Cree Disputes Report By BridgeNews
DURHAM, N.C., Oct. 13 /PRNewswire/ -- Cree, Inc. (Nasdaq: CREE) commented
that a report issued by BridgeNews yesterday was incorrect. The report
falsely stated that Cree had "warned" not to keep expecting "such high
margins." Cree issued no such warning.
Cree's Chief Financial Officer, Cynthia Merrell, when asked about gross
margins, stated: "We have not changed our range of low- to mid-50's percent
for gross margins going forward. This is the same range as before." Gross
margins for the first quarter of fiscal 2001 remained at 55 percent, unchanged
from the fourth quarter of fiscal 2000.
CNBC, which previously broadcast a purported Cree "warning" about future
gross margins, has stated that it relied on the BridgeNews report in the
previous broadcasts.
North Carolina-based Cree, Inc. develops and manufactures semiconductor
materials and devices based on silicon carbide (SiC), gallium nitride (GaN)
and related compounds. The company's products include blue and green LEDs, RF
power transistors for use in wireless infrastructure applications, SiC
crystals used in the production of unique gemstones and SiC wafers sold for
use in research and development. Cree has new product initiatives based on
its experience in SiC and GaN-based semiconductors, including blue laser
diodes for optical storage applications, high frequency microwave devices for
radar and other communications systems, and power devices for power
conditioning and switching. For more information on Cree, visit cree.com.
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