Cree Financial Results for the First Quarter of Fiscal Year 2021

LDS CS Creelogo 400

Nov 10, 2020

Cree announced revenue of $216.6 million for its first quarter of fiscal 2021, ended September 27, 2020. This represents an 11% decrease compared to revenue of $242.8 million reported for the first quarter of fiscal 2020, and a 5% increase compared to the fourth quarter of fiscal 2020. GAAP net loss attributable to controlling interest for the first quarter of fiscal 2021 was $184.4 million, or $1.68 per diluted share, compared to GAAP net loss attributable to controlling interest of $37.8 million, or $0.35 per diluted share, for the first quarter of fiscal 2020. On a non-GAAP basis, net loss attributable to controlling interest for the first quarter of fiscal 2021 was $21.3 million, or $0.19 per diluted share, compared to non-GAAP net loss attributable to controlling interest for the first quarter of fiscal 2020 of $3.6 million, or $0.03 per diluted share.

In the first quarter of fiscal 2021, the Company determined it would more likely than not sell all or a portion of assets comprising the LED Products segment below carrying value and as such, GAAP net loss attributable to controlling interest for the first quarter of fiscal 2021 includes a $105.7 million impairment of goodwill.

As previously announced, on October 18, 2020, Cree executed a definitive agreement to sell the LED Products business unit to SMART Global Holdings, Inc. (SMART) for up to $300 million, including fixed upfront and deferred payments and contingent consideration. The transaction is subject to required regulatory approvals and satisfaction of customary closing conditions, and is targeted to close in the first calendar quarter of 2021.

“We are pleased with our performance in the first quarter and the momentum that continues to build for our innovative solutions across key end markets,” said Cree CEO, Gregg Lowe. “Our recent announcement to sell the Cree LED business to SMART Global Holdings is an important milestone in our transformational journey as we continue to lead the industry’s transition from silicon to silicon carbide.”

Source

Related Articles


Changing Scene

  • LEDVANCE Expands Ontario Presence with New Specification Agent

    LEDVANCE Expands Ontario Presence with New Specification Agent

    LEDVANCE is pleased to announce the appointment of Sterling Architectural Products Ltd. (Sterling Lights) as their new specification agent in Ontario. This partnership strengthens LEDVANCE’s presence in the region and reinforces their commitment to serving the professional lighting design and specification community with innovative, reliable lighting solutions. With decades of experience and a service-driven mindset,… Read More…

  • May 29, 2025 - Eureka Wins Three 2025 Red Dot Awards for Product Design

    Eureka Wins Three 2025 Red Dot Awards for Product Design

    Eureka is pleased to announce that its Velia, Cirra, and Junction luminaires have each received a 2025 Red Dot Design Award for Product Design. It is the 11th consecutive year that Eureka products have been honored with this prestigious award, which is a testament to the company’s consistency and relentless drive to design exceptional luminaires.… Read More…


Design

  • The Difference Between Accent, Ambient & Task Lighting: Ultimate Guide

    The Difference Between Accent, Ambient & Task Lighting: Ultimate Guide

    In interior design, lighting is not just about brightening the room. Sensitive lighting layout is the key in the whole aesthetic atmosphere. An outstanding lighting solution will not rely on one type of fixture. Rather, it is through the combination of different types of lighting. Accent, ambient, and task lighting are three basic types of… Read More…

  • Graphic Office Interiors Enhance Their Office Space, Incorporating State-Of-The-Art Lighting Solutions

    Graphic Office Interiors Enhance Their Office Space, Incorporating State-Of-The-Art Lighting Solutions

    Graphic Office Interiors, a renowned office design and furnishings company serving Vancouver Island since 1966, embarked on a unique lighting project for their personal office in Saanichton, BC. This project marked the first collaboration between Kelly Inglis of Mac’s II Agencies and Graphic Office Interiors’ in-house registered interior designer, Laura Harlos. Known for their exclusive Steelcase furniture line, modular moveable… Read More…


New Products

  • Eureka Announces New Accessories for Scout Luminaire

    Eureka Announces New Accessories for Scout Luminaire

    Eureka has announced the enhancement of its Scout luminaire family with the introduction of new accessories and a new color palette. Three new diffusers have been introduced. Bell is minimalist, translucent and cloche-shaped. Pebble introduces a soft touch and an ambient glow in a distinct, oval-shaped diffuser. Orb is sleek and dome-shaped, adding a touch… Read More…

  • Amico: SOLAR ECLIPSE – 2X4 Multi-Functional Luminaire

    Amico: SOLAR ECLIPSE – 2X4 Multi-Functional Luminaire

    The Solar Eclipse Series provides a multi-functional luminaire that supports the demands of the hospital environment. The sleek and modern design merges architectural aesthetics with exceptional lighting performance to improve patient comfort while maximizing clinical efficiencies. This architectural patient room fixture offers reading, ambient, and exam functionalities and an optional night light. Multi-functional capabilities provide… Read More…