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Tuesday July 27, 4:01 pm Eastern Time
Company Press Release
SOURCE: Cree Research, Inc.
Cree Reports Record Quarter and 1999 Fiscal Year End Results; Fourth Quarter Net Income Grew 119% Total Revenue Increases 53%
DURHAM, N.C., July 27 /PRNewswire/ -- Cree Research, Inc. (Nasdaq: CREE - news), the world leader in developing and manufacturing semiconductor materials and electronic devices made from silicon carbide (SiC), today reported record revenue of $17,698,000 for the fourth quarter of fiscal 1999, a 10 percent increase, sequentially, and a 53 percent increase over the $11,548,000 reported in the prior year. Net income increased 119 percent for the quarter to $4,108,000 compared to $1,879,000 reported in the comparable year-ago period. Before adjustment for the company's 2-for-1 stock split on July 26, 1999, net income for the quarter was $0.26 per share as compared to $0.14 per share in the prior year or, after adjustment for the split, $0.13 per share versus $0.07 per share in the prior year.
For the year, the company reported both record total revenue of $60,050,000, an increase of 41 percent, and net income of $12,702,000, or $0.89 per share (pre-split), $0.45 per share (post-split), compared to revenue of $42,531,000, and net income of $6,275,000, or $0.47 per share (pre-split), $0.23 per share (post-split). The introduction of SiC high brightness blue and green LEDs and the increased demand for standard brightness LEDs for general backlighting and other uses contributed to the revenue increases.
''This was a superb quarter -- and another historic year,'' said Cree's Chairman and CEO Neal Hunter. ''Our efforts to broaden our product lines, diversify our customer base and penetrate new markets are yielding impressive results. During fiscal 1999, we set new records for total sales, net earnings and earnings per share.'' Hunter continued, ''We are experiencing strong demand for our high brightness LED products and have steady order visibility throughout fiscal year 2000. A governing factor to meeting our financial goals this fiscal year is the continued ramp of the high brightness product with a focus on maintaining and expanding margins.''
North Carolina based Cree Research, Inc. is the
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