during the same period last year. In addition, the company's revenue during the period fell to $241.5 million from $280.2 million one year ago.