Cree Reports Sixteenth Consecutive profitable Quarter

DURHAM, N.C., July 28 -- Cree Inc. -- maker of semiconductor materials and electronic devices from silicon carbide -- reported its highest-ever revenue for this year's fourth quarter, in part because of new technology and growing market applications, the company said.
The company reported a total revenue of $33.4 million for fiscal 2000, 13 percent more than last quarter and 82 percent more than the $18.5 million reported for the same 1999 period. Earnings per share rose 150 percent to $0.30 per diluted share, over the $0.12 per diluted share last year (as adjusted for the company's 2-for-1 stock split in July 1999). Net income increased 183 percent for the quarter to $11.4 million, compared with $4 million last year.
The company reported a 15 percent increase in product revenue compared with last quarter, and a 90 percent increase compared with the same 1999 period. The acquisition of Nitres Inc. (Cree Lighting Co.) on May 1, 2000 was looked upon as a pooling of interests transaction. Consequently, Cree Lighting Co.'s historical operating results are covered for the quarters and years ended June 25, 2000 and June 27, 1999 and all prior periods. Included in the quarter, the company reported a one-time charge associated with the acquisition, which was offset by a gain on the sale of security investments.
In related news Cree Lighting Company has reported a near-UV/violet InGaN light emitting diode (LED) with 28 percent quantum efficiency, the company said. This is the highest known external quantum efficiency publicly reported for an LED in the UV-to-blue portion of the wavelength spectrum. The LED emits at 400 nm and has a power output of 17 mW.