Cree has announced revenue of US$375 million for its fourth quarter of fiscal 2013, ended June 30, 2013. This represents a 22% increase compared to revenue of US$306.8 million reported for the fourth quarter of fiscal 2012, and a 7% increase compared to the third quarter of fiscal 2013.
GAAP net income for the fourth quarter was US$28.2 million, or US$0.23 per diluted share, an increase of 182% year-over-year compared to GAAP net income of US$10 million, or US$0.09 per diluted share, for the fourth quarter of fiscal 2012.
On a non-GAAP basis, net income for the fourth quarter of fiscal 2013 was US$45.6 million, or US$0.38 per diluted share, an increase of 56% year-over-year compared to non-GAAP net income for the fourth quarter of fiscal 2012 of US$29.2 million, or US$0.25 per diluted share.
For fiscal year 2013, Cree reported revenue of US$1.39 billion, which represents a 19% increase compared to revenue of US$1.16 billion for fiscal 2012. GAAP net income was US$86.9 million, or US$0.74 per diluted share, an increase of 96% compared to US$44.4 million, or US$0.39 per diluted share, for fiscal 2012.
On a non-GAAP basis, net income for fiscal year 2013 was US$155.4 million, or US$1.32 per diluted share, an increase of 42% compared to US$109.2 million, or US$0.95 per diluted share, for fiscal 2012. Cree generated US$285.2 million of operating cash flow and US$186.9 million of free cash flow (cash flow from operations less capital expenditures) during fiscal 2013.
"Our fiscal fourth quarter was a strong finish to a great year, with record revenue and good earnings growth in line with our targets," stated Chuck Swoboda, Cree chairman and CEO. "Total company backlog is ahead of this point last quarter and we are targeting solid growth in LED lighting in Q1. Our new products have opened new applications, improved payback, and fueled growth in LED lighting. We remain focused on driving mass adoption and our goal of 100% upgrade to LED lighting."
Business Outlook
For its first quarter of fiscal 2014 ending September 29, 2013, Cree targets revenue in a range of US$380 million to US$400 million, with GAAP gross margin targeted to be around 38.5% and non-GAAP gross margin targeted to be around 39%.
GAAP net income is targeted at US$28 million to US$34 million, or US$0.23 to Us$0.28 per diluted share. Non-GAAP net income is targeted in a range of US$44 million to US$50 million, or US$0.36 to US$0.41 per diluted share.
