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

  • July 10, 2025 - Mac’s II Agencies Announce Addition to Project & Specification Sales Team

    Mac’s II Agencies Announces Addition to Project & Specification Sales Team

    Mac’s II Agencies is pleased to announce that Drazen Jerkovic will be joining their Project & Specification Sales team in the Lighting Division later this fall. With over 25 years of experience in the lighting and electrical industry, Drazen is a highly respected consultant known for his technical knowledge and deep understanding of project delivery. His recent role… Read More…

  • Noramco-Announces-Samantha-Boernsen-as-New-Regional-Sales-Manager-Winnipeg

    Noramco Announces Samantha Boernsen as New Regional Sales Manager, Winnipeg

    Please join Noramco in welcoming Samantha Boernsen as Regional Sales Manager, Winnipeg! Samantha brings a wealth of experience in the electrical industry, with a strong focus on lighting, marketing strategy, and customer engagement. She has built her career on connecting technical expertise with real-world application, making her a trusted partner to clients and colleagues alike.… Read More…


Design

  • Infrastructure Lighting Fixtures: Why Scale Matters

    Infrastructure Lighting Fixtures: Why Scale Matters

    In infrastructure projects, the size and scale of outdoor lighting fixtures are critical—not just for aesthetics, but for functionality, safety, and long-term performance. Whether lighting a streetscape, transit hub, or civic plaza, appropriately scaled fixtures help create environments that are both visually coherent and effectively illuminated. Public lighting plays a role in shaping how spaces… Read More…

  • What You Need to Consider When Choosing Data Center Lighting

    What You Need to Consider When Choosing Data Center Lighting

    When operating a data center, the lighting syst​em is often not the most concerned part. Actually, lighting system performance directly influences whole electricity consumption and operating costs, especially in a 24-hour non-stop data center. This article will delve into the key factors to be considered when choosing data center lighting. For enterprises that are planning to… Read More…


New Products

  • SATCO|NUVO: LED T12 Lamps

    SATCO|NUVO: LED T12 Lamps

    SATCO|NUVO’s LED T12 ballast compatible lamps are direct replacements for T12 linear fluorescent. Offered in a frosted white finish, these lamps are also PET coated and NSF rated. Conveniently sold in two-packs, these lamps make replacing traditional tubes an easy choice. Suggested applications include shop light fixtures, laundry room, utility closets, and garages. Read More…

  • BOLD: Prism Recessed Outdoor Fixture – RL-PRISM-60-BK

    BOLD: Prism Recessed Outdoor Fixture – RL-PRISM-60-BK

    The Prism is part of BOLD’s high-end, durable, and modern 60mm (2 3/8″) recessed fixtures. With its 93 CRI, hexagonal design, partially covered light source, and 360-degree warm glow, you can create unique ambient lighting effects and modern designs, minus the glare. You can safely walk or drive over these raised recessed lights: their low-profile… Read More…