Cree, Inc. (Nasdaq: CREE) of Durham, N.C., a market leader in LED lighting, announced revenue of $306.8 million for its fourth quarter of fiscal 2012, ended June 24, 2012. This represents a 26% increase compared to revenue of $243.0 million reported for the fourth quarter of fiscal 2011 and an 8% increase compared to the third quarter of fiscal 2012.
A manufacturer of energy-efficient, mercury-free LED lighting, Cree’s products include lighting-class LEDs, LED lighting, and semiconductor products for power and radio frequency (RF) applications. Cree’s GAAP (Generally Accepted Accounting Principles) net income for the fourth quarter was $10.0 million, or $0.09 per diluted share, a decrease of 49% year-over-year compared to GAAP net income of $19.8 million, or $0.18 per diluted share, for the fourth quarter of fiscal 2011.
For fiscal year 2012, Cree reported revenue of $1.16 billion, which represents an 18% increase compared to revenue of $988 million for fiscal 2011. GAAP net income was $44 million, or $0.39 per diluted share, a decrease of 70% compared to $147 million, or $1.33 per diluted share for fiscal 2011.
“We finished the year strong in our fiscal fourth quarter with record revenue and non-GAAP earnings per share on the high end of our target range,” stated Chuck Swoboda, Cree chairman and CEO, in a company press release. “Overall, LED lighting adoption continues to increase and we remain focused on being the leader in innovation to grow our business by enabling our customers to realize the tremendous benefits of LED technology. While we are encouraged by our progress, the macroeconomic environment is impacting our growth outlook in the near term.”Tagged with tED