Cree Has Banner Fiscal Year in Projects, Customers, and Profits

August 13, 2010...Cree of Durham, North Carolina had a banner fiscal year in 2010. The year has given the company a string of new customers, and projects around the world as well as a positive financial performance. The company reported that its CR6 downlights wil be utilized in homes built by the charitable organization, Habitat for Humanity, and a consumer version of the CR6 downlight will be available at Home Depot this fall. Cree also announced that products based on its LEDs were installed at an Netherlands-based consumer products packaging plant by LedNed.

Cree reports that its annual revenues increased 53 percent compared to fiscal 2009 to $867 million. The company's annual net income jumped a massive 402 percent. Cree posted record revenue of $264.6 million for its fourth quarter of fiscal 2010, ended June 27, 2010. This is a 79 percent increase compared to revenue of $148.1 million reported for the fourth fiscal quarter of fiscal 2009 and a 13 percent increase compared to the third quarter of fiscal 2010. GAAP net income for the fourth quarter increased 445% year-over-year to $52.8 million, or $0.48 per diluted share, compared to GAAP net income of $9.7 million, or $0.11 per diluted share, for the fourth quarter of fiscal 2009. For fiscal year 2010, Cree reported revenue of $1.45 per diluted share compared to $0.34 per diluted share for fiscal 2009.

“Fiscal 2010 was a great year for Cree and the LED lighting revolution,” stated Chuck Swoboda, Cree chairman and CEO. “We made good progress building momentum in our business and delivering on our four key objectives for the fiscal year. Entering fiscal 2011, we are focused on extending our leadership position while we build the scale, cost structure and channels to win in the market.”