Cree 3Q profit increased tenfold on demand for LEDs

Apr 21, 2010 Cree (Nasdaq: CREE) unveiled fiscal third quarter GAAP net income of $44.6 million, a tenfold increase over $4 million in the year-earlier quarter. The improvement was sparked by a 78 percent increase in net revenue, to $234.1 million from $131.1 million.

During a conference call with analysts Tuesday evening, Chairman and CEO Chuck Swoboda said the company would spend between $250 million and $300 million in capital expenditures next year. Cree’s fiscal 2011 starts in July.

Swoboda said the higher spending will result primarily from the purchase of new equipment at the company's facilities in Durham and China.

http://triangle.bizjournals.com


Author:  Ray Andersson

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