Cree: Third Quarter 2009 Revenue $131.1 Million


Cree recently announced that its revenue for the third quarter of fiscal 2009 was $131.1 million as of March 29, 2009. This means a 11% drop from the second quarter and a 5% increase from the same period last year.

LED products revenue was $112.4 million, accounting for 86% of total revenue. LED sales continued to decline by 11%, compared with a year-on-year increase of 6.6%. In the four quarters of last year, Cree's LED products revenue was slightly below $479 million.

GAAP's net income is $4 million, or diluted earnings per share of $0.05. Compared to the same period last year, GAAP's net income was $5.7 million, or diluted earnings per share of $0.06.

ChuckSwoboda, Chairman and CEO of Cree, described the quarter as a solid period and said that some of the growth in the LED lighting industry compensated for the lower demand for automotive, mobile and consumer electronics applications. Our goal is that LED total revenue will rebound by boosting demand for commercial lighting and display in the fourth quarter.

By fiscal 2010, Cree's goal is to continue to expand LED lighting and LED component production lines. The company said that in order to achieve this growth, they are planning to continue investing in research and development and production.

By the fourth quarter, as of June 28, 2009, Cree's goal is to generate revenues of $137 million to $143 million, while GAAP's diluted earnings per share range from $0.05 to $0.07.

During the quarter, Cree is increasing its capital expenditures, mainly to increase the production of China's packaged LEDs, and continue to transform from the production of LED chips to 4-inch epitaxial wafers. Swoboda said that by the end of June 2009, Cree will continue to travel along the track of producing 4-inch wafers, with production remaining above 50%. This percentage will continue to grow in the future.

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