Cree’s Many Accomplishments Belie its Financial Results for Fiscal 2007
August 8, 2007…Compound semiconductor and solid state lighting innovator, Cree Inc. of Durham, North Carolina USA, reported its financial results for fiscal 2007. The yearly revenue for fiscal 2007 decreased 7 percent compared to the revenue for fiscal 2006 dropping from $423 million for fiscal 2006 to $394.1 million for fiscal 2007. The GAAP net income for fiscal 2007, $57.3 million was also down compared to $76.7 million during fiscal 2006.
During the fiscal year the company completed the acquisition of Cotco, a supplier of high brightness packaged LEDs based in China. The company made available XLamp LEDs with a minimum luminous flux of 100 lumens at 350 mA. Additionally, both the city of Raleigh, North Carolina USA, and Toronto Canada became the first and second cities to join the company’s “LED City” program.
“Fiscal 2007 was a challenging but successful year for Cree as we made great strides in our transformation from an LED chip and SiC materials technology company into a components company positioned to lead the LED lighting revolution,” stated Chuck Swoboda, Cree chairman and CEO. “…We believe the combination of growing XLamp® LED sales, our new high-brightness, packaged LED product line and a more stable LED chip business has put Cree in a strong position for growth in fiscal 2008.” Company Financial Results for Fiscal 2007
Article courtesy of the LIGHTimes
I somehow get the feeling that Cree doesn’t have to worry too much. Cree is one of, if not THE industry leader and is certainly one of the LED technology companies to beat. Currently, they are in the driver’s seat in the industry. They are the leading sponsor of theSolid-State Lighting ASSIST research program at the Lighting Research Center at RPI (see article below), they are driving the LED city program, they are pushing on Lumileds in the high-power LED module market and with their acquisition of Cotco, now have a 100 lumen, 350 mA LED. Thats hot! 8)
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