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Cree Share Price Down 10% Although Record Revenue of $268 Million Reported

The quarterly revenue for Q1 FY2011 increased 59% year-over-year and quarterly net income increased 176% year-over-year to $58 Million. The share price went from $53 at close of business on Oct 19 to $48 at open of business the following day.

 Cree, a market leader in LED lighting, has announced record revenue of $268.4 million for its first quarter of fiscal 2011, ended September 26, 2010.

This represents a 59% increase compared to revenue of $169.1 million reported for the first fiscal quarter last year and a 1.5% increase compared to the fourth quarter of fiscal 2010. GAAP net income for the first quarter increased 176% year-over-year to $58.0 million, or $0.53 per diluted share, compared to GAAP net income of $21.0 million, or $0.23 per diluted share, for the first quarter of fiscal 2010.



 “Q1 was another record quarter for Cree as revenue grew in lighting, LED components and power products,” stated Chuck Swoboda, Cree chairman and CEO. “Although total revenue was on the low end of our target range of $270-280 million due to a decline in LED chips, LED lighting adoption continues to gain momentum and the growth drivers for the company remain on track.”

Cash and investments increased $32.4 million from Q4 FY 2010 to $1,098.8 million. Cash flow from operations was $88.5 million. Free cash flow (cash flow from operations less capital expenditures) was $26.9 million as the company spent $61.6 million on capital expenditures.

For its second quarter of fiscal 2011 ending December 26, 2010, Cree targets revenue in a range of $270 million to $280 million with GAAP net income of $51 million to $55 million, or $0.46 to $0.50 per diluted share.

Cree hosted a  conference call to review the highlights of the fiscal first quarter 2011 results and the fiscal second quarter 2011 business outlook, including significant factors and assumptions underlying the targets noted above.

A webcast of the conference call will be available to the public via the “Investor Relations Financial Events and Presentations” on Cree’s website (www.cree.com).

The call will be archived and available on the website through November 2nd, 2010.

The replay may be accessed as described below:

For domestic callers: 1-800-642-1687

For international callers: 1-706-645-9291

Conference ID#: 14839528



Cree is a market-leading innovator of lighting-class LEDs, LED lighting, and semiconductor solutions for backlighting, wireless and power applications.

Cree’s product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and radio-frequency/wireless devices. Cree solutions are driving improvements in applications such as general illumination, electronic signs and signals, variable-speed motors and wireless systems.
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