LEDs ♦ financial news
5N Plus Inc. Reports First Quarter Results for Fiscal Year 2011
5N Plus Inc. a producer and provider of high-purity metals and compounds for electronic applications, have reported financial results for its first quarter ended August 31, 2010.
Sales for the first quarter ended August 31, 2010, increased by 16.9% to $18,770,228 compared to $16,053,220 for the first quarter of the previous fiscal year.
“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 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.
Net earnings for the first quarter were $4,033,224 ($0.09 per share), representing a 33.8% increase over net earnings of $3,014,608 ($0.07 per share) for the same period last year.
EBITDA(1) for the first quarter was $6,260,433, representing an increase of 24% compared to EBITDA of $5,049,538 for the first quarter of the previous fiscal year.
The backlog of orders expected to translate into sales over the following twelve months stood at $57,423,649 as at August 31, 2010 compared to $56,277,503 a year ago. Changes in currency exchange rates had an adverse impact of approximately $4 million on the backlog.
The Company’s financial position remains solid, with cash and cash equivalents of $64,000,238 as at August 31, 2010 compared to $67,992,321 as at May 31, 2010. Shareholders’ equity also increased during the first quarter to $130,197,617 up from 125,678,537 as at May 31, 2010.
The Company is now also part of the S&P/TSX Small Cap Index as of September 17, 2010 and the S&P/TSX Clean Technology Index as of September 20, 2010.
Jacques L’Ecuyer, President and Chief Executive Officer, said “The results of our first fiscal quarter ended August 31, 2010 are in line with those of the previous quarters in terms of sales and profitability. Demand for our solar grade products remained strong throughout the quarter, although growth in overall sales revenues was driven primarily by our non-solar grade products, including those of our
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www.compoundsemiconductor.net November/December 2010
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