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Tax Credits Shield Battling Cree

The US chip maker fights to improve its fortunes, with weak operating income, flat revenues and increased costs causing short-term pain for long-term gain.

LED, power and communication chip manufacturer Cree has announced $21.1 million net profit in its third-quarter 2007 results, with $20.9 million of credits for interest and tax benefits masking an operating income of only $206,000.

Satisfied that this performance was expected, Cree CEO Chuck Swoboda said that the company was in “a strong position" particularly after completing the purchase of the Hong Kong based LED producer COTCO.

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