LEDs ♦ news digest
Cree’s revenues hit $269.0 million
For its first quarter of fiscal 2012, ended September 25, 2011, the LED innovator’s revenues hardly changed compared to the same time last year.
This represents a 0.2% increase compared to revenue of $268.4 million reported for the first fiscal quarter last year and a 11% increase compared to the fourth quarter of fiscal 2011.
GAAP net income for the first quarter of $12.8 million, or $0.11 per diluted share, decreased 78% year-over-year compared to GAAP net income of $58.0 million, or $0.53 per diluted share, for the first quarter of fiscal 2011.
Accounts receivable (net) increased $47.2 million from Q4 of fiscal 2011 to $165.7 million, with days sales outstanding of 55. Ruud Lighting receivables were approximately $22 million at the end of the quarter. Days sales outstanding would have been 50 if Ruud Lighting were part of Cree for the entire quarter. Inventory increased $27.1 million from Q4 of fiscal 2011 to $203.6 million and represents 107 days of inventory. Ruud Lighting inventory was approximately $38 million at the end of the quarter. Days of inventory would have been 96 if Ruud Lighting were part of Cree for the entire quarter.
Business Outlook:
For its second quarter of fiscal 2012 ending December 25, 2011, Cree targets revenue in a range of $300 million to $320 million with GAAP gross margin targeted to be in a similar range as Q1 at 37%-38%. GAAP operating expenses are targeted to increase by approximately $10 million to $95 million. The increase in targeted operating expenses is primarily related to the addition of Ruud Lighting for an entire quarter. The tax rate is targeted at 21.5% for fiscal Q2. GAAP net income is targeted at $13 million to $18 million, or $0.11 to $0.15 per diluted share. The GAAP net income target is based on an estimated 118 million diluted weighted average shares.
Financial results for the quarter reflect the acquisition of Ruud Lighting on August 17, 2011, approximately one month before the end of the quarter.
“We got off to a good start in Q1 as results were in- line with our updated targets and our LED lighting and LED components product lines continued to grow,” stated Chuck Swoboda, Cree chairman and CEO. “We also took the next step in our strategy to lead the LED lighting revolution with the acquisition of Ruud Lighting. Although we have seen tremendous growth in LED lighting sales over the last few years, it is clear that we have only scratched the surface of LED lighting adoption and there is growing demand for products that offer innovative solutions and good payback.”
Cash and investments ended the quarter at $632.2 million, which was a decrease of $453.6 million from Q4 of fiscal 2011 due to the disbursement of $457 million as part of the Ruud Lighting acquisition. Cash flow from operations was $41.6 million.
Bridgelux LED targets 20-40 W replacement lamp market
The firm’s new Micro SM4 features the latest technical advancements in epitaxial gallium nitride layer growth, LED chip design and packaging technologies.
Bridgelux, a developer and manufacturer of LED lighting technologies and products, has expanded its broad portfolio of solid-state light sources to address the requirements of the $1 billion 20-40W lamp replacement market with the introduction of the Bridgelux Micro SM4.
Leveraging Bridgelux’s award-winning array technology into a surface mountable LED component, the Micro SM4 delivers high flux density in a smaller footprint, making it ideal for applications where discrete LEDs are preferred.
November/December 2011
www.compoundsemiconductor.net 95
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