Cree Reports Financial Results for the Fourth Quarter of Fiscal Year 2020
DURHAM, N.C. August 18, 2020 -- Cree, Inc. (Nasdaq: CREE) today announced revenue of $205.7 million for its fourth quarter of fiscal 2020, ended June 28, 2020. This represents an 18% decrease compared to revenue of $251.2 million reported for the fourth quarter of fiscal 2019, and a 5% decrease compared to the third quarter of fiscal 2020. GAAP net loss from continuing operations attributable to controlling interest for the fourth quarter was $39.5 million, or $0.36 per diluted share, compared to GAAP net loss from continuing operations attributable to controlling interest of $34.5 million, or $0.33 per diluted share, for the fourth quarter of fiscal 2019. On a non-GAAP basis, net loss from continuing operations attributable to controlling interest for the fourth quarter of fiscal 2020 was $20.0 million, or $0.18 per diluted share, compared to non-GAAP net income from continuing operations attributable to controlling interest for the fourth quarter of fiscal 2019 of $11.6 million, or $0.11 per diluted share.
For fiscal year 2020, Cree reported revenue of $903.9 million, which represents a 16% decrease when compared to revenue of $1,080.0 million for fiscal 2019. GAAP net loss attributable to controlling interest from continuing operations was $191.7 million, or $1.78 per diluted share. This compares to a GAAP net loss attributable to controlling interest from continuing operations of $57.9 million, or $0.56 per diluted share, for fiscal 2019. On a non-GAAP basis, net loss from continuing operations attributable to controlling interest for fiscal year 2020 was $49.1 million, or $0.45 per diluted share, compared to non-GAAP net income from continuing operations attributable to controlling interest of $76.9 million, or $0.74 per diluted share, for fiscal 2019.
“Our performance in the fourth quarter demonstrates solid execution despite the unprecedented challenges presented by the ongoing pandemic and geopolitical concerns. I would like to thank all our employees for their tremendous efforts in allowing us to safely operate our business and support our customers around the world,” said Cree CEO, Gregg Lowe. “Fiscal 2020 marked a transition year in our journey to become a global semiconductor powerhouse and we remain firmly committed to our capacity expansion plans to capitalize on what we believe to be a multi-decade growth opportunity for silicon carbide.”
For its first quarter of fiscal 2021, Cree targets revenue in a range of $203 million to $217 million. GAAP net loss is targeted at $83 million to $87 million, or $0.76 to $0.79 per diluted share. Non-GAAP net loss is targeted to be in a range of $22 million to $26 million, or $0.20 to $0.24 per diluted share. Targeted non-GAAP net loss excludes $61 million of estimated expenses, net of tax, related to stock-based compensation expense, amortization or impairment of acquisition-related intangibles, factory optimization restructuring and start-up costs, net accretion on convertible notes, and project, transformation, transaction and transition costs. The GAAP and non-GAAP targets do not include any estimated change in the fair value of Cree’s Lextar investment.
Quarterly Conference Call:
Cree will host a conference call at 5:00 p.m. Eastern time today to review the highlights of the fourth quarter results and the fiscal first quarter 2021 business outlook, including significant factors and assumptions underlying the targets noted above.
The following information was filed by Cree Inc (CREE) on Tuesday, August 18, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.