News Article
More records as Cree invests in R&D
Revenue jumps 28% year-on-year as the LED manufacturer looks to invest in its next generation of products.
Cree has reported revenue for the quarter ended December 28, 2003 of $73 million, a 28% increase over the comparable quarter last year.
Net income for the period increased 45% to $13 million over the prior year s figure.
Cree President Chuck Swoboda said: “Our record revenue and higher profitability were driven by strong LED sales as we benefited from increased demand for LEDs in mobile phone applications."
"During the quarter we generated a record $52.4 million of cash from operations."
In its outlook, Cree indicated that revenue in the next quarter would be $75-76 million, while higher research and development expenses would be needed to support the new product pipeline.
