Cree LED sales up to $92 million for June quarter

Cree has reported revenue of $111.2 million for its fiscal fourth quarter ended June 24, 2007. This represents a 23% increase compared to the previous quarter and a 4% increase compared to revenue of $106.7 million for the year-ago period.

Cree's LED sales leapt by a massive 37% over the previous quarter, reaching almost $92.0 million. Sales in the year-ago quarter were $85.1 million.

However, Cree's income is down. GAAP net income for the fourth quarter was $6.4 million, or $0.08 per diluted share, compared to net income of $13.2 million or $0.17 per diluted share for the fourth quarter of 2006.

For fiscal year 2007, Cree reported revenue of $394.1 million, which represents a 7% decrease compared to revenue of $423.0 million for fiscal 2006. GAAP net income was $57.3 million, or $0.72 per diluted share, compared to $76.7 million, or $0.98 per diluted share for fiscal 2006.

On a non-GAAP basis net income for fiscal year 2007 was $35.4 million, or $0.44 per diluted share, compared to $83.2 million, or $1.06 per diluted share, for fiscal 2006.

"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," stated Chuck Swoboda, Cree chairman and CEO.

During the quarter, Cree completed the acquisition of COTCO, a leading supplier of high-brightness, packaged LEDs in China, for consideration valued at approximately $204 million.

"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," said Swoboda. "We believe the combination of growing XLamp(r) 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."

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