Cree, January 22, 2008 announced revenue of $119 million for its fiscal second quarter ended December 30, 2007. This represents a 5% increase compared to the fiscal first quarter of 2008 and a 34% increase compared to revenue of $88.8 million reported one year ago..
“Q2 was a strong quarter for Cree, as we continued to execute our strategy and delivered revenue and earnings at the high end of our previously announced target range,” stated Chuck Swoboda, Cree chairman and CEO. “The revenue growth was driven by higher LED sales, with XLamp® orders and shipments growing double digits sequentially as we were successful in bringing on-line additional XLamp capacity in China. Looking ahead, the global momentum for sustainable, energy-efficient lighting products continued to build with the passage of the new U.S. Energy bill, which will require the use of more-efficient lighting technology and should further accelerate the adoption of LEDs.”
– The combination of energy savings, reduced maintenance and disposal costs, and the environmental savings demonstrate that LED lighting is now a real alternative to traditional lighting solutions.
– Other informations about Cree:
* Launched the Cree Solutions Providers network to offer customers a full range of LED lighting-system solutions and design assistance to help accelerate time to market and reduce product development costs.
* Launched the Cree Solutions Providers network to offer customers a full range of LED lighting-system solutions and design assistance to help accelerate time to market and reduce product development costs.
* Announced that Ann Arbor, MI, will join Raleigh, NC, and Toronto in the growing LED City™ initiative. Ann Arbor plans to become the first U.S. city to convert 100 percent of its downtown streetlights to LED technology, and full implementation is projected to cut the city’s public lighting energy use in half and reduce greenhouse gas emissions by 2,425 tons of CO2 annually.
* Commercially released zero micropipe ZMP™ 100-mm, n-type silicon carbide (SiC) substrates. With this achievement, Cree reinforces its position as the world’s leading manufacturer of SiC-based semiconductor materials.
For its third quarter of fiscal 2008 ending March 30, 2008, which is comprised of 13 weeks, Cree targets revenue in a range of $120 million to $125 million