Cree Reports Financial Results for the Fourth Quarter and Fiscal Year 2014

Cree, a market leader in buy led high bay lamps, today announced revenue of US $436 million for its fourth quarter of fiscal 2014, ended June 29, 2014. This represents a 16 percent increase compared to revenue of US $375 million reported for the fourth quarter of fiscal 2013, and an 8 percent increase compared to the third quarter of fiscal 2014. GAAP net income for the fourth quarter was US $30 million, or US $0.24 per diluted share, an increase of 6 percent year-over-year compared to GAAP net income of US $28 million, or US $0.23 per diluted share, for the fourth quarter of fiscal 2013. On a non-GAAP basis, net income for the fourth quarter of fiscal 2014 was US $51 million, or US $0.42 per diluted share, an increase of 12% year-over-year compared to non-GAAP net income for the fourth quarter of fiscal 2013 of US $46 million, or US $0.38 per diluted share.

For fiscal year 2014, Cree reported revenue of US $1.65 billion, which represents a 19 percent increase compared to revenue of US $1.39 billion for fiscal 2013. GAAP net income was US $124 million, or US $1.01 per diluted share, an increase of 43 percent compared to US $87 million, or US $0.74 per diluted share, for fiscal 2013. On a non-GAAP basis, led high bay light for sale for fiscal year 2014 was US $203 million, or US $1.65 per diluted share, an increase of 31 percent compared to US $155 million, or US $1.32 per diluted share, for fiscal 2013. Cree generated US $319 million of operating cash flow and US $121 million of free cash flow during fiscal 2014.

"Fiscal 2014 was another great year, as we achieved record revenue and grew our non-GAAP net income by over 30 percent," stated Chuck Swoboda, Cree Chairman and CEO. "The strength of our operating model gives us the flexibility to make investments to support our goal to grow the business and increase operating margin. Our new product pipeline, brand momentum and strong balance sheet put us in a great position to enable our long-term customer goal of 100% upgrade to LED lighting."

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