Cree Reports Financial Results for the Third Quarter of Fiscal Year 2012

DURHAM, N.C. — (BUSINESS WIRE) — April 17, 2012 — Cree, Inc. (Nasdaq: CREE), a market leader in LED lighting, today announced revenue of $284.8 million for its third quarter of fiscal 2012, ended March 25, 2012. This represents a 30% increase compared to revenue of $219.2 million reported for the third quarter of fiscal 2011 and a 6% decrease compared to the second quarter of fiscal 2012. GAAP net income for the third quarter was $9.5 million, or $0.08 per diluted share, a decrease of 50% year-over-year compared to GAAP net income of $18.9 million, or $0.17 per diluted share, for the third quarter of fiscal 2011. On a non-GAAP basis, net income for the third quarter of fiscal 2012 was $23.3 million, or $0.20 per diluted share, a decrease of 22% year-over-year compared to non-GAAP net income for the third quarter of fiscal 2011 of $30.1 million, or $0.27 per diluted share.

"Our third quarter earnings per share were in the middle of our target range as strong factory execution and a tax benefit offset the impact of revenue being slightly below our target range," stated Chuck Swoboda, Cree Chairman and CEO. "Overall company backlog is stronger than it was at this point last quarter, with Lighting, LEDs and Power and RF all tracking ahead of Q2, although order visibility is still limited. Our focus remains on driving adoption through innovation and we believe we are well positioned to continue leading the transition to LED lighting and drive growth in our business."

Q3 2012 Financial Metrics

(in thousands except per share amounts and percentages)

           
 
Third Quarter
      2012     2011     Change
      (unaudited)     (unaudited)            
Net revenue     $   284,801       $   219,168       $   65,633       30 %
GAAP                        
Gross Margin     34.9 %     41.7 %            

Operating Margin

    1.8 %     9.0 %            
Net Income     $   9,489       $   18,881       $   (9,392 )     (50 )%
Earnings per diluted share     $  

0.08

      $   0.17       $   (0.09 )     (53 )%
Non-GAAP                        
Gross Margin     35.6 %     42.4 %            
Operating Margin     8.6 %     14.9 %            
Net Income     $   23,322       $   30,064       $   (6,742 )     (22 )%
Earnings per diluted share     $   0.20       $  

0.27

      $   (0.07 )     (26 )%
  • Gross margin increased 30 basis points from Q2 of fiscal 2012 to 34.9% on a GAAP basis and 35.6% on a non-GAAP basis.
  • Cash and investments increased $22.8 million from Q2 of fiscal 2012 to $710.1 million.
  • Accounts receivable (net) increased $11.8 million from Q2 of fiscal 2012 to $168.2 million, with days sales outstanding of 53.
  • Inventory increased $9.5 million from Q2 of fiscal 2012 to $196.8 million and represents 96 days of inventory.

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