Cree has reported a revenue growth of 19% for its fiscal year 2013. The total revenue of Cree 's is US$ 1.39 billion for its fiscal year 2013. The total revenue for its fourth quarter of fiscal 2013 is US$ 375 million, a quarterly growth of 7% compared to previous quarter, and a growth of 22% compared to the same quarter a year ago. For fiscal year 2013, Cree reported GAAP net income was $86.9 million, or $0.74 per diluted share, an increase of 96% compared to $44.4 million, or $0.39 per diluted share, for fiscal 2012. On a non-GAAP basis, net income for fiscal year 2013 was $155.4 million, or $1.32 per diluted share, an increase of 42% compared to $109.2 million, or $0.95 per diluted share, for fiscal 2012.
"Our fiscal fourth quarter was a strong finish to a great year, with record revenue and good earnings growth in line with our targets," stated Chuck Swoboda, Cree Chairman and CEO. "Total company backlog is ahead of this point last quarter and we are targeting solid growth in LED lighting in Q1. Our new products have opened new applications, improved payback, and fueled growth in LED lighting. We remain focused on driving mass adoption and our goal of 100% upgrade to LED lighting."
Recent Business Highlights shared by Cree includes:
Introduced our new XSPR LED Residential Street Light, a breakthrough in LED outdoor lighting as the first $99 LED street light that is targeted to compete head to head with low-cost traditional street lights in residential applications;
Introduced our new UR Series LED Upgrade Kit that can deliver payback in less than two years and makes upgrading to LED lighting from linear fluorescent lamps simple and easy;
Released the XLamp XH Series LEDs, the first family of mid-power, ceramic LEDs that offer no-compromise performance and reliability;
Launched the Cree LED BR30 Flood Light, an extension of our series of LED bulbs designed to help accelerate the consumer lighting revolution by saving money and reducing energy consumption;
Expanded the industry-leading CXA LED family with new 95-CRI options. Delivering up to twice the efficacy of equivalent-CRI LED light sources, the new CXA options deliver halogen-like color and push the boundaries of lighting-class performance;
Announced that the University of North Carolina General Administration has selected high-performing lighting by Cree as part of its ongoing efforts to reduce energy usage by at least $25 million over seven years.
Cree has provided below business outlook for its next quarter:
For its first quarter of fiscal 2014 ending September 29, 2013, Cree targets revenue in a range of $380 million to $400 million, with GAAP gross margin targeted to be 38.5%+/- and non-GAAP gross margin targeted to be 39%+/-.