Cree, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 25, 2016; Reports Impairment Charges for the Second Quarter Ended December 25, 2016; Provides Earnings Guidance for the Third Quarter Ending March 26, 2017
January 24, 2017 at 09:01 pm
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Cree, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 25, 2016. For the quarter, the company announced revenue from continuing operations was $347 million compared to revenue from continuing operations of $394 million in the second quarter of fiscal 2016. Loss from continuing operations for the second quarter of fiscal 2017 was $1 million, or $0.01 per diluted share, compared to income from continuing operations of $9 million or $0.09 per diluted share for the second quarter of 2016. On a non-GAAP basis, income from continuing operations for the second quarter of fiscal 2017 was $20 million, or $0.20 per diluted share, compared to non-GAAP income from continuing operations of $22 million or $0.21 per diluted share, for the second quarter of 2016. Operating income was $8,683,000 compared to $3,211,000 a year ago. Net income was $6,219,000 or $0.06 per diluted share compared to $13,442,000 or $0.13 per diluted share a year ago. Non-GAAP operating income was $25,288,000 compared to $25,031,000 a year ago. Non-GAAP net income was $29,935,000 or $0.30 per diluted share compared to $28,487,000 or $0.28 per diluted share a year ago. Cash flow from operations was $101,618,000 compared to $76,962,000 a year ago.
For the full year, the company reported revenue, net of $668,291,000 compared to $775,307,000 a year ago. Operating loss was $1,460,000 compared to $8,534,000 a year ago. Loss from continuing operations was $3,965,000 or $0.04 per diluted share compared to $16,324,000 or $0.16 per diluted share a year ago. Net income was $6,785,000 or $0.07 per diluted share compared to net loss of $11,047,000 or $0.11 per diluted share a year ago. Non-GAAP operating income was $34,438,000 compared to $43,756,000 a year ago. Non-GAAP income from continuing operations was $21,572,000 or $0.30 per diluted share compared to $29,361,000 or $0.37 per diluted share a year ago. Non-GAAP net income was $45,169,000 or $0.45 per diluted share compared to $51,425,000 or $0.50 per diluted share a year ago. Cash flow from operations was $119,716,000 compared to $123,796,000 a year ago.
The company reported impairment charges for the second quarter ended December 25, 2016. For the quarter, the company reported loss on disposal or impairment of long-lived assets of $530,000 compared to $2,015,000 a year ago.
For its third quarter of fiscal 2017 ending March 26, 2017, the company targets combined revenue, which includes both continuing and discontinued operations, in a range of $340 million to $370 million. Combined GAAP net income is targeted at a $1 million loss to $3 million income, or a $0.01 loss to $0.03 income per diluted share. Combined non-GAAP net income is targeted in a range of $10 million to $18 million, or $0.10 to $0.18 per diluted share. Targeted combined non-GAAP income excludes $23 million of pre-tax expenses related to stock-based compensation expense, the amortization or impairment of acquisition-related intangibles and transaction costs associated with the sale of the Wolfspeed business.
Wolfspeed, Inc. is a semiconductor company focused on silicon carbide technologies. The Company provides solutions for efficient energy consumption and a sustainable future. Its product families include silicon carbide material and power devices targeted for various applications such as electric vehicles, fast charging, and renewable energy and storage. Its products include Discrete MOSFETs, Discrete Schottky Diodes, Bare Die MOSFETs, Bare Die Schottky Diodes, Power Modules, Gate Driver Boards, Evaluation Kits, Reference Designs and Materials Products. The Companyâs silicon carbide fabrication facility is located in Marcy, New York.
Cree, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 25, 2016; Reports Impairment Charges for the Second Quarter Ended December 25, 2016; Provides Earnings Guidance for the Third Quarter Ending March 26, 2017