Revenue of 2 billion 394 million! Cree announced fiscal 2017 fourth quarter financial results

Yesterday (22) evening, CREE, Inc. (NASDAQ: CREE) the disclosure of the deadline to June 25, 2017 fourth quarter results, the company fiscal 2017 fourth quarter revenue of $359 million (about 2 billion 394 million yuan), and 2016 in the fourth quarter of fiscal revenue compared to $388 million, down 8%, but compared with the third quarter of 2017, growth of 5%.

According to U.S. GAAP (GAAP) calculation, the 2017 fiscal year fourth quarter net loss of $6 million (or $0.06 loss per diluted share), compared with the fourth quarter of fiscal year 2016, a net loss of $11 million (or $0.11 loss per diluted share). According to the non GAAP (Non-GAAP) calculation, net income for the fourth quarter of fiscal year 2017 of $4 million (or $0.04 per diluted share), compared with the fourth quarter of fiscal year 2016, net income of $19 million (or $0.19 per diluted share).

The fiscal year 2017, Cree, Inc. revenues of $1 billion 500 million, compared with fiscal year 2016 revenues of $1 billion 600 million, down 9%. According to U.S. GAAP (GAAP) calculation, fiscal year 2017 net loss of $98 million (or $1 loss per diluted share), compared with fiscal year 2016, a net loss of $22 million (or $0.21 loss per diluted share). According to the non GAAP (Non-GAAP) calculation, net income for fiscal year 2017 was $50 million (or $0.50 per diluted share), compared with fiscal year 2016, net income of $88 million (or $0.86 per diluted share).

The Cree business is divided into three sections, including lighting products (Lighting Products), LED (LED Products) and Wolfspeed. The fourth quarter of fiscal year 2017, lighting product revenue was $154 million 663 thousand, compared to the 2016 quarter of fiscal year fourth fell 22%, gross margin was 23.8%, compared to 25.8% last year; LED product revenue was $143 million 445 thousand, and the fourth quarter of fiscal year 2016 is almost the same, gross margin was 25.9%, compared to 32.2% last year; Wolfspeed revenues of $60 million 831 thousand, representing a growth of 30% the fourth quarter of fiscal 2016, gross margin was 45.5%, compared to 50.6% last year. The fiscal year 2017, lighting products revenue amounted to $701 million 467 thousand, down 21%, LED revenue of $550 million 302 thousand, unchanged from the same period last year, Wolfspeed revenue of $221 million 231 thousand, an increase of 25%.

Cree Inc., chairman and chief executive officer Chuck Swoboda said: "we have made progress in the fourth quarter of fiscal year 2017, the business performance is good, non GAAP earnings per share (Non-GAAP) in the middle level of our target range. In the past year, and lay a solid foundation for our three business growth. In the short term, we will increase spending to expand production capacity, and good Cree to achieve revenue and profit growth in the next year the opportunity."

Business outlook

In the first quarter of fiscal year 2018 (as of September 24, 2017), Cree, $353 million to $367 million in revenue targets Inc. According to U.S. GAAP net loss (GAAP) calculation target of $20 million to $25 million, or $0.20 diluted loss per share to $0.25. According to the non GAAP (Non-GAAP) calculation, net revenue target of $2 million to $6 million, or $0.02 diluted earnings per share to $0.06. According to the non GAAP (Non-GAAP) calculation, target income does not include $18 million pre tax expenses, stock based compensation expense, amortization of acquisition related intangible assets impairment or other related. The U.S. general accounting standards (GAAP) and non GAAP (Non-GAAP) are not including Cree, Inc. in the prediction of any change in fair value of investment in the lunda. (compiled: LEDinside Nicole)

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