Cree Reports Financial Results for the First Quarter of Fiscal Year 2018

Cree yesterday 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.

(Image: CREE)

"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."

Business Outlook:

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.

(Source: CREE)

Supplemental financial information, including the non-GAAP reconciliation attached to this press release, is available on Cree’s website at here.

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