CREE ($31-$20)..P/E 73.. had just run up to a high pole days before earnings release....misses by 1 cent and rev's came in light.
10-Jan-02
16:07 ET Cree (CREE) 30.65 -0.57: -- Update -- Reports Q2 earnings of $0.08 per share, $0.01 worse than the consensus estimate; reports revenues of $41.1 mln versus the consensus estimate of $46.8 mln.
Thursday January 10 5:12 PM ET
Cree Net, Revenues Decline
Audio/Video
DURHAM, N.C. (Reuters) - Semiconductor maker Cree Inc. (Nasdaq:CREE - news) on Thursday said second-quarter operating earnings fell to 8 cents per share from 18 cents a year ago, amid weak demand for semiconductors.
The company said that operating earnings declined to $5.8 million, excluding charges, from $13.9 million in the year-ago quarter, while revenues dipped to $41.09 million from $41.49 million in the year-earlier quarter.
Analysts expected EPS of 9 cents on revenues of $46.60 million, according to research firm Thomson Financial/First Call.
The company lost 24 cents per share in the second quarter, ended Dec. 23, after a charge of $18 million to write off non-performing assets and a reserve of $12.4 million to cover investments in privately held companies.
Chief Executive Officer Chuck Swoboda said the company ''anticipated that this quarter would be challenging.''
Semiconductor companies have been in their worst downturn on record as an economic slump has weighed on demand.
Cree shares on Thursday fell 1.8 percent, or 57 cents, to $30.65 on Nasdaq. Its shares lost 17 percent in 2001 compared with the Philadelphia Stock Exchange Semiconductor Sector Index, which lost 9 percent.
Since the beginning of 2002, its shares have gained 4 percent, while the sector index has risen 10 percent, caught up in hopes that demand will be boosted by an economic recovery, |
