financial news ♦ compound semiconductor ♦ news digest
On a non-GAAP basis, net income for fiscal year 2010 increased 203% to $179.2 million, or $1.71 per diluted share, compared to $59.2 million, or $0.66 per diluted share, for fiscal 2009. Cree generated $250.6 million of operating cash flow and $81.9 million of free cash flow (cash flow from operations less capital expenditures) during fiscal 2010.
“Fiscal 2010 was a great year for Cree and the LED lighting revolution,” stated Chuck Swoboda, Cree chairman and CEO. “We made good progress building momentum in our business and delivering on our four key objectives for the fiscal year. Entering fiscal 2011, we are focused on extending our leadership position while we build the scale, cost structure and channels to win in the market.”
Q4 2010 Financial Metrics:
* Cash and investments increased $75.4 million from Q3 of fiscal 2010 to $1,066.4 million. * Cash flow from operations was $94.9 million. Free cash flow (cash flow from operations less capital expenditures) was $54.2 million as we spent $40.8 million on capital expenditures to support our capacity expansion. * Accounts receivable (net) decreased $8.3 million from Q3 of fiscal 2010 to $117.5 million, resulting in days sales outstanding of 40, a decrease of 8 days from Q3 of fiscal 2010.
* Inventory (net) increased $5.2 million from Q3 of fiscal 2010 to $112.2 million and represents 76 days of inventory, a decrease of 3 days from Q3 of fiscal 2010.
For its first quarter of fiscal 2011 ending September 26, 2010, Cree targets revenue in a range of $270 million to $280 million with GAAP net income of $52 million to $56 million, or $0.48 to $0.51 per diluted share. Non-GAAP net income is targeted to increase quarter-over-quarter to a range of $62 million to $65 million, or $0.56 to $0.59 per diluted share, based on an estimated 110.2 million diluted weighted average shares. Targeted non- GAAP earnings exclude expenses related to the amortization of acquired intangibles of $0.02 per diluted share, and stock-based compensation expense of $0.06 per diluted share.
Skyworks Authorizes Repurchase of $200 million in Common Stock
The timing and amount of any shares repurchased will be determined by the company’s management based on its evaluation of market conditions and other factors.
Skyworks has announced that its Board of Directors has authorized the repurchase of up to $200 million of the company’s common stock from time to time on the open market or in privately negotiated transactions.
The timing and amount of any shares repurchased will be determined by the company’s management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes.
The repurchase program will be funded using the company’s working capital. As of July 2, 2010, the company had cash, cash equivalents and temporary investments of approximately $390 million.
Skyworks is an innovator of high reliability analog and mixed signal III-V semiconductor products and has a broad range of end markets.
II-VI Compound Semiconductor Revenues & Bookings Jump
The firm has reported record Q4 FY 2010
II-VI Incorporated has reported results for its fourth quarter and fiscal year ended June 30, 2010.
II-VI is a vertically-integrated manufacturing company that creates and markets products for diversified markets including industrial manufacturing, military and aerospace, high- power electronics and telecommunications, and thermoelectronics applications.
The Company’s Compound Semiconductor Group, the Wide Bandgap Materials (WBG) group manufactures and markets single crystal silicon
August/September 2010
www.compoundsemiconductor.net 191
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