Semiconductor supplier Cree Inc., Durham, N.C., reported a net loss of $22.5 million, or 31 cents per share, on sales of $37.8 million, in its fourth fiscal quarter of 2002 ended June 30.
The loss included non-operating charges of $23.4 million for declines in the value of long-term equity investments. Before the charges, the company earned $0.97 million, or 1 cent per share.
For the 2002 fiscal year ended June 30, Cree reported a net loss of $101.7 million, or $1.40 per share, on revenue of $155.4 million after charges, including the write-down of goodwill, intangibles, and inventory, and the write-down of fixed assets and investments. Excluding those charges, net income was $15.8 million, or 21 cents per share.
Despite the loss for the quarter and the year, Cree sees increased demand for its LED products, and expects revenue of $45 million for the first fiscal quarter of 2003 ending September, up 20% over the June quarter.
Operating earnings are projected at 4 cents per share.