Yet more record revenue and profit at Cree
Cree has once again posted record quarterly revenue and earnings. In its third quarter of fiscal 2004, ended March 28, the company had sales worth $77.1 million, up 28% on the equivalent period in 2003.
The sequential increase was more modest, up 5.6% on the $73 million reported in the previous quarter.
The record sales figure translated into quarterly earnings of $15.1 million, up 50% on the $10.6 million it made in the year-ago quarter.
Nine months into the 2004 fiscal year, Cree’s revenue for the period now totals $216 million, an increase of 30% on the first nine months of last year.
President and CEO Chuck Swoboda said: “Our decision to invest aggressively in research and development is paying off as new high-brightness products are driving the growth of our business.”
The outlook for the rest of the year is predictably good, with Cree forecasting revenue of $83-85 million for the final fiscal quarter, and further increases in profit margein.
A declining proportion of Cree’s revenue is now coming from contract work, which was responsible for only $5.7 million (7.4%) of the company’s business in the most recent quarter. In the same period of 2003, the figure was $6.4 million (10.7%).
