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Cree Reports Record Quarterly Revenue and Net Income
for the Second Quarter of - 20 Jan 2010
Cree, Inc., a market leader in LED lighting, approximately 650 Walmart stores.
today announced record revenue of $199.5 sheet further enhances our leadership Set a new standard for indoor LED lighting
million for its second quarter of fiscal 2010, position and supports our mission of leading with the XLamp® MX-6 LED, the industry’s
ended December 27, 2009. This represents the LED lighting revolution”. first lighting-class PLCC LED.
a 35% increase compared to revenue of Demonstrated an A-lamp LED light bulb
$147.6 million reported for the second fiscal Cash flow from operations was $21.5 with the highest lumen output and efficacy
quarter last year and an 18% increase million. Free cash flow (cash flow from reported in the industry.
compared to the first quarter of fiscal 2010. operations less capital expenditures) was Achieved industry-best reported R&D results
GAAP net income for the second quarter ($19.9) million as we spent $41.4 million on of 186 lumens per watt from a white high-
increased 216% year-overyear to $33.8 capital expenditures. power LED.
million, or $0.32 per diluted share, Purchased a facility for manufacturing
compared to GAAP net income of $10.7 Accounts receivable (net) increased $20.3 expansion in Huizhou, China
million, or $0.12 per diluted share, for the million from Q1 of fiscal 2010 to $113.4
second quarter of fiscal 2009. On a non- million, resulting in days sales outstanding Business Outlook:
GAAP basis, net income for the second of 51, an increase of 1 day from Q1 of fiscal For its third quarter of fiscal 2010 ending
quarter of fiscal 2010 increased 126% year- 2010. March 28, 2010, Cree targets revenue in a
over-year to $40.2 million, or $0.38 per range of $215 million to $225 million with
diluted share, compared to non-GAAP net Inventory (net) increased $7.3 million from GAAP net income of $37 million to $40
income for the second quarter of fiscal Q1 of fiscal 2010 to $93.3 million and million, or $0.35 to $0.37 per diluted share.
2009 of $17.8 million or $0.20 per diluted represents 80 days of inventory, a decrease Non-GAAP net income is targeted to
share. of 1 day from Q1 of fiscal 2010. increase quarter-over-quarter to $44 million
to $47 million, or $0.41 to $0.44 per diluted
“We continued to execute very well in Q2, Recent Business Highlights: share, based on an estimated 107.5 million
as we delivered record revenue and net Awarded $39 million in tax credits as part of diluted weighted average shares. Targeted
income”,stated Chuck Swoboda, Cree the American Recovery and Reinvestment non-GAAP earnings exclude expenses
chairman and CEO. “LED lighting adoption Act to support our investment to build related to the amortization of acquired
continues to gain momentum and our near energy efficient LED lighting. intangibles of $0.02 per diluted share, and
term focus is on factory execution and Announced that Cree LED lamps have been stock-based compensation expense of
capacity expansion. Our strong balance selected for an initial deployment $0.04 per diluted share.
PNM, First Solar Sign Contract for 22 Megawatts of Utility Scale Solar Power
for New Mexico - 20 Jan, 2010
Five Photovoltaic Solar Power Plants to Be Located in PNM’s Service a state that has excellent solar resources and is well positioned to
Territory PNM, New Mexico’s largest electric utility, has signed a take advantage of clean, affordable energy.”
contract with First Solar to construct 22 megawatts (MW) AC of utility
scale photovoltaic (PV) solar power plants in New Mexico First Solar, If approved by state regulators, the 22 MW AC of new solar
based in Tempe, Arizona, will construct the facilities using its capacity – which, according to PNM, can produce enough power to
advanced PV panels at five separate sites within PNM’s service supply 7,000 average sized New Mexico homes – would be the first
territory. The sites will be chosen based on cost, availability and contracted under the terms of an agreement PNM reached with
suitability of land; the quality of a site’s solar potential; environmental state environmental, renewable energy and governmental
and permitting considerations; and level of local support. organizations two weeks ago. The specifics of that plan, to be filed
with the New Mexico Public Regulation Commission (PRC) on Jan.
“We are proud to have a company with First Solar’s internationally 25, call for a total of 45 MW of utility scale solar PV to be added to
recognized expertise and reputation building these facilities to help PNM’s system in the 2010-2011 timeframe.
us meet the growing energy needs of our customers,” said Pat
Vincent-Collawn, PNM president and CEO. More than 1,800 MW of Vincent-Collawn said that sites chosen to host the solar PV facilities
First Solar’s PV panel technology has been deployed in multiple will be announced as they are determined. Construction on the first
projects throughout the world. site is expected to start by 2011, or as soon as the PRC approves
PNM’s renewable plan. First Solar expects construction at all five
“PNM’s decision to use First Solar’s panels demonstrates the value sites to be completed by late 2011. The build-outs will create
PV technology can bring to electric utilities seeking to adopt approximately 100 construction jobs. Once completed, PNM will
renewable energy generation,” said Bruce Sohn, First Solar own the sites as part of its generation portfolio to serve New Mexico
president. “We are pleased to be working with PNM in New Mexico, customers.
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www.compoundsemiconductor.net January/February 2010
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