Gotta love the IR department....
biz.yahoo.com
Friday October 13, 11:48 am Eastern Time
Press Release
SOURCE: Cree, Inc.
Cree Disputes Broadcast Statement on CNBC
DURHAM, N.C., Oct. 13 /PRNewswire/ -- Cree, Inc. (Nasdaq: CREE - news) commented that CNBC falsely reported today in its Squawk Box segment that Cree had ``warned'' of reduced margins in the future. Cree has issued no such ``warning.''
As stated by Cree's CFO, Cynthia Merrell, in the company's earnings conference call yesterday, when asked about gross margins going forward, she 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.
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.
This press release contains forward-looking statements involving risks and uncertainties that may cause actual results to differ materially from those indicated. Actual results could differ materially due to a number of factors, including the risk that margins could be affected by manufacturing delays and increased costs due to variability in the complex processes used to manufacture our products; risks associated with our new ultra bright LED chips such as potentially lower than expected production, higher than expected costs, or less than expected market acceptance; and other factors discussed in our filings with the Securities and Exchange Commission, including our report on Form 10-K for the year ended June 25, 2000.
SOURCE: Cree, Inc. |
