Consolidated statements of income

CREE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts and percentages)
(unaudited)
Three Months Ended
March 30,
2014
Revenue, net
$
405,259
Nine Months Ended
March 31,
2013
$
348,934
March 30,
2014
$
1,211,351
March 31,
2013
$
1,010,973
Cost of revenue, net
255,265
215,924
754,822
628,438
Gross profit
149,994
133,010
456,529
382,535
Gross margin percentage
37.0%
38.1%
37.7%
37.8%
Operating expenses:
Research and development
46,626
39,036
132,805
116,524
Sales, general and administrative
65,368
62,140
197,589
174,885
7,257
7,719
21,800
23,108
Amortization of acquisition-related intangibles
Loss on disposal or impairment of long-lived assets
Total operating expenses
Operating income
364
863
1,781
2,385
119,615
109,758
353,975
316,902
30,379
23,252
102,554
65,633
Operating income percentage
7.5%
6.7%
8.5%
6.5%
Non-operating income, net
3,152
2,512
9,373
8,378
Income before income taxes
33,531
25,764
111,927
74,011
Income tax expense
$
5,367
28,164
$
3,607
22,157
$
17,585
94,342
$
15,328
58,683
$
0.23
$
0.19
$
0.77
$
0.50
Net income
Earnings per share:
Diluted
Weighted average shares used in per share
calculation:
123,695
5
118,608
123,140
116,768
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