Cree Reports Record Quarterly Revenue and Net Income for the Third Quarter of Fiscal Year 2010

Cree, Inc., a market leader in LED lighting, today announced record revenue of $234.1 million for its third quarter of fiscal 2010, ended March 28, 2010. This represents a 78% increase compared to revenue of $131.1 million reported for the third fiscal quarter last year and a 17% increase compared to the second quarter of fiscal 2010. GAAP net income for the third quarter increased more than tenfold year-over-year to $44.6 million, or $0.41 per diluted share, compared to GAAP net income of $4.0 million, or $0.05 per diluted share, for the third quarter of fiscal 2009. On a non-GAAP basis, net income for the third quarter of fiscal 2010 increased 333% year-over-year to $51.3 million, or $0.47 per diluted share, compared to non-GAAP net income for the third quarter of fiscal 2009 of $11.8 million or $0.13 per diluted share.

“We achieved record revenue and net income again in Q3 due to a combination of strong LED demand and solid execution with our factory ramp,” stated Chuck Swoboda, Cree chairman and CEO. “The LED lighting revolution continues to gain momentum, and we remain focused on extending our leadership position while we build the scale, cost structure and channels to win in the market.”

Recent Business Highlights:

Announced a breakthrough new lighting-class LED platform, the XLamp XM, which delivers record-breaking efficiency of 160 lumens per watt at 350 mA
Achieved industry-best reported R&D results of 208 lumens per watt from a white high-power LED
Introduced the Cree LED Module LMR4, the first of a new LED module product line that brings Cree TrueWhite™ technology to lighting manufacturers
Announced the Cree CR6™ product, a new 6-inch LED downlight designed for the residential market
Introduced the XLamp® MPL EasyWhite™ LED, a breakthrough new lighting-class LED that can obsolete energy-inefficient light bulbs
Announced that Cree LED lamps have been selected for deployment in the Hyatt Regency Grand Cypress Resort in Orlando, Florida

Business Outlook:
For its fourth quarter of fiscal 2010 ending June 27, 2010, Cree targets revenue in a range of $255 million to $265 million with GAAP net income of $46 million to $49 million, or $0.41 to $0.44 per diluted share. Non-GAAP net income is targeted to increase quarter-over-quarter to a range of $53 million to $56 million, or $0.48 to $0.51 per diluted share, based on an estimated 110.7 million diluted weighted average shares. Targeted non-GAAP earnings exclude expenses related to the amortization of acquired intangibles of $0.02 per diluted share, and stock-based compensation expense of $0.05 per diluted share.

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