Cree announces fiscal fourth quarter 2007 Results

CREE company announced the closing performance to fiscal year June 24, 2007 fourth quarter of $111 million 200 thousand, a 23% increase over the third quarter, compared with $106 million 700 thousand over the same period last year rose 4%. Compared with the same period last year, $13 million 200 thousand and diluted earnings per share of $0.17, compared to GAAP net income of $6 million 400 thousand this year, or $0.08 per diluted share. As a result of certain projects resulting in net spending of $1 million (ie, diluted $0.01 per share). These projects include selling securities income ($0.09 per diluted share), the acquisition of China related spending just ($0.07 per diluted share), stock compensation expenses ($0.02 per diluted share) and certain tax adjustment (the diluted earnings per share under $0.01) on a non GAAP basis, the fourth quarter of fiscal year 07 net diluted earnings of $7 million 400 thousand or $0.09 per share, while the same period in fiscal year 06 net income is 17 million 200 thousand or $0.22 per diluted share. For fiscal year 2007, Cree's revenue of $394 million, 7% lower than the 06 fiscal year. GAAP net income of $57 million 300 thousand, or $0.72 per diluted share, in 2006 was $76 million 700 thousand or $$0.98 per diluted share. In non GAAP terms, fiscal year 2007 net income was $35 million 400 thousand or $$0.4 per diluted share, $83 million 200 thousand or $2006 per diluted share for the year of $1.06. Cree's chairman and chief executive officer, ChuckSwoboda, said fiscal 07 was a challenging and successful year. This year, in the LED chip and SiC materials technology company to the transformation of the components of the company, Cree has made great progress. Cree's fourth quarter financial results are consistent with previously announced targets, and the integration of the company is a good start. Cree believes that XLamp? LED and increase sales of new highlights, packaged LED products group and more stable LED chip business together, lay a good foundation for the company's fiscal year 08 growth. Recent business highlights: the completion of the acquisition of the company, the estimated value of nearly $204 million. Announced the minimum luminous flux of 100lm (350mA) XLamp commercial LED, the performance of the product increased by about 70% than last year, is a commercial product LED the first LED to reach that level of. Announced that the city of Toronto to join in Rowley City, North Carolina (Raleigh) to create "LED city" action. As part of the LED city plan, because LED provides solutions for energy saving, no mercury helps to protect the environment and has a longer life than traditional lighting applications, Toronto intends to use a variety of lighting application evaluation, deployment and promotion of LED. For the 08 quarter of fiscal year first (ending in September 23, 2007), Cree is currently the revenue target of 100 million -1.15 billion dollars, according to the GAAP calculation, diluted earnings per share in the range of $0.15-0.18, and calculated by GAAP (expected amortization of acquisition related intangible assets, excluding the sale of securities income, stock compensation expenses and related tax effects), diluted earnings per share of $0.09-0.12. About Cree, Cree and Inc. for semiconductor device manufacturers and the world famous reform pilot, which greatly promoted the product quality and performance of solid state lighting, energy and communications products, not only for the market pioneer, also plays an important role. Cree advantage in the market lies in its advanced technology and professional materials, such as the application of SiC and Gan on chip and packaging equipment, compared to other technologies, materials and products, in small space, with greater power, and solve the problem of overheating. Cree put their advanced technology to extend? Application, including the provision of more light and adjustable selection, provide more vivid color effect, the best benefits for power switch equipment and variable speed motor current for the LED backlight display for general lighting, and a wireless data and voice communications infrastructure more efficiency. Cree's customer base is very broad, including innovative lighting equipment manufacturers, as well as defense related agencies. Cree a variety of products, including blue and green LED chip, LED, LED backlight for lighting scheme, switching power supply device and RF / wireless devices.

Source: China Lighting Trade Network