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


Changing Scene

  • Grand Opening: Legrand BCS Office in Markham

    Legrand is thrilled to announce the grand opening of their new BCS facility in the heart of downtown Markham, ON, located at 85 Enterprise Blvd, Suite 400, which is set to take place on Thursday, September 19th, 2024. “Our facility in Vaughan will remain open to continue to stock inventory for Canada for all Legrand… Read More…

  • Leviton Canada Achieves Another Year of Carbon Neutrality

    Leviton Canada proudly reaffirms its commitment to sustainability by achieving carbon neutrality once again in 2023. The company has significantly reduced their environmental footprint by 32% compared to 2022, with a substantial impact on transportation. Despite having energy-efficient lighting and relying on hydropower—a clean and renewable energy source—for their facility, transportation (both upstream and downstream)… Read More…


Design

  • Project Story: Sainte-Thérèse High School Outdoor Lighting Upgrade

    Project Story: Sainte-Thérèse High School Outdoor Lighting Upgrade

    August 6, 2024 Built in 1980, the building that houses Sainte-Thérèse high school, in Quebec Canada, was looking a little worse for the wear. Renovation work began with two major projects: introducing a multidisciplinary sports centre, as well as redesigning the parking lots.  The employee and visitor parking lots were completely reconfigured during phase 1… Read More…

  • Resilience Illuminated: Reviving Westminster Pier Park After Devastating Fire

    Resilience Illuminated: Reviving Westminster Pier Park After Devastating Fire

    In September 2020, the picturesque city of New Westminster near Vancouver in British Columbia suffered a devastating setback when an intentionally set fire destroyed much of the city’s waterfront park, including its urban beach, sand volleyball courts, and iconic art installation known as Wow Westminster. The fire, which burned for ten days before firefighters could… Read More…


New Products

  • Hydrel Expands 4750L Family of Architectural Linear Floodlights

    Hydrel Expands 4750L Family of Architectural Linear Floodlights

    Hydrel has recently announced the expansion of its 4750L Family of architectural linear floodlights with the introduction of a 2-foot RGBW fixture and a rotated mounting option. 4750L is an exterior linear floodlight designed for challenging outdoor applications, delivering high performance and efficacy. It is available in continuous runs, enabling the designer to create an… Read More…

  • SATCO|NUVO: LED T8 Type A+B Lamps

    SATCO|NUVO: LED T8 Type A+B Lamps

    SATCO|NUVO’s LED T8 Lamps – Type A + B are versatile for use in ballast bypass or ballast compatible configurations. High-performing, these lamps are damp location rated for reliable use in humid areas. With five selectable CCTs at installation, and dimmable on compatible ballasts, these lamps allow for a customized lighting experience. Available in 2′,… Read More…