ho hum.....
edit....I meant....Ho HUM....
biz.yahoo.com
Monday January 3, 8:32 am Eastern Time
Company Press Release
SOURCE: Cree, Inc.
Cree Reports Record Second Quarter Results; Earnings Per Share Rises 80 Percent; Gross Margin Increases to 53 Percent
DURHAM, N.C., Jan. 3 /PRNewswire/ -- Cree, Inc. (Nasdaq: CREE - news), reported today record second quarter fiscal year 2000 revenue of $23,930,000, a 19 percent increase, sequentially, and a 70 percent increase over the $14,038,000 reported in the year ago period. Earnings per share rose 80 percent to $0.18, per diluted share, over the $0.10, per diluted share, reported in the comparable period in the prior year (as adjusted for the company's 2-for-1 stock split in July 1999). Net income increased 103 percent to $5,784,000 compared to $2,851,000 in the year ago period. Product revenue grew 73 percent on a year-over-year basis, and 21 percent, sequentially. The high brightness light emitting diode (LED) devices accounted for 71 percent of LED sales during the second fiscal quarter. Gross margins increased to 53 percent from the 47 percent reported for the first quarter of fiscal year 2000.
For the six-month period, the company reported record revenue of $43,977,000 compared to $26,317,000, an increase of 67 percent over the comparable period in the prior year. Net income rose 100 percent to $10,421,000, or $0.33 per diluted share, and compares with net income of $5,217,000, or $0.19 per diluted share, for the corresponding period. Product revenue increased 72 percent for the six-month period.
``We continue to achieve strong sales and earnings growth that reflect the strength and vitality of our business,' said Neal Hunter, Chairman and Chief Executive Officer. ``Of particular note is the improvement we've experienced in our gross margin, and the level of market acceptance for our high brightness LEDs, as evidenced by the 60 percent sequential increase in sales of our high brightness LED product.'
The company today also announced a proposed offering of 2.6 million shares of common stock. Second quarter results are being reported earlier than usual to coincide with the proposed offering.
North Carolina-based Cree, Inc. is the world leader in developing and manufacturing semiconductor materials and electronic devices made from silicon carbide. The company uses proprietary technology to make enabling compound semiconductors such as blue and green LEDs, SiC crystals used in the production of unique gemstones and SiC wafers that are sold for device production and research. Cree has new product initiatives based on its expertise in SiC, including radio frequency and microwave transistors for use in wireless infrastructure applications and radar, blue laser diodes for optical storage applications and high power devices for power conditioning and switching. For more information on Cree, visit cree.com |
