Cree Reaffirms Stock Repurchase Program
5.15 Million Shares Remain Authorized
Durham, NC. Cree, Inc. (Nasdaq: = CREE) reaffirmed today that its stock repurchase program remains in force and that the company, based on its evaluation of market conditions and other factors, can implement the program through open market or privately negotiated transactions. During the third quarter of fiscal 2001, the company repurchased 1.85 million shares of the 7 million shares authorized under the plan.
Chuck Swoboda, President and Chief Executive Officer stated, "Cree has a strong balance sheet and cash position. Given that we anticipate generating positive cash flow from operations during this fiscal year, we believe in times of market volatility it is prudent to reaffirm our stock repurchase program. Our ongoing strategy is to maximize shareholder value and we may repurchase shares if market and other conditions make such an investment attractive."
North Carolina-based Cree, Inc. develops and manufactures semiconductor materials and devices based on silicon carbide (SiC), gallium nitride (GaN) and related compounds. The company s products include blue, green and UV LEDs, RF power transistors for use in wireless infrastructure applications, Schottky diodes for power conditioning and switching, SiC crystals used in the production of unique gemstones and SiC wafers sold for use in production and in research and development. Cree has new product initiatives based on its experience in SiC and GaN-based semiconductors, including blue laser diodes for optical storage applications, high frequency microwave devices for radar and other communications systems. For more information on Cree, visit http://www.cree.com.
This press release contains forward-looking statements involving risks and uncertainties that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including fluctuations in the market price of Cree s common stock and other market conditions, the difficulty of predicting our future cash needs, which may turn out to be different than what we expect, the nature of other investment opportunities available to the company from time to time, Cree s cash flow from operations and other factors discussed in Cree s report on Form 10-K for the year ended June 24,2001 filed with the Securities and Exchange Commission.
Contact: Fran Barsky Investor Relations Manager of Cree, Inc. Tel: +1-919-313-5397 Fax +1-919-313-5452
Fran BarskyInvestor Relations Manager of Cree, Inc.
Tel: +1-919-313-5397
Fax +1-919-313-5452
Web site: http://www.cree.com
