Cree, Inc. (NasdaqGS:CREE) has announced revenue of $111.2 million for its fiscal fourth quarter ended June 24, 2007. This represents a 23% increase compared to the fiscal third quarter and a 4% increase compared to revenue of $106.7 million reported for the year-ago period. GAAP net income for the fourth quarter was $6.4 million, or $0.08 per diluted share, compared to net income of $13.2 million or $0.17 per diluted share for the fourth quarter of 2006.
For fiscal year 2007, Cree reported revenue of $394.1 million, which represents a 7% decrease compared to revenue of $423.0 million for fiscal 2006. GAAP net income was $57.3 million, or $0.72 per diluted share, compared to $76.7 million, or $0.98 per diluted share for fiscal 2006. On a non-GAAP basis net income for fiscal year 2007 was $35.4 million, or $0.44 per diluted share, compared to $83.2 million, or $1.06 per diluted share, for fiscal 2006.
“Fiscal 2007 was a challenging but successful year for Cree as we made great strides in our transformation from an LED chip and SiC materials technology company into a components company positioned to lead the LED lighting revolution,” stated Chuck Swoboda, Cree chairman and CEO. “In the fourth quarter, we again delivered financial results that were in line with our previously announced targets, and the COTCO integration is off to a good start. We believe the combination of growing XLamp(r) LED sales, our new high-brightness, packaged LED product line and a more stable LED chip business has put Cree in a strong position for growth in fiscal 2008.”
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