DURHAM, N.C.–(BUSINESS WIRE)– Cree, Inc. (CREE), a market leader in LED lighting, today announced revenue of $391.0 million for its first quarter of fiscal 2014, ended September 29, 2013. This represents a 24% increase compared to revenue of $315.8 million reported for the first quarter of fiscal 2013, and a 4% increase compared to the fourth quarter of fiscal 2013. GAAP net income for the first quarter was $30.5 million, or $0.25 per diluted share, an increase of 89% year-over-year compared to GAAP net income of $16.1 million, or $0.14 per diluted share, for the first quarter of fiscal 2013. On a non-GAAP basis, net income for the first quarter of fiscal 2014 was $47.3 million, or $0.39 per diluted share, an increase of 49% year-over-year compared to non-GAAP net income for the first quarter of fiscal 2013 of $31.8 million, or $0.27 per diluted share.
“Fiscal 2014 is off to a good start, as we delivered solid Q1 revenue and earnings growth in line with our targets,” stated Chuck Swoboda, Cree chairman and CEO. “The strong performance was primarily due to increased sales of our lighting products, higher gross margins and improved operating leverage across the business. Based on our backlog, current sales activity and project forecasts, we are targeting growth in all product segments in Q2, led by growth in LED fixtures and the Cree® LED Bulb. Even with our success, LED lighting remains a largely untapped opportunity and we remain focused on investing in new products, new channels and building the Cree brand to grow our company and lead the market.”
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