Cree Announces Second Quarter 2008 Financial Year Results
Cree announced that its second quarter financial results for the fiscal year ending December 30, 2007 were $119 million, an increase of 5% from the first quarter of fiscal 2008 and a 34% increase from a year ago to $88 million. GAAP net income for the second quarter was $6.6 million or diluted earnings per share of $0.08, compared to 13 weeks in the second quarter of fiscal 2007, and the second quarter of fiscal 2008 included 14 weeks.
The second quarter was a strong quarter for CREE. We continued to implement our strategy, and both revenue and profit reached the high standard of the previous announcement. CREE Chairman and CEOHhuck Swoboda said so. "Revenue growth mainly comes from the sales of high-end LEDs. XLamp's orders and shipments both show double-digit growth. At the same time, we also increase Xlamp's production capacity in China. It is expected that in the future, there will be more global lighting products for higher efficiency energy. High demand also requires the use of more efficient lighting technologies, thus accelerating the use of LEDs in lighting applications.
The company expects third-quarter earnings per share of 7 to 9 cents and revenues of $1.20 to $125 million.
About Cree, Inc.
Cree is a world-renowned manufacturer and pioneer of semiconductors and devices. Its products have greatly promoted the quality and performance of solid-state lighting, energy and communication products. It is not only a pioneer in the market, but also plays a pivotal role.
Cree's strength in the market lies in its advanced and professional material technology, such as the application of silicon carbide and gallium nitride on chips and packaging instruments, which can handle larger volumes in smaller volumes than other technologies, materials and products. Motivate and solve the problem of overheating.
Cree extends their advanced technology to a wide range of applications, including brighter and more tunable options for general lighting, more vivid color effects for LED backlight displays, and the most powerful power switching devices and variable speed motors. Good benefits and make wireless data and voice communication infrastructure more efficient. Cree's customer base is extensive, from innovative lighting manufacturers to defense-related organizations.
Cree's product range includes blue and green LED chips, LEDs for lighting, LED backlighting solutions, switching power supply devices, and RF/radio devices.
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