To: Ron who wrote (4790 ) 1/11/2001 4:23:29 PM From: w2j2 Respond to DURHAM, N.C., Jan. 11 /PRNewswire/ -- Cree, Inc. (Nasdaq: CREE - news), reported today record second quarter fiscal year 2001 revenue of $41,494,000, a 10 percent increase, sequentially, and a 67 percent increase over the $24,814,000 reported in the year ago period. Earnings per share rose 125 percent to $0.18, per diluted share, over the $0.08, per diluted share, reported in the comparable period in the prior year (as adjusted for the company's 2-for-1 stock split in December 2000). Net income increased 145 percent to $13,861,000 compared to $5,647,000 in the year ago period. Product revenue grew 70 percent on a year-over-year basis, and 10 percent, sequentially. Product margins for the second quarter were 57.0 percent compared to 57.8 percent reported in the first quarter of fiscal year 2001. Gross margins increased to 53 percent compared to 51 percent reported in the second quarter of fiscal year 2000. Operating margins were the highest in the history of the company at 40 percent compared to 39 percent for the first quarter of fiscal 2001 and 32 percent for the comparable quarter in fiscal 2000. Net margins for the quarter were 33 percent compared to 23 percent in the year ago period.
