Cree Has Announced Revenue of $243.0 Million for Its Fourth Quarter of Fiscal 2011

Cree has announced revenue of $243.0 million for its fourth quarter of fiscal 2011, ended June 26, 2011. This represents an 8% decrease compared to revenue of $264.6 million reported for the fourth fiscal quarter last year and an 11% increase compared to the third quarter of fiscal 2011. GAAP net income for the fourth quarter of $19.8 million, or $0.18 per diluted share, decreased 63% year-over-year compared to GAAP net income of $52.8 million, or $0.48 per diluted share, for the fourth quarter of fiscal 2010. On a non-GAAP basis, net income for the fourth quarter of fiscal 2011 of $30.6 million, or $0.28 per diluted share, decreased 49% year-over-year compared to non-GAAP net income for the fourth quarter of fiscal 2010 of $60.1 million, or $0.55 per diluted share. For fiscal year 2011, Cree reported revenue of $987.6 million, which represents a 14% increase compared to revenue of $867.3 million for fiscal 2010. GAAP net income of $146.5 million, or $1.33 per diluted share, decreased 4%, compared to $152.3 million, or $1.45 per diluted share for fiscal 2010. On a non-GAAP basis, net income for fiscal year 2011 of $186.8 million, or $1.70 per diluted share, increased 4%, compared to $179.2 million, or $1.71 per diluted share, for fiscal 2010. Cree generated $251.4 million of operating cash flow and $14.3 million of free cash flow (cash flow from operations less capital expenditures) during fiscal 2011. "Q4 results were in-line with our targets, and we are encouraged by the 11% sequential growth in quarterly revenue," stated Chuck Swoboda, Cree chairman and CEO. "Over the last fiscal year, we continued to have success leading the LED lighting revolution and growing our LED lighting business, while at the same time managing through a challenging business cycle for our LED component and LED chip product lines. As we look ahead to Q1, demand has improved from earlier in the calendar year, and we are well positioned to continue to lead the LED lighting revolution." * Cash and investments ended the quarter at $1,085.8 million, which was an increase of $12.7 million from Q3 of fiscal 2011. * Accounts receivable (net) decreased $7.4 million from Q3 of fiscal 2011 to $118.5 million, with days sales outstanding of 44, a decrease of 8 days from Q3 of fiscal 2011. * Inventory increased $6.9 million from Q3 of fiscal 2011 to $176.5 million and represents 106 days of inventory, a decrease of 13 days from Q3 of fiscal 2011. Source: www.ledinside.com