Cree's full-year profit soars to $58 million
US-based LED, RF device and substrate manufacturer Cree has once again reported record quarterly revenue. Fourth quarter fiscal 2004 revenue was $90.8 million, up $13.7 million sequentially, and an increase of 42% over the equivalent quarter of 2003.
Full year revenue also saw a big increase - Cree s total sales in fiscal 2004 netted $306.8 million, a whopping 34% increase over the previous year s figure.
Net profit was also up, at $20.9 million for this quarter - a $5.3 million sequential rise, and almost double last year s figure.
Full fiscal 2004 generated a net profit of $58.0 million, $23.1 million higher than the previous year.
Revenue in the recent quarter was dominated by LED orders which generated sales worth $72.2 million, with high-, mid- and standard-brightness LEDs forming 54%, 40%, and 6% of the revenue, respectively.
"We reported record revenue and earnings for the quarter and year which exceeded our targets. We are particularly pleased that these higher [LED] sales, combined with lower LED unit costs, provided our highest gross margin in over three years at 52 percent of revenue," said Chuck Swoboda, Cree s CEO.
Cree s GaN business, bought from ATMI in April this year for $10.25 million (see related story), contributed a revenue of around $1.2 million.
