Cree sees strong demand for its LEDs
For the fiscal year ending June 30, 2002, Cree reported revenues totaling $155.4 million. After the amortization of intangibles and costs associated with the downsizing of its silicon high-power LDMOS and HBT subsidiary, Cree Microwave, the net loss for the year was $101.7 million.
Cree is continuing to see strong growth in demand for its LED products. As a result the company raised revenue and earnings guidance for the current first quarter of its 2003 fiscal year. First quarter revenues are now expected to be $45 million, up from the $38.8 million in its initial guidance.
"This has been a challenging year, but we are beginning to recognize the benefits of our investment of 18% of revenue in R&D in fiscal 2002," said Chuck Swoboda, Cree s president and CEO. "Cree has gained market share by creating new technology and solutions for our customers. We re pleased with our recent revenue performance and believe that we are well positioned to deliver a significant increase in LED sales in the first quarter of fiscal 2003."