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Cree Q1 Revenue Decreases 13 Percent

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Swoboda: "˜We continue to make progress with our transition to a more focused LED lighting company'

LED maker Cree has announced a combined revenue of $371 million for its first quarter of fiscal 2017, made up of consolidated revenue of $321 million from continuing operations, and $50 million from discontinued operations.

This represents a 13 percent decrease compared to combined revenue of $425 million ($381 million from continuing operations and $44 million from discontinued operations) for Q1 of fiscal 2016 and a 4 percent decrease compared to Q4 2016.

"We delivered solid results in fiscal Q1, as Lighting, LED Products and Wolfspeed all achieved revenue and gross margins that were in line with our targets," stated Chuck Swoboda, Cree chairman and CEO. "We continue to make progress with our transition to a more focused LED lighting company and building a more valuable business by bringing better light to our customers."

Combined GAAP net income for Q1 2017 was $0.6 million, or $0.00per diluted share, compared to combined GAAP net loss of $24 million, or $0.24 per diluted share, for Q1 2016.

On a non-GAAP basis, combined net income for Q1 2017 was $15 million, or $0.15 per diluted share, compared to combined non-GAAP net income for Q1 2016 of $21 million, or $0.21 per diluted share.

Revenue from continuing operations was $321 million in Q1 2017 compared to revenue from continuing operations of $381 million in Q1 2016.

Loss from continuing operations for Q1 2017 was $3 million, or $0.03 per diluted share, compared to loss from continuing operations of $26 million or $0.25 per diluted share for the Q1 2016. On a non-GAAP basis, income from continuing operations for Q1 2017 was $9 million, or $0.09 per diluted share, compared to non-GAAP income from continuing operations of $15 million or $0.14 per diluted share, for Q1 2016.

Revenue from discontinued operations was $50 million in Q1 2017 compared to revenue from discontinued operations of $44 million in Q1 2016. Income from discontinued operations, net of tax for Q1 2017 was $3 million, or $0.03 per diluted share, compared to income from discontinued operations, net of tax of $1 million, or $0.01 per diluted share for Q1 2016. 

On a non-GAAP basis, income from discontinued operations, net of tax for Q1 2017 was $6 million, or $0.06 per diluted share, compared to non-GAAP income from discontinued operations, net of tax of $7 million, or $0.07 per diluted share, for Q1 2016.



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