Revenue of nearly 2 billion 800 million! Cree announces financial results for the 2017 quarter of fiscal year second

CREE, Inc. (NASDAQ: CREE) announced that the company's fiscal 2017 second quarter consolidated revenue (combined revenue) for $401 million (about 2 billion 758 million yuan), including the continuity of operations (continuing operations) of the comprehensive income (consolidated revenue) for $347 million, non continuity of operations (discontinued operations) the comprehensive income is $54 million. Consolidated revenue of $436 million in fiscal year second (including $394 million in continuing operations and $42 million in non operating operations), a decrease of $8%, compared to $2016. Compared with the first quarter of fiscal year 2017, an increase of 8%. According to U.S. GAAP (GAAP) calculation, net income for the second quarter of fiscal year 2017 with $6 million (or $0.06 per diluted share), compared with the second quarter of fiscal year 2016 consolidated net income of $13 million (or $0.13 per diluted share). According to the non GAAP (Non-GAAP) calculation, net income for the second quarter of fiscal year 2017 with $30 million (or $0.30 per diluted share), compared with the second quarter of fiscal year 2016 consolidated net income of $28 million (or $0.28 per diluted share).

Comprehensive income business continuity fiscal 2017 second quarter was $347 million, compared with the comprehensive income, continuous operations for the second quarter of fiscal year 394 million of $2016. The continuity of business losses for the second quarter of fiscal year 2017 (or $1 million per diluted share profit of $0.01), compared with the continuity of operations for the second quarter of fiscal year 2016 earnings of $9 million (or $0.09 per diluted share). According to the non GAAP (Non-GAAP) calculation, the continuity of operations for the second quarter of fiscal year 2017 earnings of $20 million (or $0.20 per diluted share), compared with the continuity of operations for the second quarter of fiscal year 2016 earnings of $22 million (or $0.21 per diluted share).

Comprehensive income of non continuous business fiscal 2017 second quarter was $54 million, compared with the comprehensive income, non continuous operations for the second quarter of fiscal year 42 million of $2016. The non continuity of business income tax for the second quarter of fiscal year 2017 net $7 million (or $0.07 per diluted share), compared with the non continuity of business income tax for the second quarter of fiscal year 2016 net $4 million (or $0.04 per diluted share). According to the non GAAP (Non-GAAP) calculation, non continuity of business income tax for the second quarter of fiscal year 2017 net $10 million (or $0.10 per diluted share), compared with the second quarter of fiscal year 2016, the non continuity of business income tax (or net $7 million per diluted share revenue: $0.07).

Cree Inc., chairman and chief executive officer Chuck Swoboda said: "we have achieved very good results in the 2017 fiscal year second quarter revenue and non GAAP earnings (Non-GAAP) were significantly higher than those of our target range. Our legal proceedings against Feit Electric patent infringement and false advertising have also been resolved. The basis of our business has been further strengthened in the past few quarters, and we continue to focus on building a larger and more valuable LED lighting business to provide our customers with better light. "

Business outlook

In the third quarter of fiscal year 2017 (as of March 26, 2017), Cree, $340 million to $370 million of consolidated revenue targets Inc. plan, including business continuity and non continuity of operations. According to U.S. general accounting standards (GAAP) calculation, the consolidated net income target of $1 million loss to $3 million gain, or diluted earnings per share of $0.01 to earnings per share of $0.03. According to non US GAAP (Non-GAAP), consolidated net income target of $10 million to $18 million, or diluted earnings per share of $0.10 to $0.18. According to the non GAAP (Non-GAAP) calculation, with target income does not include $23 million pre tax expenses, acquisition related intangible asset amortization or impairment of transaction costs and other related costs, and stock compensation arising from the sale of Wolfspeed business. The U.S. general accounting standards (GAAP) and non GAAP (Non-GAAP) are not including Cree, Inc. in the fair value of investment (fair value) lextar any change prediction.

For continuous operations, Cree, $285 million to $315 million revenue target implementation plan Inc. According to the U.S. general accounting standards (GAAP) calculation, the loss of the business continuity target of $3 million to $6 million, or diluted earnings per share of $0.03 to $0.06. According to non US GAAP (Non-GAAP) calculation, the revenue target of continuous operations was $1 million to $9 million, or diluted earnings per share of $0.01 to $0.09. According to the non GAAP (Non-GAAP) calculation, continuous business target income does not include $17 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.

For non continuous operations, Cree + / - $50 million revenue target implementation plan Inc. GAAP (GAAP)