Cree Has Announced Revenue of US$269.0 Million for Its First Quarter of Fiscal 2012

Cree, a market leader in LED lighting, has announced revenue of US$269.0 million for its first quarter of fiscal 2012, ended September 25, 2011. This represents a 0.2% increase compared to revenue of US$268.4 million reported for the first fiscal quarter last year and an 11% increase compared to the fourth quarter of fiscal 2011. GAAP net income for the first quarter of US$12.8 million, or US$0.11 per diluted share, decreased 78% on-year. Financial results for the quarter reflect the acquisition of Ruud Lighting on August 17, 2011, approximately one month before the end of the quarter. "We got off to a good start in first-quarter as results were in-line with our updated targets and our LED lighting and LED components product lines continued to grow," stated 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." Business Outlook For its second quarter of fiscal 2012 ending December 25, 2011, Cree targets revenue in a range of US$300-320 million with GAAP and non-GAAP gross margin targeted to be in a similar range as first quarter at 37%-38%. GAAP operating expenses are targeted to increase by approximately US$10-95 million, or US$78 million on a non-GAAP basis. The increase in targeted operating expenses is primarily related to the addition of Ruud Lighting for an entire quarter. GAAP net income is targeted at US$13-18 million, or US$0.11-0.15 per diluted share. Source: www.digitimes.com