12 cents....Woohoo!
biz.yahoo.com
Cree Reports Record Revenue for Second Quarter Fiscal Year 2003
Thursday January 16, 4:03 pm ET
Earnings Per Share Grew Sequentially 140 Percent Net Margin Increased to 16 Percent
DURHAM, N.C., Jan. 16 /PRNewswire-FirstCall/ -- Cree, Inc. (Nasdaq: CREE - News) today reported the highest quarterly revenue in the company's history for its fiscal year 2003 second quarter of $56,727,000, a 16 percent increase, sequentially, and a 38 percent increase over the $41,092,000 reported in the comparable quarter in the year ago period. Net income for the second quarter increased to $8,996,000, or $0.12 per diluted share, compared to a loss of $17,376,000, or $0.24 per share, reported for the second quarter of fiscal 2002. Gross margin for the second quarter increased to 41 percent of revenue as compared to 38 percent reported in the first quarter of fiscal year 2003. Net margins for the December 2002 quarter increased to 16% of revenue.
For the six-month period ended December 29, 2002, Cree reported revenue of $105,539,000, an increase of 25 percent over the $84,258,000 reported for the comparable period in fiscal year 2002. Net income for the six-month period was $12,879,000, or $0.17 per diluted share, compared to a loss of $10,915,000, or $0.15 per share, in the year ago period.
Chuck Swoboda, President and Chief Executive Officer of Cree stated, "We are extremely pleased with our results in terms of revenue and earnings. During the quarter our ability to maximize capacity through productivity improvements and a more favorable product mix provided us with the leverage to grow the business faster than expected and exit the quarter with the highest quarterly revenue in the company's history." |
