Cree improved revenue in 2012
This represents a 26% increase compared to revenue of $243.0 million reported for the fourth quarter of fiscal 2011 and an 8% increase compared to the third quarter of fiscal 2012. GAAP net income for the fourth quarter was $10.0 million, a decrease of 49% year-over-year compared to GAAP net income of $19.8 million for the fourth quarter of fiscal 2011. On a non-GAAP basis, net income for the fourth quarter of fiscal 2012 was $29.2 million, a decrease of 4% year-over-year compared to non-GAAP net income for the fourth quarter of fiscal 2011 of $30.6 million.For fiscal year 2012, Cree reported revenue of $1.16 billion, which represents an 18% increase compared to revenue of $988 million for fiscal 2011. GAAP net income was $44 million, a decrease of 70% compared to $147 million for fiscal 2011. “We finished the year strong in our fiscal fourth quarter with record revenue and non-GAAP earnings per share on the high end of our target range,” stated Chuck Swoboda, Cree Chairman and CEO. “Overall, LED lighting adoption continues to increase and we remain focused on being the leader in innovation to grow our business by enabling our customers to realize the tremendous benefits of LED technology. While we are encouraged by our progress, the macroeconomic environment is impacting our growth outlook in the near term”.