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To: Dealer who wrote (7667)	10/12/2000 5:10:49 PM
From: Dealer	Read Replies (1) \| Respond to of 65232

CREE--Cree Reports Record First Quarter Results Product Revenue Increased 88 Percent Earnings Per Share Rose 143 Percent DURHAM, N.C., Oct. 12 /PRNewswire/ -- Cree, Inc. (Nasdaq: CREE - news), today reported record first quarter fiscal year 2001 revenue of $37,642,000, a 13 percent increase, sequentially, and an 80 percent increase over the $20,861,000 reported in the year ago period. Product revenue grew 88 percent on a year-over-year basis, and 14 percent, sequentially. Earnings per share rose 143 percent to $0.34, per diluted share, over the $0.14, per diluted share, reported in the comparable period in the prior year. Net income increased 178 percent to $12,655,000 compared to $4,554,000 reported in the year ago period. Gross margins remained at 55 percent, unchanged from the fourth quarter of fiscal 2000. Neal Hunter, chairman and CEO, said: ``Cree's record first quarter results once again demonstrate our ability to deliver top-line growth and robust earnings. These accomplishments result from our efforts in penetrating new markets while continuing to provide a low cost structure. We believe the introduction of our new ultra bright light emitting diode (LED) devices, with two times the brightness of our high brightness products, will provide an opportunity for additional market penetration. Additionally, we have demonstrated world records for near UV LED efficiency at Cree Lighting and continue to make considerable progress in our RF and blue laser development.'' 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 of 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; the possibility we may be unable to develop commercial products based on the new technologies mentioned in this release or may encounter delays and increased costs as we begin volume production; the risk posed by concentration of our business among a few customers; uncertainty whether our intellectual property rights will provide meaningful protection and whether we will be successful in pending patent litigation relating to our products; 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.