Cree revenue driven up by backlighting market
Cree has enjoyed another record quarter, with revenue hitting $66.2 million for the three months ended September 28.
The revenue represents an increase of 36% over the figure of $48.8 million reported in the year-ago period, and a slight increase compared to the $64.1 million recorded in the June 2003 quarter.
"Once again, Cree delivered a solid quarter with revenue exceeding our expectations," said Chuck Swoboda, Cree s president and CEO. "We continue to experience strong demand for our LED products for use in mobile appliances and other backlighting applications."
Operating income increased 211 percent to $12.0 million for the September quarter of 2003, compared with $3.85 million reported in the year-ago period.
Net income for the quarter was $8.88 million, or $0.12 per share, compared to $3.88 million, or $0.05 per share, as reported for the same period in 2002.
"Going forward, we remain committed to making the investments necessary to drive long-term product innovation," added Swoboda. "[This will] enable new and existing applications which incorporate our silicon carbide and gallium nitride technology.”
