Cree's fourth quarter fiscal 2010 revenue and net income set a record
Annual revenue increased by 53% to US$867 million Annual net income increased by 402% to US$152 million
Durham, North Carolina, August 10, 2010 - Clarion, Inc. (Nasdaq: CREE), a market leader in LED lighting, today announced that it will be the fourth in fiscal year 2010 as of June 27, 2010. Quarterly revenue reached a record $264.6 million, a 79% increase from the $148.1 million in the fourth quarter of the previous fiscal year and a 13% increase from the third quarter of this fiscal year. GAAP net income for the fourth quarter increased by 445% year-on-year to $52.8 million, equivalent to a diluted earnings per share of $0.48, while GAAP net income for the fourth quarter of fiscal 2009 was $9.7 million, equivalent to diluted earnings per share. The gain was $0.11. For non-GAAP calculations, net income for the fourth quarter of fiscal 2010 was $60.1 million, an increase of 268% over the same period last fiscal year, equivalent to a diluted earnings per share of $0.55, compared to non-GAAP for the fourth quarter of fiscal 2009. Net income was $16.3 million, equivalent to a diluted earnings per share of $0.18.
Cree's fiscal year 2010 revenues reached $867.3 million, a 53% increase from the $567.3 million in fiscal 2009. GAAP net income increased by 402% to $152.3 million, equivalent to a diluted earnings per share of $1.45, while fiscal 2009 revenue was $30.3 million, equivalent to a diluted earnings per share of $0.34. In terms of non-GAAP calculations, net income in 2010 increased by 203% to $179.2 million, equivalent to a diluted earnings per share of $1.71, compared to $59.2 million in fiscal 2009, equivalent to a diluted earnings per share of $0.66. In fiscal 2010, Career's operating cash flow was $250.6 million and free cash flow was $81.9 million (operating cash flow minus capital expenditures).
Chuck Swoboda, Chairman and CEO of Cree, pointed out: "FY2010 is of great significance to both Cree and the LED lighting revolution. We have maintained a good momentum in business development and achieved the four key goals of this fiscal year. 2011 In the fiscal year, we are committed to expanding our leading position while increasing our scale advantage, improving our cost structure and channels, and ensuring continued success in the marketplace."
Indicators for the fourth quarter of fiscal 2010:
| Fourth quarter (except for per share and percentage) | |||||
| year 2010 | Year 2009 | Variety | |||
| Net income | US$264,599 | US$148,110 | US$116,489 | 79% | |
| GAAP | |||||
| gross profit | 49.5% | 39.6% | |||
| Operating gross profit | 25.9% | 7.7% | |||
| Net income | US$52,848 | 9,695 US dollars | $43,153 | 445% | |
| Diluted earnings per share | $0.48 | $0.11 | $0.37 | 348% | |
| non- GAAP | |||||
| gross profit | 49.9% | 40.3% | |||
| Operating gross profit | 29.6% | 14.1% | |||
| Net income | $60,120 | $16,336 | $43,784 | 268% | |
| Diluted earnings per share | $0.55 | $0.18 | $0.37 | 202% |
Ø Operating cash flow is $94.9 million. Free cash flow (operating cash flow minus capital expenditures) amounted to $54.2 million, and we invested $40.8 million in capital expenditures for expansion capacity.
Ø Accounts receivable (net) decreased by $8.3 million to $117.5 million in the third quarter of fiscal 2010, reducing the receivables turnover days to 40 days, a decrease of eight days from the third quarter of fiscal 2010.
Ø Inventory (net) increased by $5.2 million to $112.2 million in the third quarter of fiscal 2010, and inventory turnover days were 76 days, a decrease of three days from the third quarter of fiscal 2010.
Recent business highlights:
Ø Signed a comprehensive global patent cross-licensing agreement with Philips to promote the LED lighting market.
Ø Develop new standards for LED lamps and extend the warranty period of Cree's lighting products to five years.
Ø Announced the introduction of the Cree LR6-DR1000 spotlight, which features Cree's TrueWhite® technology and 70% higher light output than the original LR6TM spotlight.
Ø Announced the Cree LR24HE ceiling recessed light, this new LED ceiling recessed light with Cree TrueWhite technology, is also the first high-efficiency indoor light fixture with 100 lumens per watt of power.
Business Outlook:
For the first quarter of fiscal year ended September 26, 2010, Cree’s revenue target ranged from $270 million to $280 million, and GAAP net income ranged from $52 million to $56 million, equivalent. Diluted earnings per share from $0.48 to $0.51. Based on a weighted average of diluted shares of approximately $110.2 million, the non-GAAP net income target is to increase quarterly growth to $62 million to $65 million, equivalent to a diluted earnings per share of $0.56 to $0.59. Target non-GAAP income does not include expenses associated with the acquisition of amortization of intangible assets (equivalent to a diluted $0.02 per share) and stock compensation expenses (equivalent to a diluted $0.06 per share).
Quarterly Telephone Conference:
Career will hold a conference call at 5 pm Eastern Time today to review key results for the fourth quarter of fiscal 2010 and business outlook for the first quarter of fiscal 2011, including key factors and assumptions related to the above objectives. The public can listen to the live broadcast of the conference via live audio on the Internet. For more information, please visit the Cree website at and go to the “Investor Relations – Overview†page. Conference audio will be retained and you can listen to it online before August 24, 2010.
To view supplemental financial information, including non-GAAP reconciliations attached to this press release, please see the “Financial Indicators†under the “Investor Relations†section of the Cree website (), “as of June 2010†27th."
About Cree
Founded in 1987, Cree is a US-listed company (Nasdaq: Cree, 1993), a leading manufacturer and industry leader in the world of compound semiconductor materials, epitaxy, chips, packaging and LED lighting solutions. . The advantages of Cree LED lighting products are unique materials technology and advanced white light technology in gallium nitride (GaN) and silicon carbide (SiC). With 1,100 US patents and more than 2,800 international patents, Cree LED products Always at the world's leading level. Cree lighting high-power LED has the advantages of high luminous efficiency, stable color point and long life. Cree provides customers with high-quality, highly reliable lighting products while providing customers with complete LED lighting solutions.
Kerui adheres to the philosophy of “scientific and technological innovation, forge aheadâ€, and continues to work closely with relevant domestic governments, industry organizations and enterprises with the development strategy of “Keuixin China†to jointly promote the rapid development of China's LED industry and save energy for China. Emission reduction efforts contribute more power.
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