Cree Released Financial Results for the Second Quarter of Fiscal Year 2012

Cree has released its financial results for its second quarter of fiscal 2012, ended December 25, 2011.

The company has received $304.1 million for second quarter. This represents an 18% increase compared to revenue of $257.0 million reported for the second quarter of fiscal 2011 and a 13% increase compared to the first quarter of fiscal 2012.

GAAP net income for the second quarter of $12.1 million, or $0.10 per diluted share, decreased 76% year-over-year compared to GAAP net income of $49.8 million, or $0.45 per diluted share, for the second quarter of fiscal 2011.

On a non-GAAP basis, net income for the second quarter of fiscal 2012 of $28.7 million, or $0.25 per diluted share, decreased 53% year-over-year compared to non-GAAP net income for the second quarter of fiscal 2011 of $60.7 million, or $0.55 per diluted share.

Financial results for the second fiscal quarter reflect the inclusion of Ruud Lighting which was acquired in the first quarter of fiscal 2012 for the entire period.

Chuck Swoboda, Cree chairman and CEO, announced that ,"Our second quarter results demonstrated the strength in our expanded lighting product line with strong growth in sales of both indoor and outdoor products. While the business environment remains challenging, our results demonstrate that our strategy is working. Our future business outlook remains very optimistic based on our belief that innovation drives payback, payback drives LED lighting adoption and adoption expands the market for both Cree and our customers."

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