Cree reports 4Q and fiscal year 2009 results

Aug 11, 2009

DURHAM, N.C., Aug. 11, 2009  (GLOBE NEWSWIRE) -- Cree, Inc. (Nasdaq:CREE), a market leader in LED lighting, today announced record revenue of $148.1 million for its fourth quarter of fiscal 2009, ended June 28, 2009. This represents a 9% increase compared to revenue of $135.9 million reported for the fourth fiscal quarter last year and a 13% increase compared to the fiscal third quarter of 2009. GAAP net income for the fourth quarter was $9.7 million, or $0.11 per diluted share, compared to GAAP net income of $8.4 million, or $0.09 per diluted share, for the fourth quarter of fiscal 2008. On a non-GAAP basis, net income for the fourth quarter of fiscal 2009 was $16.3 million, or $0.18 per diluted share, compared to non-GAAP net income for the fourth quarter of fiscal 2008 of $14.5 million or $0.16 per diluted share. Cree generated $43.0 million of operating cash flow and $28.3 million of free cash flow (cash flow from operations less capital expenditures) during the fourth quarter.

For fiscal year 2009, Cree reported revenue of $567.3 million, which represents a 15% increase compared to revenue of $493.3 million for fiscal 2008. GAAP net income was $30.3 million, or $0.34 per diluted share, compared to $33.4 million, or $0.38 per diluted share for fiscal 2008. GAAP net income for fiscal 2008 included a benefit of $0.12 per diluted share related to a gain on the sale of investments. On a non-GAAP basis, net income for fiscal year 2009 was $59.2 million, or $0.66 per diluted share, compared to $47.2 million, or $0.54 per diluted share, for fiscal 2008. Cree generated $177.9 million of operating cash flow and $122.6 million of free cash flow during fiscal 2009.

"Our strong Q4 results were an outstanding finish to a very good year and reflect the success of our strategy to drive growth in LEDs and LED lighting applications," stated Chuck Swoboda, Cree chairman and CEO. "Entering fiscal 2010, our Q1 backlog is very strong as we see growing demand across our LED product lines. We are well positioned to benefit from the worldwide growth in LED lighting. As such, we continue to invest in the new products, channels and technical support needed to accelerate the LED lighting revolution."

Recent Business Highlights:

 * Introduced the LRP-38, the revolutionary PAR38 LED bulb that
delivers the same vibrant color as halogen with 75 percent less
energy.
* Announced that Chuck Swoboda, Cree chairman and CEO, joined
President Obama at the White House to discuss innovation and the
latest developments in energy-efficient technologies.
* Announced that North Carolina's first eco-friendly McDonald's is
97% lit with LEDs, and includes Cree's entire line of LED fixtures
and lamps.
* Welcomed Fairview, Texas, and Gwangju, South Korea, to the LED
City(r) Program.
* Demonstrated the XLamp(r) XP-G, the industry's brightest and
highest-efficiency lighting-class LED.

Q4 2009 Financial Metrics:

 ---------------------------------------------------------------------
Fourth Quarter
(in thousands,
except per share
amounts)
2009 2008 Change
---------------------------------------------------------------------
Net revenue $148,110 $135,925 $12,185 9%
---------------------------------------------------------------------
GAAP
---------------------------------------------------------------------
Gross Margin 39.6% 33.7%
---------------------------------------------------------------------
Net Income $9,695 $8,446 $1,249 15%
---------------------------------------------------------------------
Earnings per diluted share $0.11 $0.09 $0.02 22%
---------------------------------------------------------------------
Non-GAAP
---------------------------------------------------------------------
Gross Margin 40.3% 34.2%
---------------------------------------------------------------------
Net Income $16,336 $14,501 $1,835 13%
---------------------------------------------------------------------
Earnings per diluted share $0.18 $0.16 $0.02 13%
---------------------------------------------------------------------
* Cash and investments increased $42.3 million to $447.2 million,
with cash flow from operations of $43.0 million and free cash flow
of $28.3 million.
* Accounts receivable (net) increased $0.1 million from Q3 of fiscal
2009 to $103.0 million, resulting in days sales outstanding of 63,
a decrease of 8 days from Q3 of fiscal 2009.
* Inventory (net) increased $1.3 million from Q3 of fiscal 2009 to
$78.8 million and represents 79 days of inventory, a decrease of 4
days from Q3 of fiscal 2009.

CONTACT: Cree, Inc.
Raiford Garrabrant, Director, Investor Relations
919-287-7895
Fax: 919-313-5615
raiford_garrabrant@cree.com

Author:  Ray Andersson

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