Manufacturers

Cree Reports Revenue and Income Increases

By Bridget McCrea

Cree, Inc. (Nasdaq: CREE), a manufacturer of LED lighting, announced revenue of $375.0 million for its fourth quarter of fiscal 2013, ended June 30, 2013. This represents a 22 percent increase compared to revenue of $306.8 million reported for the fourth quarter of fiscal 2012, and a 7 percent increase compared to the third quarter of fiscal 2013.

Cree’s net income (on a GAAP basis) for the fourth quarter was $28.2 million, or $0.23 per diluted share, an increase of 182 percent year-over-year compared to net income of $10.0 million, or $0.09 per diluted share, for the fourth quarter of fiscal 2012. On a non-GAAP basis, net income for the fourth quarter of fiscal 2013 was $45.6 million, or $0.38 per diluted share, an increase of 56% year-over-year compared to non-GAAP net income for the fourth quarter of fiscal 2012 of $29.2 million, or $0.25 per diluted share.

For fiscal year 2013, Cree reported revenue of $1.39 billion, which represents a 19 percent increase compared to revenue of $1.16 billion for fiscal 2012. “Our fiscal fourth quarter was a strong finish to a great year, with record revenue and good earnings growth in line with our targets,” said Chuck Swoboda, chairman and CEO, in a press release.

“Total company backlog is ahead of this point last quarter and we are targeting solid growth in LED lighting in Q1,” Swoboda continued. “Our new products have opened new applications, improved payback, and fueled growth in LED lighting. We remain focused on driving mass adoption and our goal of 100 percent upgrade to LED lighting.”

For its first quarter of fiscal 2014 ending September 29, 2013, Cree targets revenue in a range of $380 million to $400 million, with GAAP gross margin targeted to be 38.5%+/- and non-GAAP gross margin targeted to be 39%+/-.

McCrea is a Florida-based writer who covers business, industrial, and educational topics for a variety of magazines and journals. You can reach her at bridgetmc@earthlink.net or visit her website at www.expertghostwriter.net.

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