Cree Reports Financial Results for the Second Quarter of Fiscal Year 2021

LDS CS Creelogo 400

Feb 8, 2021

Cree, Inc. announced revenue from continuing operations of $127.0 million for its second quarter of fiscal 2021, ended December 27, 2020. This represents a 5% increase compared to revenue from continuing operations of $120.7 million reported for the second quarter of fiscal 2020, and a 10% increase compared to the first quarter of fiscal 2021. GAAP net loss from continuing operations for the second quarter of fiscal 2021 was $54.3 million, or $0.49 per diluted share, compared to GAAP net loss from continuing operations of $57.9 million, or $0.54 per diluted share, for the second quarter of fiscal 2020. On a nonGAAP basis, net loss from continuing operations for the second quarter of fiscal 2021 was $26.6 million, or $0.24 per diluted share, compared to non-GAAP net loss from continuing operations for the second quarter of fiscal 2020 of $21.8 million, or $0.20 per diluted share.

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 satisfaction of customary closing conditions, and is targeted to close in the first calendar quarter of 2021.

Business Outlook:

For its third quarter of fiscal 2021, Cree targets revenue from continuing operations in a range of $127 million to $133 million. GAAP net loss from continuing operations is targeted at $66 million to $71 million, or $0.59 to $0.64 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $23 million to $28 million, or $0.21 to $0.25 per diluted share. Targeted non-GAAP net loss from continuing operations excludes $43 million of estimated expenses, net of tax, related to stock-based compensation expense, amortization or impairment of acquisition-related intangibles, factory optimization restructuring and start-up costs, net accretion on convertible notes, and project, transformation, transaction and transition costs. The GAAP and non-GAAP targets from continuing operations do not include any estimated change in the fair value of Cree’s ENNOSTAR (formerly Lextar) investment.

Go HERE for more information

Related Articles

UL Forms Task Group to Develop Circadian Lighting Recommended Practice

UL Forms Task Group to Develop Circadian Lighting Recommended Practice

Underwriters Laboratories Inc. (UL) has launched an initiative to develop a recommended practice for the specification, measurement, and application of lighting to support circadian entrainment of individuals in daytime work environments, according to a press release from the Lighting Research Center (LRC) at Rensselaer Polytechnic Institute…

 

 

Changing Scene

  • New Podcast Collaboration with Lighting Controls Association and NAILD

    March 24, 2023 The National Association of Innovative Lighting Distributors (NAILD) and the Lighting Controls Association have announced a collaboration on a new podcast seeking to raise awareness and expertise in lighting controls. About the Podcast Produced every two weeks for audio listening on popular apps or watching on a dedicated YouTube channel, it is hosted by… Read More…

  • DLC Non-Energy Benefits

    Evaluating the Non-Energy Benefits of Advanced Networked Lighting Controls

    March 24, 2023 The Benefits As energy efficient LED technology has become mainstream, the quantifiable gains from controlling smaller lighting loads may appear to have diminished at first glance. The truth is, while direct energy savings from controls alone represents a smaller portion of savings compared to the savings from LEDs, the use of networked… Read More…

Design

  • Light at Night and the Inequality Gap: Progress and Challenges

    Light at Night and the Inequality Gap: Progress and Challenges

    March 9, 2023 In December 2021, the DLC hosted a webinar that explored issues related to “Bridging the Inequality Gap” in outdoor nighttime lighting. The conversation introduced research on how lighting contributes to discrimination and inequity in underrepresented communities, and generated heightened interest among attendees. To follow up on the research and work presented, the DLC sat… Read More…

  • LIT Design Awards Light Art Project Winner: Integral Group

    LIT Design Awards Light Art Project Winner: Integral Group

    December 19, 2022 Prize(s) Winners in Light Art Project Company Integral Group Lead Designers Ellie Niakan + Catherine Chan Photo Credits Catherine Chan Completion Date December 21, 2021 Project Location New Westminster, British Columbia, Canada Although appearing as solitary, trees are connected to one another through vast underground systems known as mycorrhizal networks. Through these hidden systems—a symbiotic relationship between plants… Read More…

New Products

  • Introducing LED-integrated Wine Rack System from MP Lighting

    Introducing LED-integrated Wine Rack System from MP Lighting

    March 23, 2023 Wine enthusiasts, sommeliers, and casual appreciators alike can all agree: wine is delicate. The naturally occurring chemicals in the wine can be disturbed by many environmental factors, mainly heat, lighting, and vibrations. To aid in the prevention of these factors spoiling the wine, wine racks can be installed. LED-integrated wine rack systems… Read More…

  • Punctuate with Hyphen. New architectural luminaire system by Fluxwerx

    Punctuate with Hyphen. New architectural luminaire system by Fluxwerx

    March 23, 2023 Fluxwerx makes a break from the ordinary with the launch of Hyphen—a family of discrete recessed and surface luminaires to design, define and leave your mark. With Portal, Fluxwerx pushed past conventional downlights and cylinders in our drive to give designers new and differentiated aesthetic options with innovative optics that maximize visual… Read More…