Pomp, how about 20% seq growth!!!!!
Cree Reports Financial Results for Fourth Quarter and Fiscal Year 2002
Revenue Grew 13% Over Prior Quarter; Company Targets 20% Sequential Revenue Growth for Q1 With Target Earnings of $0.04
DURHAM, N.C., July 30 /PRNewswire-FirstCall/ -- Cree, Inc. (Nasdaq: CREE - News) today reported fiscal fourth quarter revenue of $37,800,000 which represents a 13 percent increase, sequentially, over the company's third quarter revenue. Adjusted net income for the fourth quarter was $975,000, or $0.01 per share, excluding non-operating charges of $23,440,000, net of tax, for declines in the value of equity investments determined to be other than temporary and other adjustments. The net loss for the fourth quarter of fiscal 2002, determined in accordance with generally accepted accounting principles (GAAP), was $22,521,000, or a loss of $0.31 per share.
For fiscal 2002 ended June 30, 2002, Cree reported revenue of $155,434,000. Adjusted net income for fiscal 2002 was $15,796,000, or $0.21 per share, excluding intangible amortization, costs associated with the downsizing of Cree Microwave including the write down of goodwill and intangibles and inventory, and the write down of fixed assets, investments and other charges. The net loss for fiscal 2002, determined in accordance with GAAP, was $101,723,000, or a loss of $1.40 per share.
Due to the continued increase in demand for its LED products, the company announced that it is increasing its revenue and earnings targets for the first quarter of fiscal 2003 ending September 2002. The company is now targeting first quarter revenues of $45 million, which would represent an increase of 20 percent over the fourth quarter of fiscal 2002, and targeted operating earnings of $0.04 per share.
Chuck Swoboda, President and Chief Executive Officer of Cree stated, "This has been a challenging year, but we are beginning to recognize the benefits of our investment of 18 percent of revenue in R&D in fiscal 2002. Cree has gained market share by creating new technology and solutions for our customers. We're pleased with our recent revenue performance and believe that we are well positioned to deliver a significant increase in LED sales in the first quarter of fiscal 2003."
Cree, Inc. will host a conference call at 4:30 p.m. ET today to review the highlights of the fourth quarter and fiscal 2002 results. The conference call will be available to all interested parties through a live audio web broadcast via the Internet. Log onto Cree's website at www.cree.com and go to "Investor Info" for webcast details. The call will be archived and available on the website through August 6, 2002.
Cree is an advanced semiconductor company that leverages its expertise in silicon carbide (SiC), gallium nitride (GaN) and silicon (Si) materials technology to produce new and enabling semiconductors. The products include blue, green and ultraviolet (UV) light emitting diodes (LEDs), near UV lasers, radio frequency (RF) and microwave devices, and power switching devices. Targeted applications for these products include solid state illumination, optical storage, wireless infrastructure and power switching. For more information on Cree, please visit www.cree.com.
biz.yahoo.com |
