SAN FRANCISCO Light-emitting diode (LED) maker Cree Inc. posted a 24 percent year-over-increase in revenue for the fiscal second quarter, the company said Tuesday (Jan. 20).
Cree (Durham, N.C.) posted a GAAP net income of $10.7 million, or 12 cents per diluted share, on revenue of $147.6 million for the period, which closed on Dec. 28, 2008.
Net income was up from $6.6 million, or 8 cents per diluted share, in the second quarter of fiscal 2008, Cree said.
Revenue included $5.6 million in patent licensing fees which were not factored into previously announced targets, Cree said. Net income included approximately $4.4 million, or 5 cents per diluted share, related to the patent licensing fees, as well as a franchise tax benefit, Cree said.
"In the third quarter of fiscal 2009, we expect that lower demand for our products in consumer, mobile and automotive applications will be partially offset by growth in LED sales for commercial lighting applications," said Chuck Swoboda, Cree chairman and CEO, in a statement. "As we look ahead to calendar 2009, we are targeting that LED lighting adoption will continue to gain momentum as product availability increases and recognition of the benefits grows from new installations like the Federal Reserve and the planned Pentagon renovation.''
For its third quarter of fiscal 2009, which closes March 29, Cree said it is targeting revenue of $128 million to $135 million and GAAP net income of 2 to 5 cents per diluted share.