Cree, Inc. (Nasdaq: CREE), manufacturer of semiconductors and light-emitting diodes (LEDs)announced revenue of $103.9 million for its fiscal Q1, a 1% increase from the same period last year. Net income dropped though to $13.3 million, or $0.17 per diluted share, compared to $21.7 million or $0.28 per diluted share for the first quarter of 2006.
“Q1 was a solid quarter for Cree, as we delivered earnings at the high end of our previously announced target range,” stated Chuck Swoboda, Cree chairman and CEO. “While short-term market conditions remain challenging, we continue to make outstanding progress towards our goal of enabling LEDs to become a cost-effective, energy-saving alternative for lighting applications. The recently introduced EZBright(TM)1000 LED power chip and the latest XLamp® 7090 power LED have established a new class of performance by dramatically increasing the light output and efficiency provided by LEDs. Looking forward, we are on track with our strategy to broaden our product lines into higher- value components for the tremendous markets in lighting and power.”
Recent Business Highlights:
* Closed the acquisition of INTRINSIC semiconductor, which is targeted to accelerate development of larger-diameter, high-quality SiC wafers, enabling higher power semiconductor devices and lower-cost LEDs.
Released the EZBright1000 LED power chip. It is twice the brightness of Cree’s previous-generation power chips and should enable solid-state lamp makers to challenge the efficiency of not only incandescent but also fluorescent lamps.
Released the XLamp 7090 power LED, which delivers a dramatic increase in brightness and efficiency. It is the first LED based on the EZBright1000 LED power chip and is designed to enable general lighting applications, such as street lighting, retail lighting, and parking garage lighting. For Q2, Cree currently targets revenue in the $105M – $109M range, with earnings of $0.14 to $0.17 per diluted share, excluding acquisition-related costs of INTRINSIC Semiconductor.
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