Cree reported annual revenue and annual net income for fiscal year 2010

Cree announced its annual revenue and annual net income. Its record revenue has achieved to $264.6 million for its fourth quarter of fiscal 2010, ended June 27, 2010. Compared to revenue of $148.1 million reported for the fourth fiscal quarter last year, it increase by 79% and compared to the third quarter of fiscal 2010, it increase by 13%.

GAAP net income for the fourth quarter increased 445% year-over-year to $52.8 million, or $0.48 per diluted share.

Compared to non-GAAP net income for the fourth quarter of fiscal 2009 of $16.3 million or $0.18 per diluted share, net income for the fourth quarter of fiscal 2010 increased 268% year-over-year to $60.1 million, or $0.55 per diluted share.

For fiscal year 2010, Cree reported revenue of $867.3 million, which means a 53% increase compared to revenue of $567.3 million for fiscal 2009.

Compared to $30.3 million, or $0.34 per diluted share for fiscal 2009.GAAP net income increased 402% to $152.3 million, or $1.45 per diluted share.

Compared to $59.2 million, or $0.66 per diluted share, for fiscal 2009, net income for fiscal year 2010 increased 203% to $179.2 million, or $1.71 per diluted share on a non-GAAP basis.Cree generated $250.6 million of operating cash flow and $81.9 million of free cash flow during fiscal 2010.

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