CREE announced financial results for the first quarter of fiscal year 2016

CREE Inc. (Nasdaq: CREE) announced that as of September 27, 2015, the company's 2016 fiscal first quarter revenue of $425 million 500 thousand, and the first quarter of fiscal year 2015 revenues of $427 million 700 thousand compared to a decrease of 1%, compared with 2015 growth in the fourth quarter of fiscal 11%. The first quarter of fiscal year 2016 GAAP (GAAP) net loss of $23 million 600 thousand (or $0.23 per diluted share gains and losses), and the first quarter of fiscal year 2015 GAAP (GAAP) net income of $11 million 100 thousand (or $0.09 per diluted share). According to the non GAAP (non-GAAP) calculation, net income for the first quarter of fiscal year 2016 was $22 million 100 thousand (or $0.21 per diluted share), and net income for the first quarter of fiscal year 2015 was $29 million 600 thousand (or $0.24 per diluted share). During the first quarter of fiscal year 2016, Cree Inc. for LED division restructuring (announced in June 24, 2015) related expenses of $15 million 900 thousand. Restructuring costs include factory capacity and indirect cost adjustments, and only reflected in the results of the U.S. general accounting standards (GAAP).

Cree Inc. chairman and chief executive officer Chuck Swoboda said: "fiscal year 2016 made a good start. Due to the strong demand for LED commercial lighting and LED business and other factors driven by the first quarter revenue and profits are higher than we originally expected the middle line. We are very confident about our strategy, and optimistic about the future, commercial lighting business is growing, LED business in the first quarter has a good rebound, strong power and RF business momentum. "

In the second quarter of fiscal year 2016 (as of December 27, 2015), $425 million to $445 million revenue target to achieve Cree Inc. plan, GAAP (GAAP) gross profit target in 31.0%+/-, non GAAP gross profit target (non-GAAP) in 31.7%+/-. The U.S. general accounting standards (GAAP) gross profit target includes a stock compensation expense of approximately $3 million 100 thousand, while the non GAAP (non-GAAP) target does not include. U.S. general accounting standards (GAAP) operating expenses target of approximately $129 million, non GAAP (Non-GAAP) operating expenses target of approximately $106 million. 2016 fiscal year second quarter tax rate is expected at 25.0%+/-. U.S. GAAP (GAAP) net income target of $1 million to $7 million, or diluted earnings per share of $0.01 to $0.06. Non US GAAP (non-GAAP) net income target of $21 million to $27 million, or diluted earnings per share of $0.21 to $0.26. U.S. GAAP (GAAP) and non GAAP (non-GAAP) diluted net income per share target is based on the estimated 103 million diluted weighted average shares. Non GAAP (Non-GAAP) target revenue excluding stock based compensation expense ($0.20 per diluted share), acquisition related intangible asset amortization or impairment of investment, net change, Ronda LED division restructuring charges.

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