Cree announced that its revenue for the fourth quarter of fiscal 2013 was $375 million as of June 30, 2013, an increase of 22% compared to revenue of $306.8 million in the fourth quarter of fiscal 2012, compared to fiscal year 2013. Compared with the third quarter, it increased by 7%. GAAP net income for the fourth quarter was $28.2 million (or diluted earnings per share of $0.23), an increase from the GAAP net income of $10 million (or diluted earnings per share of $0.09) in the fourth quarter of fiscal 2012. 182%.
Non-GAAP, net income for the fourth quarter of fiscal 2013 was $45.6 million (or diluted earnings per share of $0.38), compared with $29.2 million in non-GAAP net income for the fourth quarter of fiscal 2012 (or diluted earnings per share) Compared with the gain of 0.25 US dollars, it increased by 56%.
Cree announced that its total revenue for fiscal year 2013 was $1.39 billion, an increase of 19% compared to revenue of $1.16 billion in fiscal 2012. GAAP net income was $86.9 million (or diluted earnings per share of $0.74), an increase of 96% compared to $44.4 million (or diluted earnings per share of $0.39) in fiscal 2012.
Based on non-GAAP, net income for fiscal year 2013 was $155.4 million (or diluted earnings per share of $1.32), an increase of 42 compared to $109.2 million (or diluted earnings per share of $0.95) in fiscal 2012. %. Cree's operating cash flow during fiscal 2013 was $285.2 million, and free cash flow (operating cash flow minus capital expenditures) was $186.9 million.
Cree Chairman and CEO Chuck Swoboda said: “Financial revenues in the fourth quarter and good performance growth are in line with our target expectations, making this good fiscal year a strong ending. The company is overall The number of orders is better than the same period last quarter. We aim to expect a solid growth in LED lighting in the first quarter. Our new products have opened up new applications, increased returns, and added momentum to LED lighting growth. We have always focused on Promote large-scale adoption of LED lighting and 100% lighting upgrade targets."
Financial indicators for the fourth quarter of fiscal 2013:
(Except for the amount and percentage of each share, all other units are in thousands of US dollars)
According to GAAP, gross profit decreased by 60 basis points to 37.5% in the third quarter of fiscal 2013. According to non-GAAP, gross profit decreased by 60 basis points to 38.2% in the third quarter of fiscal 2013.
Cash and investments totaled $1 billion, an increase of $86.9 million from the third quarter of fiscal 2013.
Net receivables were $192.5 million, an increase of $10.6 million from the third quarter of fiscal 2013, and a receivables turnover period of 46 days.
Inventory was $197 million, an increase of $1.3 million from the third quarter of fiscal 2013, equivalent to 76 days of inventory.
Business Outlook:
In the first quarter of fiscal 2014 (as of September 29, 2013), Cree plans to achieve a revenue target of US$380 million to US$400 million. The GAAP gross profit target is set at 38.5% +/-, and the non-GAAP gross profit target is set at 39. %+/-. GAAP gross profit targets include stock compensation fees, which are approximately $2.2 million, while non-GAAP targets are not included.
The operating expense plan will increase by approximately $3 million in both GAAP and non-GAAP calculations. The tax rate for the first quarter of fiscal 2014 is expected to be 23.0%. GAAP net income targets are $28 million to $34 million, or diluted earnings per share of $0.23 to $0.28. Non-GAAP net income targets are $44 million to $50 million, or diluted earnings per share of $0.36 to $0.41. The GAAP and non-GAAP net income targets are based on an estimated 122.4 million dilution-weighted average shares. Non-GAAP target income does not include acquisition of intangible asset cost amortization and stock compensation expenses (diluted $0.13 per share).
Non-GAAP, net income for the fourth quarter of fiscal 2013 was $45.6 million (or diluted earnings per share of $0.38), compared with $29.2 million in non-GAAP net income for the fourth quarter of fiscal 2012 (or diluted earnings per share) Compared with the gain of 0.25 US dollars, it increased by 56%.
Cree announced that its total revenue for fiscal year 2013 was $1.39 billion, an increase of 19% compared to revenue of $1.16 billion in fiscal 2012. GAAP net income was $86.9 million (or diluted earnings per share of $0.74), an increase of 96% compared to $44.4 million (or diluted earnings per share of $0.39) in fiscal 2012.
Based on non-GAAP, net income for fiscal year 2013 was $155.4 million (or diluted earnings per share of $1.32), an increase of 42 compared to $109.2 million (or diluted earnings per share of $0.95) in fiscal 2012. %. Cree's operating cash flow during fiscal 2013 was $285.2 million, and free cash flow (operating cash flow minus capital expenditures) was $186.9 million.
Cree Chairman and CEO Chuck Swoboda said: “Financial revenues in the fourth quarter and good performance growth are in line with our target expectations, making this good fiscal year a strong ending. The company is overall The number of orders is better than the same period last quarter. We aim to expect a solid growth in LED lighting in the first quarter. Our new products have opened up new applications, increased returns, and added momentum to LED lighting growth. We have always focused on Promote large-scale adoption of LED lighting and 100% lighting upgrade targets."
Financial indicators for the fourth quarter of fiscal 2013:
(Except for the amount and percentage of each share, all other units are in thousands of US dollars)
| Fourth quarter 2013 2012 (unaudited) (unaudited) | Variety | ||||||
| Net income | $375,009 | $306,759 | $68,250 | twenty two% | |||
| GAAP | |||||||
| gross profit | 37.5% | 34.8% | |||||
| Operating gross profit | 8.2% | 2.8% | |||||
| Net income | $28,242 | $10,026 | $18,216 | 182% | |||
| Diluted earnings per share | $0.23 | $0.09 | $0.14 | 156% | |||
| non- GAAP | |||||||
| gross profit | 38.2% | 36.3% | |||||
| Operating gross profit | 13.7% | 9.8% | |||||
| Net income | $45,645 | $29,194 | $16,451 | 56% | |||
| Diluted earnings per share | $0.38 | $0.25 | $0.13 | 52% | |||
According to GAAP, gross profit decreased by 60 basis points to 37.5% in the third quarter of fiscal 2013. According to non-GAAP, gross profit decreased by 60 basis points to 38.2% in the third quarter of fiscal 2013.
Cash and investments totaled $1 billion, an increase of $86.9 million from the third quarter of fiscal 2013.
Net receivables were $192.5 million, an increase of $10.6 million from the third quarter of fiscal 2013, and a receivables turnover period of 46 days.
Inventory was $197 million, an increase of $1.3 million from the third quarter of fiscal 2013, equivalent to 76 days of inventory.
Business Outlook:
In the first quarter of fiscal 2014 (as of September 29, 2013), Cree plans to achieve a revenue target of US$380 million to US$400 million. The GAAP gross profit target is set at 38.5% +/-, and the non-GAAP gross profit target is set at 39. %+/-. GAAP gross profit targets include stock compensation fees, which are approximately $2.2 million, while non-GAAP targets are not included.
The operating expense plan will increase by approximately $3 million in both GAAP and non-GAAP calculations. The tax rate for the first quarter of fiscal 2014 is expected to be 23.0%. GAAP net income targets are $28 million to $34 million, or diluted earnings per share of $0.23 to $0.28. Non-GAAP net income targets are $44 million to $50 million, or diluted earnings per share of $0.36 to $0.41. The GAAP and non-GAAP net income targets are based on an estimated 122.4 million dilution-weighted average shares. Non-GAAP target income does not include acquisition of intangible asset cost amortization and stock compensation expenses (diluted $0.13 per share).
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