Cree Reports Financial Results for the First Quarter of Fiscal Year 2018
DURHAM, N.C. -- Cree, Inc. (Nasdaq: CREE) today announced financial results for its first quarter of fiscal 2018, ended September 24, 2017. Revenue for the first quarter of fiscal 2018 was $360 million, which represents a 3% decrease compared to revenue of $371 million for the first quarter of fiscal 2017 and a slight increase compared to the fourth quarter of fiscal 2017. GAAP net loss for the first quarter of fiscal 2018 was $20 million, or $0.20 per diluted share. This compares to GAAP net income of $566 thousand, or $0.01 per diluted share, for the first quarter of fiscal 2017. On a non-GAAP basis, net income for the first quarter of fiscal 2018 was $4 million, or $0.04 per diluted share, compared to non-GAAP net income for the first quarter of fiscal 2017 of $15 million, or $0.15 per diluted share.
"Cree is a company that's known as an innovator with a long history of blazing new trails, and I'm excited to be part of this team," stated Gregg Lowe, Cree CEO. "There are a number of opportunities and challenges in front of us, and I look forward to working together with our talented team to maximize those opportunities while dealing with the challenges head on."
For its second quarter of fiscal 2018 ending December 24, 2017, Cree targets revenue in a range of $340 million to $360 million. GAAP net loss is targeted at $25 million to $31 million, or $0.25 to $0.31 per diluted share. Non-GAAP net income is targeted to be in a range of $1 million loss to a $4 million profit, or $0.01 loss per diluted share to $0.04 earnings per diluted share. Targeted non-GAAP income excludes $29 million of expenses, net of tax, related to stock-based compensation expense and the amortization or impairment of acquisition-related intangibles. 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 fiscal 2018 first quarter results and the fiscal 2018 second quarter business outlook, including significant factors and assumptions underlying the targets noted above.
The conference call will be available to the public through a live audio web broadcast via the internet. For webcast details, visit Cree's website at investor.cree.com/events.cfm. Supplemental financial information, including the non-GAAP reconciliation attached to this press release, is available on Cree's website at investor.cree.com/results.cfm.
About Cree, Inc.
Cree is a leading innovator of lighting-class LEDs, lighting products and wide bandgap semiconductor products for power and radio frequency (RF) applications. Cree’s product families include LED lighting systems and lamps, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, SiC materials, power devices and RF devices.
The following information was filed by Cree Inc (CREE) on Tuesday, October 17, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.