CEO and chairman of Cree,Chuck Swoboda
Cree has announced its financial results for the first quarter of the fiscal year 2012.
Revenue stood at$269m for the first quarter of fiscal 2012(ended September 25),an 0.2 per cent increase compared to Q1 last year while GAAP net income for the first quarter was at$12.8m,a decrease of 78 per cent compared with GAAP net income of$58m for the first quarter of 2011.
The fall comes as Cree absorbed the costs of acquiring Rudd Lighting in August of this year.Cash and investments ended the quarter at$632.2m,which was a decrease of$453.6m from Q4 of fiscal 2011.
For the second quarter(ending December 25),Cree expects revenue of$300m to$320m with GAAP gross margin targeted to be in a similar range as Q1.
"We got off to a good start in Q1 as results were in line with our updated targets and our LED lighting and LED components product lines continued to grow,"said Chuck Swoboda,Cree chairman and CEO."We also took the next step in our strategy to lead the LED lighting revolution with the acquisition of Ruud Lighting.Although we have seen tremendous growth in LED lighting sales over the last few years,it is clear that we have only scratched the surface of LED lighting adoption and there is growing demand for products that offer innovative solutions and good payback."
