Cree Releases Fiscal Year and Fourth Quarter Report
Aug 10, 2011 In a time when stocks soar and plummet all on the same day, it is a comfort to see the climbing numbers of Cree's Fiscal Year 2011. The LED company has released its financial results for the fourth quarter and this year, ending on June 26, 2011 with positive results.
This year's fourth quarter earned $243.0 million for Cree, which compared to last fourth quarter's $246.6 million is an 8% decrease in revenue. However, within this year the fourth quarter earned 11% more than the third, an increase of approximately $12.7 million. In addition, on a non-GAAP bases, net income for fiscal year 2011 was $1.70 per diluted share--an increase of 4% compared to the previous year. CEO of Cree, Chuck Swoboda, stated "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."
The 14% increase in annual revenue to a record $988 million, and the improvement in the fourth quarter highlight a favorable financial future for Cree.
To view a detailed report of the Fourth Quarter and Fiscal Year:
Author: Rebecca Milne
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