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8 August 2007


Cree’s fiscal 2007 revenue down 7%

For its fiscal year 2007, Cree Inc of Durham, NC, USA, which manufactures LEDs as well as SiC substrates and SiC- and GaN-based RF components, reported revenue of $394.1m, down 7% on the $423.0m reported for fiscal 2006. GAAP net income for the year was $57.3m ($0.72 per diluted share), compared with $76.7m ($0.98 per diluted share) for fiscal 2006. On a non-GAAP basis, net income for fiscal year 2007 was $35.4m ($0.44 per diluted share), down on the $83.2m ($1.06 per diluted share) for fiscal 2006.

Revenue for Q4/2007 (ended June 24) was $111.2m, up 23% on Q3/2007 and 4% on the $106.7m achieved in Q4/2006. GAAP net income for Q4/2007 was $6.4m ($0.08 per diluted share), down on the $13.2m ($0.17 per diluted share) net income reported for Q4/2006. GAAP EPS of $0.08 per diluted share includes a net expense of $1.0m ($0.01 per diluted share). On a non-GAAP basis, Cree’s Q4/2007 net income was $7.4m ($0.09 per diluted share), compared with $17.2m in Q4/2006. On a GAAP basis, the gross margin for Q4/2007 was 29%, while on a non-GAAP basis it was 32%.

“Fiscal 2007 was a challenging but successful year for Cree as we made great strides in our transformation from an LED chip and SiC materials technology company into a components company positioned to lead the LED lighting revolution,” said Cree chairman and CEO, Chuck Swoboda. “In the fourth quarter, we again delivered financial results that were in line with our previously announced targets, and the COTCO integration is off to a good start. We believe the combination of growing XLamp LED sales, our new high-brightness, packaged LED product line and a more stable LED chip business has put Cree in a strong position for growth in fiscal 2008.”

For Q1/2008, Cree expects revenue in a range of $110m to $115m, with GAAP earnings of $0.15 to $0.18 per diluted share and non-GAAP earnings of $0.09 to $0.12 per diluted share.

See related items:

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Cree pumps-up the volume with 100-lumen XLamp LEDs

Cree introduces brighter blue XLamp XR-E LEDs; lights Croatian Riviera

Cree’s revenues and profits rebound

Cree completes COTCO acquisition

Despite record annual sales, Cree's profits down after LED production problems