Cree Reports Increased Revenue for the First Quarter of Fiscal Year 2012

Oct 19, 2011 In the official press release Cree has announced  its financial results for the first quarter of fiscal year 2011. Thus it has  a revenue of $269.0 million for Q1 of fiscal 2012, that represents a 0.2% increase compared to revenue of $268.4 million reported for the first fiscal quarter last year and a 11% increase compared to the fourth quarter of fiscal 2011.

GAAP net income for the first quarter of $12.8 million, or $0.11 per diluted share, decreased 78% year-over-year compared to GAAP net income of $58.0 million, or $0.53 per diluted share, for the first quarter of fiscal 2011. On a non-GAAP basis, net income for the first quarter of fiscal 2012 of $28.1 million, or $0.25 per diluted share, decreased 58% year-over-year compared to non-GAAP net income for the first quarter of fiscal 2011 of $66.3 million, or $0.60 per diluted share.

Financial results for the quarter reflect the acquisition of Ruud Lighting on August 17, 2011, approximately one month before the end of the quarter.

-- Cash and investments ended the quarter at $632.2 million, which was a decrease of $453.6 million from Q4 of fiscal 2011 due to the disbursement of $457 million as part of the Ruud Lighting acquisition. Cash flow from operations was $41.6 million.

-- Accounts receivable (net) increased $47.2 million from Q4 of fiscal 2011 to $165.7 million, with days sales outstanding of 55. Ruud Lighting receivables were approximately $22 million at the end of the quarter. Days sales outstanding would have been 50 if Ruud Lighting were part of Cree for the entire quarter.

-- Inventory increased $27.1 million from Q4 of fiscal 2011 to $203.6 million and represents 107 days of inventory. Ruud Lighting inventory was approximately $38 million at the end of the quarter. Days of inventory would have been 96 if Ruud Lighting were part of Cree for the entire quarter.

Full details available at: http://www.marketwatch.com/story/cree-reports-financial-results-for-the-first-quarter-of-fiscal-year-2012-2011-10-18?reflink=MW_news_stmp

Author:  Alice Jones

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