Cree Announces Financial Results for Fourth Quarter and Fiscal Year 2014
Total annual revenue increased by 19% to a record $1.65 billion, and annual net income increased by 43% to $124 million.
Shanghai, China, August 13, 2014 - Carey (Nasdaq: CREE) announced that as of June 29, 2014, the company's fourth quarter fiscal year revenue was $436 million, compared with 3.75 in the fourth quarter of fiscal 2013. Compared with the income of 100 million US dollars, it increased by 16%, compared with the third quarter of fiscal 2014, an increase of 8%. Fourth Quarter US GAAP net income was $30 million (or diluted earnings per share of $0.24), and US GAAP net income for the fourth quarter of fiscal 2013 was $28 million (or diluted) After the earnings per share of $ 0.23), it increased by 6%. According to non-GAAP, net income for the fourth quarter of fiscal 2014 was $51 million (or diluted earnings per share of $0.42), compared with $46 million for the fourth quarter of fiscal 2013. General Accounting Standards (Non-GAAP) net income (or diluted earnings per share of $0.38) increased by 12%.
Cree announced that its total revenue for the fiscal year 2014 was $1.65 billion, an increase of 19% compared to the total revenue of $1.39 billion in fiscal 2013. US GAAP net income was $124 million (or diluted earnings per share of $1.01), an increase of 43% compared to $87 million in fiscal 2013 (or diluted earnings per share of $0.74). Non-GAAP, net income for fiscal year 2014 was $203 million (or diluted earnings per share of $1.65), and net income for fiscal year 2013 was $155 million (or diluted earnings per share) Compared with the increase of $1.32), it increased by 31%. Cree's operating cash flow during the 2014 fiscal year was $319 million and free cash flow was $121 million.
Cree Chairman and CEO Chuck Swoboda said: “FY2014 is another year of outstanding performance, achieving record total revenue, while non-GAAP net income increased by more than 30% year-on-year. The strength of our operating model allows us to have a good degree of flexibility in our investment, which supports our business growth and business margin improvement goals. Our new product line, brand momentum and excellent balance sheet keep us in A good location to achieve the long-term goal of 100% LED lighting upgrades."
Shanghai, China, August 13, 2014 - Carey (Nasdaq: CREE) announced that as of June 29, 2014, the company's fourth quarter fiscal year revenue was $436 million, compared with 3.75 in the fourth quarter of fiscal 2013. Compared with the income of 100 million US dollars, it increased by 16%, compared with the third quarter of fiscal 2014, an increase of 8%. Fourth Quarter US GAAP net income was $30 million (or diluted earnings per share of $0.24), and US GAAP net income for the fourth quarter of fiscal 2013 was $28 million (or diluted) After the earnings per share of $ 0.23), it increased by 6%. According to non-GAAP, net income for the fourth quarter of fiscal 2014 was $51 million (or diluted earnings per share of $0.42), compared with $46 million for the fourth quarter of fiscal 2013. General Accounting Standards (Non-GAAP) net income (or diluted earnings per share of $0.38) increased by 12%.
Cree announced that its total revenue for the fiscal year 2014 was $1.65 billion, an increase of 19% compared to the total revenue of $1.39 billion in fiscal 2013. US GAAP net income was $124 million (or diluted earnings per share of $1.01), an increase of 43% compared to $87 million in fiscal 2013 (or diluted earnings per share of $0.74). Non-GAAP, net income for fiscal year 2014 was $203 million (or diluted earnings per share of $1.65), and net income for fiscal year 2013 was $155 million (or diluted earnings per share) Compared with the increase of $1.32), it increased by 31%. Cree's operating cash flow during the 2014 fiscal year was $319 million and free cash flow was $121 million.
Cree Chairman and CEO Chuck Swoboda said: “FY2014 is another year of outstanding performance, achieving record total revenue, while non-GAAP net income increased by more than 30% year-on-year. The strength of our operating model allows us to have a good degree of flexibility in our investment, which supports our business growth and business margin improvement goals. Our new product line, brand momentum and excellent balance sheet keep us in A good location to achieve the long-term goal of 100% LED lighting upgrades."
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