Cree reports record quarterly revenues - again
Net income for March 2003 quarter increased to $10.63 million, or $0.14 per diluted share, compared to a loss of $68.29 million, or $0.94 per diluted share, for the year-ago period. Overall gross margin for the third quarter increased to 47 % of revenue while net margins increased to 18% of revenue.
"We are pleased with our revenue and earnings growth over the last several quarters," said Chuck Swoboda, president and CEO of Cree. "Product revenue grew 9% sequentially, while product margins increased to 50%, illustrating both the strength in demand for LEDs and continued improvement in our operating model.
"We have also done a good job of increasing our capacity which should allow us to pursue incremental new business in the [June 2003] quarter."
For the nine-month period ended March 30, 2003, Cree reported revenue of $165.76 million, an increase of 41% over the $117.63 million reported for the comparable period in fiscal year 2002. Net income for the nine-month period was $23.51 million, or $0.31 per diluted share, compared to a loss of $79.20 million, or $1.09 per share, in the year ago period.
