DURHAM, USA: Cree Inc. announced a record revenue of $148.1 million for its fourth quarter of fiscal 2009, ended June 28, 2009.
This represents a 9 percent increase compared to revenue of $135.9 million reported for the fourth fiscal quarter last year and a 13 percent increase compared to the fiscal third quarter of 2009. GAAP net income for the fourth quarter was $9.7 million, or $0.11 per diluted share, compared to GAAP net income of $8.4 million, or $0.09 per diluted share, for the fourth quarter of fiscal 2008.
On a non-GAAP basis, net income for the fourth quarter of fiscal 2009 was $16.3 million, or $0.18 per diluted share, compared to non-GAAP net income for the fourth quarter of fiscal 2008 of $14.5 million or $0.16 per diluted share. Cree generated $43 million of operating cash flow and $28.3 million of free cash flow (cash flow from operations less capital expenditures) during the fourth quarter.
For fiscal year 2009, Cree reported revenue of $567.3 million, which represents a 15 percent increase compared to revenue of $493.3 million for fiscal 2008. GAAP net income was $30.3 million, or $0.34 per diluted share, compared to $33.4 million, or $0.38 per diluted share for fiscal 2008.
GAAP net income for fiscal 2008 included a benefit of $0.12 per diluted share related to a gain on the sale of investments. On a non-GAAP basis, net income for fiscal year 2009 was $59.2 million, or $0.66 per diluted share, compared to $47.2 million, or $0.54 per diluted share, for fiscal 2008. Cree generated $177.9 million of operating cash flow and $122.6 million of free cash flow during fiscal 2009.
"Our strong Q4 results were an outstanding finish to a very good year and reflect the success of our strategy to drive growth in LEDs and LED lighting applications," stated Chuck Swoboda, Cree chairman and CEO.
"Entering fiscal 2010, our Q1 backlog is very strong as we see growing demand across our LED product lines. We are well positioned to benefit from the worldwide growth in LED lighting. As such, we continue to invest in the new products, channels and technical support needed to accelerate the LED lighting revolution."
Recent business highlights:
* Introduced the LRP-38, the revolutionary PAR38 LED bulb that delivers the same vibrant color as halogen with 75 percent less energy.
* Announced that Chuck Swoboda, Cree chairman and CEO, joined President Obama at the White House to discuss innovation and the latest developments in energy-efficient technologies.
* Announced that North Carolina's first eco-friendly McDonald's is 97 percent lit with LEDs, and includes Cree's entire line of LED fixtures and lamps.
* Welcomed Fairview, Texas, and Gwangju, South Korea, to the LED City Program.
* Demonstrated the XLamp XP-G, the industry's brightest and highest-efficiency lighting-class LED.
* Cash and investments increased $42.3 million to $447.2 million, with cash flow from operations of $43.0 million and free cash flow of $28.3 million.
* Accounts receivable (net) increased $0.1 million from Q3 of fiscal 2009 to $103.0 million, resulting in days sales outstanding of 63, a decrease of 8 days from Q3 of fiscal 2009.
* Inventory (net) increased $1.3 million from Q3 of fiscal 2009 to $78.8 million and represents 79 days of inventory, a decrease of four days from Q3 of fiscal 2009.
Business outlook
For its first quarter of fiscal 2010 ending September 27, 2009, Cree targets revenue in a range of $160 million to $166 million with GAAP earnings of $0.14 to $0.16 per diluted share and non-GAAP earnings of $0.21 to $0.23 per diluted share, based on an estimated 91 million diluted weighted average shares.
Targeted non-GAAP earnings exclude expenses related to the amortization of acquired intangibles of $0.02 per diluted share, and stock-based compensation expense of $0.05 per diluted share.
Showing posts with label LED lighting solutions. Show all posts
Showing posts with label LED lighting solutions. Show all posts
Thursday, August 13, 2009
Thursday, May 28, 2009
OSRAM Opto focuses on energy-saving LED lighting solutions
SUNNYVALE, USA: OSRAM Opto Semiconductors is a subsidiary of OSRAM, one of the two leading lighting manufacturers in the world. The semiconductor company’s strategy is summarized by its mission statement: “We shape the future of light –- with advanced solutions for illumination, visualization and sensing.”
As a leader in the initiative to deliver more eco-friendly lighting solutions, OSRAM Opto Semiconductors continually develops and delivers new, highly efficient light sources (LED and OLED) for today and tomorrow. These new technologies will play a significant role in reducing the amount of electricity used for lighting as a proportion of total energy consumption.
LEDs: Light of the future
At present, energy savings based on conventional lighting technologies include compact fluorescent lamps (CFLs) with integrated electronics, advanced linear fluorescent lamps, halogen energy-saving lamps (HES) and high-intensity discharge lamps, together with advanced control gear and light management systems.
As the adoption of these more energy efficient light sources becomes more widespread in the coming years, the resulting energy savings will naturally increase.
In terms of technology, economics and politics, the current conditions are ideal for a paradigm shift to LEDs. Light emitting diodes have considerable potential for increases in brightness and efficiency, and can deliver even more potential energy savings than traditional light sources. Development work is ongoing and light emitting diodes are already penetrating the general illumination sector.
LEDs, called “the light of the future” by industry experts, are among the most energy-efficient light sources available today. LEDs can be five times more efficient than incandescent lamps, and are expected to be ten times more efficient in the future. LEDs are point light sources, and their directional light helps reduce light pollution, eliminating scattered, wasted light and delivering light precisely where it’s needed.
With artificial lighting accounting for approximately 19 percent of global electricity consumption (2.4 percent of primary energy consumption worldwide), replacing conventional light sources with efficient light sources such as LEDs could cut global electricity consumption for lighting in half.
Investing in eco-friendly solutions
OSRAM Opto Semiconductors is continually investing in research & development and has established a wide-ranging scientific network for the development and production of eco-friendly lighting solutions.
In 2008, OSRAM launched a project at Lake Victoria in Kenya involving rechargeable batteries, solar power and energy-saving lamps. As this concept is developed further, it will be possible to use optical semiconductors to create even more efficient off-grid solutions.
For years, OSRAM has operated certified environmental management systems and complied with the relevant standards at all of its sites worldwide. This applies more and more in many areas of production, the selection of raw materials, purchasing and health & safety.
The company’s environmental management system meets the requirements of ISO 14001:2004 (the international standard for such systems, at all sites), and ensures compliance and continual improvement. This covers not only the technologies for chips and associated products but also the use of energy and resources.
When OSRAM expanded its headquarters in Regensburg, Germany –- site of the world’s most advanced optical chip fabrication plant -– it constructed new facilities and launched an energy program based on making the best use of heat, reusing waste heat and reducing the generation of new heat to the absolute minimum.
The heat generated in the fabrication process is reused (compressed air, process cooling water), and the use of solvents such as acetone has also been reduced. To date, through these initiatives alone, OSRAM has eliminated nearly 5.2 tons of CO2 emission each year.
Looking ahead
LEDs are already being used in an extremely wide range of applications. They are more than just “nice to have” and there is ample evidence that cost efficiency and environmental protection are not mutually exclusive. LEDs combine sustainability with cost efficiency.
Double-figure growth is forecast for the LED market in the mid-term. As the technical performance of LEDs increases and their manufacturing costs decrease, LEDs will come to dominate more and more applications for which they offer significant energy savings and reduced overall costs. These applications include consumer electronics, automobiles, public sector/street lighting and solar energy applications.
As a leader in the initiative to deliver more eco-friendly lighting solutions, OSRAM Opto Semiconductors continually develops and delivers new, highly efficient light sources (LED and OLED) for today and tomorrow. These new technologies will play a significant role in reducing the amount of electricity used for lighting as a proportion of total energy consumption.
LEDs: Light of the future
At present, energy savings based on conventional lighting technologies include compact fluorescent lamps (CFLs) with integrated electronics, advanced linear fluorescent lamps, halogen energy-saving lamps (HES) and high-intensity discharge lamps, together with advanced control gear and light management systems.
As the adoption of these more energy efficient light sources becomes more widespread in the coming years, the resulting energy savings will naturally increase.
In terms of technology, economics and politics, the current conditions are ideal for a paradigm shift to LEDs. Light emitting diodes have considerable potential for increases in brightness and efficiency, and can deliver even more potential energy savings than traditional light sources. Development work is ongoing and light emitting diodes are already penetrating the general illumination sector.
LEDs, called “the light of the future” by industry experts, are among the most energy-efficient light sources available today. LEDs can be five times more efficient than incandescent lamps, and are expected to be ten times more efficient in the future. LEDs are point light sources, and their directional light helps reduce light pollution, eliminating scattered, wasted light and delivering light precisely where it’s needed.
With artificial lighting accounting for approximately 19 percent of global electricity consumption (2.4 percent of primary energy consumption worldwide), replacing conventional light sources with efficient light sources such as LEDs could cut global electricity consumption for lighting in half.
Investing in eco-friendly solutions
OSRAM Opto Semiconductors is continually investing in research & development and has established a wide-ranging scientific network for the development and production of eco-friendly lighting solutions.
In 2008, OSRAM launched a project at Lake Victoria in Kenya involving rechargeable batteries, solar power and energy-saving lamps. As this concept is developed further, it will be possible to use optical semiconductors to create even more efficient off-grid solutions.
For years, OSRAM has operated certified environmental management systems and complied with the relevant standards at all of its sites worldwide. This applies more and more in many areas of production, the selection of raw materials, purchasing and health & safety.
The company’s environmental management system meets the requirements of ISO 14001:2004 (the international standard for such systems, at all sites), and ensures compliance and continual improvement. This covers not only the technologies for chips and associated products but also the use of energy and resources.
When OSRAM expanded its headquarters in Regensburg, Germany –- site of the world’s most advanced optical chip fabrication plant -– it constructed new facilities and launched an energy program based on making the best use of heat, reusing waste heat and reducing the generation of new heat to the absolute minimum.
The heat generated in the fabrication process is reused (compressed air, process cooling water), and the use of solvents such as acetone has also been reduced. To date, through these initiatives alone, OSRAM has eliminated nearly 5.2 tons of CO2 emission each year.
Looking ahead
LEDs are already being used in an extremely wide range of applications. They are more than just “nice to have” and there is ample evidence that cost efficiency and environmental protection are not mutually exclusive. LEDs combine sustainability with cost efficiency.
Double-figure growth is forecast for the LED market in the mid-term. As the technical performance of LEDs increases and their manufacturing costs decrease, LEDs will come to dominate more and more applications for which they offer significant energy savings and reduced overall costs. These applications include consumer electronics, automobiles, public sector/street lighting and solar energy applications.
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