Cree reports huge surge in LED sales
Cree says that its LED shipments increased more than 50 percent sequentially to reach record levels, and that average sales prices increased slightly compared to the June 2002 quarter.
The company s net income for the September 2002 quarter was $3.9 million, or 5 cents a share. Back in June, the company predicted that it would earn 4 cents a share on revenue of $45 million. Cree recorded a GAAP loss of $22.5 million, or 31 cents a share, in the June 2002 quarter, and a net income of $6.5 million, or 9 cents a share, for the September 2001 quarter.
Chuck Swoboda, President and CEO of Cree stated, "We are extremely pleased with our results and ability to exceed both our revenue target and consensus earnings estimates. We have continued to experience increased demand for our LED products fueled by new design wins in a number of applications including cell phones.
"Our challenge has shifted to managing our capacity expansion to fulfill increased customer demand requirements and we are targeting LED sales to be above record levels set in the first quarter," added Swoboda.
