CREE 2014 fiscal year fourth quarter revenue of $436 million, an increase of 16%

CREE (CREE) announced that as of June 29, 2014, the company's 2014 fiscal year fourth quarter (April 2014 -6 months) revenue of $436 million, compared with 2013 in the fourth quarter of fiscal revenue of $375 million, up 16%, compared with the third quarter of fiscal year 2014, growth of 8%. The fourth quarter GAAP (GAAP) net income of $30 million (or $0.24 per diluted share), and 2013 in the fourth quarter of fiscal year (GAAP) GAAP net income of $28 million (or $0.23 per diluted share) compared to growth of 6%. According to the non GAAP (Non-GAAP) calculation, net income for the fourth quarter of fiscal year 2014 of $51 million (or $0.42 per diluted share), and the fourth quarter of fiscal 2013 $46 million non GAAP (Non-GAAP) net income (or diluted earnings per share of $0.38) compared to growth of 12%.

CREE announced fiscal 2014 total revenue of $1 billion 650 million, compared with $2013 in fiscal year total revenue, an increase of 19%. GAAP (GAAP) net income of $124 million (or diluted earnings per share of $1.01), compared with $2013 in fiscal year (or diluted earnings per share of $0.74), an increase of 43%. According to the non GAAP (Non-GAAP) calculation, net income for fiscal year 2014 was $203 million (or $1.65 per diluted share), with fiscal year 2013 net income of $155 million (or $1.32 per diluted share) compared to growth of 31%. CREE operating cash flow of $2014 during fiscal year 319 million, free cash flow of $121 million.

CREE chairman and CEO Chuck Swoboda said: "the 2014 fiscal year is one of the outstanding performance of the year, the total income of the record, and non GAAP (Non-GAAP) net income rose more than 30%. The advantages of our business model allows us to have a good degree of flexibility in terms of investment, so as to provide support for our business growth and operating margin to enhance the goal. Our new product line, brand development momentum, and excellent balance sheet all make us in a good position to achieve the long-term goal of 100% LED lighting upgrade. "

According to U.S. GAAP (GAAP) calculation, the gross profit over the 2014 fiscal year third quarter growth of 20 basis points to 37.2%; according to the non GAAP gross profit ratio (Non-GAAP) calculation, the third quarter of fiscal year 2014 increased by 10 basis points to 37.9%; the total amount of cash and investment of $1 billion 200 million over the 2014 fiscal year third quarter decreased by $61 million; net accounts receivable of $225 million, compared to the third quarter of fiscal 2014 increased $3 million, accounts receivable turnover was 46 days; the inventory was $285 million, compared with fiscal year 2014 growth in the third quarter of $34 million, equivalent to 94 days of inventory.

Recent business highlights:

launches XLamp XP-L LED devices. This is the industry's first to achieve the highest 200 lm/W 350mA breakthrough in the light of the current commercial production of single chip high power LED devices;

cooperation with Musco Lighting to achieve the United States San Francisco - Oakland bay bridge lighting upgrade. 1600 Musco lamps with more than 51500 XLamp XM-L LED devices, lit the entire Bay Bridge East bridge. The project is expected to achieve 50% energy savings, life can be up to 15 years, is the original bridge lighting technology life more than 7 times;

Saint Louis - the United States of California, ORBIS wave city to replace the 2000 original lamp using the technology of high pressure sodium lamp using XSP series of LED lights, light to provide excellent quality, save maintenance cost, and for the city to reduce the 65% annual energy consumption;

- the United States pharmaceutical retail chain enterprises Walgreen Corporation in the Arizona kanen City stores use including LED grille lamp, lamp, lamp, linear CREE high energy efficiency LED lighting solutions, provide excellent lighting effect, and significant savings in annual energy consumption and maintenance cost;

launched T8 series LED products, designed to achieve linear fluorescent replacement, and provides industry-leading quality of light, 30% energy saving and almost universal driver compatible;

launched OSQTM Area LED lamps, providing industry-leading performance, excellent design, as fast as 2 years of return on investment. The return on investment is calculated based on the use of 400W halogen lamp technology, compared to 12 hours a day, the national average electricity cost of $0.11 per kilowatt hour.

Business outlook:

In the first quarter of fiscal year 2015 (as of September 28, 2014), $440 million to $465 million revenue target CREE plans, GAAP (GAAP) margin targets set in 36.9%+/-, non GAAP gross profit (Non-GAAP) - 37.5%+/ in goal setting. The U.S. general accounting standards (GAAP) gross profit target includes a stock compensation expense of approximately $3 million, while the non GAAP (Non-GAAP) target does not include. 2014 fiscal first quarter tax rate is expected at $21.5%. U.S. GAAP (GAAP) net income target of $30 million to $37 million, or diluted earnings per share of $0.25 to $0.30. Non US GAAP (Non-GAAP) net income target of $48 million to $55 million, or diluted earnings per share of $0.40 to $0.45. GAAP (GAAP) and non GAAP (Non-GAAP) net income targets are based on the estimated 122 million diluted weighted average shares. Non American General Association