Cree, a market leader in LED lighting, announced revenue of US $409.5 million for its third quarter of fiscal 2015, ended March 29, 2015. This represents a 1% increase compared to revenue of $405.3 million reported for the third quarter of fiscal 2014.

GAAP net income for the third quarter was $0.7 million, or $0.01 per diluted share, a decrease of 98% year-over-year compared to GAAP net income of $28.2 million, or $0.23 per diluted share, for the third quarter of fiscal 2014. On a non-GAAP basis, net income for the third quarter of fiscal 2015 was $25.0 million, or $0.22 per diluted share, a decrease of 48% year-over-year compared to non-GAAP net income for the third quarter of fiscal 2014 of $47.7 million, or $0.39 per diluted share.

 “Q3 revenue and non-GAAP operating profit were within our targeted range despite the impact of extreme winter weather this quarter,” stated Chuck Swoboda, Cree Chairman and CEO. “We’re confident that we’re on the right track and optimistic about the future growth in Lighting and potential upside from our Power & RF product line.”

• Gross margin decreased 250 basis points from Q2 of fiscal 2015 to 30.6% on a GAAP basis, and decreased 250 basis points to 31.4% on a non-GAAP basis.
•  Cash and investments decreased by $47.9 million from Q2 of fiscal 2015 to $782.0 million.
• Accounts receivable, net decreased by $2.7 million from Q2 of fiscal 2015 to $216.2 million, with days sales outstanding of 48.
• Inventory decreased by $33.2 million from Q2 of fiscal 2015 to $299.4 million and represents 95 days of inventory.

Recent Business Highlights:

•  Redefined outdoor lighting performance for rural applications with the introduction of the LED Rural Utility Light (RUL) Series, designed to deliver an unprecedented combination of price, performance and quality to accelerate adoption of LED lighting across rural areas in North America;
•  Introduced a new addition to the industry-leading CXA LED array family, CXA2 LED arrays, which deliver up to 33 percent higher efficacy in the same form factors by utilizing elements of the Cree^® SC5 Technology^™Platform;
• Continued to expand the leading LED bulb portfolio with the TW Series^™ LED T8 Tube Replacement for consumers. Designed for simple, wire-free installation, it provides industry-leading compatibility, besting the competition in light quality and performance, all at an affordable price;
• Built on the success of the groundbreaking XLamp^® MH family of LEDs with the introduction of the XLamp MHD-E and MHD-G LEDs. These new LEDs leverage the Cree SC5 Technology platform to combine the high lumen density and reliability of a ceramic chip-on-board LED with the design and manufacturing advantages of a surface-mount package;
• Announced that the U.S. International Trade Commission (ITC) has agreed to open an investigation into unfair trade practices by Feit Electric Company, Inc. and its Asian supplier, Unity Opto Technology Co., Ltd., in response to a complaint filed by Cree on January 12, 2015.