Exhibit 99.1


 

FOR IMMEDIATE RELEASE
 

Contact:
Raiford Garrabrant
Cree, Inc.
Director, Investor Relations
Phone: 919-407-7895
Fax: 919-407-5615
investorrelations@cree.com


Cree Reports Financial Results for the Fourth Quarter and Fiscal Year 2016

 
DURHAM, N.C., August 16, 2016 - Cree, Inc. (Nasdaq: CREE), a market leader in LED lighting, today announced revenue of $388 million for its fourth quarter of fiscal 2016, ended June 26, 2016. This represents a 2% increase compared to revenue of $382 million reported for the fourth quarter of fiscal 2015, and a 6% increase compared to the third quarter of fiscal 2016. GAAP net loss for the fourth quarter was $11 million, or $0.11 per diluted share, compared to GAAP net loss of $88 million, or $0.83 per diluted share, for the fourth quarter of fiscal 2015. On a non-GAAP basis, net income for the fourth quarter of fiscal 2016 was $19 million, or $0.19 per diluted share, compared to non-GAAP net loss for the fourth quarter of fiscal 2015 of $21 million, or $0.19 per diluted share.

For fiscal year 2016, Cree reported revenue of $1.62 billion, which represents a 1% decrease compared to revenue of $1.63 billion for fiscal 2015. GAAP net loss was $22 million, or $0.21 per diluted share, compared to net loss of $65 million, or $0.57 per diluted share, for fiscal 2015. On a non-GAAP basis, net income for fiscal year 2016 was $88 million, or $0.86 per diluted share, compared to $71 million or $0.63 per diluted share, for fiscal 2015.

“Fiscal 2016 was a year of progress towards our goal to build a more focused and valuable LED lighting technology company,” stated Chuck Swoboda, Cree Chairman and CEO. “We successfully restructured the LED business, improved commercial lighting fundamentals, refocused our consumer business on premium LED bulbs, and unlocked significant value with the agreement to sell Wolfspeed."





1

The following information was filed by Cree Inc (CREE) on Tuesday, August 16, 2016 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.

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