Cree Inc. Announces Financial Results for the Second Quarter of FY2015
Cree Inc. (Nasdaq: CREE) announced on January 20, 2015, US Eastern Time, as of December 28, 2014, the company's second quarter fiscal 2015 revenue of $ 413.2 million, close to the second quarter of fiscal 2014 revenue $415.1 million.
US GAAP net income for the second quarter of fiscal 2015 was $12.2 million (or diluted earnings per share of $0.10), compared with US GAAP net income of 35.7 million in the second quarter of fiscal 2014. The dollar (or diluted earnings per share of $0.29) fell by 66%.
Non-GAAP, net income for the second quarter of fiscal 2015 was $37.9 million (or diluted earnings per share of $0.33), compared with $56.8 million for the second quarter of fiscal 2014. General Accounting Standards (non-GAAP) net income (or diluted earnings per share of $0.46) fell by 33%.
US GAAP and non-GAAP income for the second quarter of fiscal 2015 benefited from the US R&D tax credit at the end of December. Excluding the R&D tax credit, US GAAP and non-GAAP earnings per share for the second quarter of fiscal 2015 will be $0.08 and $0.25, respectively.
Chuck Swoboda, Chairman and CEO of Cree Inc., said: "We have made solid progress in the second quarter of the financial year. Thanks to the increase in the gross profit of the lighting business, the company's operating profit margin is higher than expected. The LED lighting market is still in the market. In the early stages, our new product line remained strong, sales momentum was building, and our brand in the market is improving. As we have in the second quarter of the important stock repurchase program, we believe we are on the right track of development, To continue to grow the company's growth and profits in the coming years."
Gross profit increased by 130 basis points to 33.1% in the first quarter of fiscal 2015, in accordance with US General Accounting Standards (GAAP). According to non-GAAP, gross profit increased by 150 basis points to 33.9% from the first quarter of fiscal 2015;
Cash and investments totaled $829.9 million, a decrease of $274.9 million from the first quarter of fiscal 2015;
Net receivables were $219 million, a decrease of $18 million from the first quarter of fiscal 2015, and a receivables turnover period of 48 days;
Inventory was $332.5 million, an increase of $21.8 million from the first quarter of fiscal 2015, equivalent to 108 days of inventory.
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US GAAP net income for the second quarter of fiscal 2015 was $12.2 million (or diluted earnings per share of $0.10), compared with US GAAP net income of 35.7 million in the second quarter of fiscal 2014. The dollar (or diluted earnings per share of $0.29) fell by 66%.
Non-GAAP, net income for the second quarter of fiscal 2015 was $37.9 million (or diluted earnings per share of $0.33), compared with $56.8 million for the second quarter of fiscal 2014. General Accounting Standards (non-GAAP) net income (or diluted earnings per share of $0.46) fell by 33%.
US GAAP and non-GAAP income for the second quarter of fiscal 2015 benefited from the US R&D tax credit at the end of December. Excluding the R&D tax credit, US GAAP and non-GAAP earnings per share for the second quarter of fiscal 2015 will be $0.08 and $0.25, respectively.
Chuck Swoboda, Chairman and CEO of Cree Inc., said: "We have made solid progress in the second quarter of the financial year. Thanks to the increase in the gross profit of the lighting business, the company's operating profit margin is higher than expected. The LED lighting market is still in the market. In the early stages, our new product line remained strong, sales momentum was building, and our brand in the market is improving. As we have in the second quarter of the important stock repurchase program, we believe we are on the right track of development, To continue to grow the company's growth and profits in the coming years."
Gross profit increased by 130 basis points to 33.1% in the first quarter of fiscal 2015, in accordance with US General Accounting Standards (GAAP). According to non-GAAP, gross profit increased by 150 basis points to 33.9% from the first quarter of fiscal 2015;
Cash and investments totaled $829.9 million, a decrease of $274.9 million from the first quarter of fiscal 2015;
Net receivables were $219 million, a decrease of $18 million from the first quarter of fiscal 2015, and a receivables turnover period of 48 days;
Inventory was $332.5 million, an increase of $21.8 million from the first quarter of fiscal 2015, equivalent to 108 days of inventory.
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