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CREE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts and percentages)
(Unaudited)
Revenue, net
Cost of revenue, net
Gross profit
Gross margin percentage
Three Months Ended
Six Months Ended
December 25,
December 26,
December 25,
December 26,
2011
2010
2011
2010
(Thousands, except per share amounts)
$
304,118 $
256,983 $
573,098 $
525,420
199,000
135,837
369,952
273,745
105,118
121,146
203,146
251,675
34.6 %
47.1 %
35.4 %
47.9 %
Operating expenses:
Research and development
Sales, general and administrative
Amortization of acquisition related intangibles
Loss on disposal or impairment of long-lived
assets
Total operating expenses
35,886
49,176
7,367
29,233
33,366
2,706
70,288
94,715
11,292
53,965
62,568
5,412
497
92,926
429
65,734
1,272
177,567
901
122,846
Operating income
Operating income percentage
12,192
4.0 %
55,412
21.6 %
25,579
4.5 %
128,829
24.5 %
Non-operating income:
Interest and other non-operating income, net
Income from operations before income taxes
1,689
13,881
2,233
57,645
4,632
30,211
4,187
133,016
Income tax expense
Net income
$
1,803
12,078
$
7,870
49,775
$
5,314
24,897
$
25,205
107,811
Earnings per share:
Diluted net income per share
$
0.10
$
0.45
$
0.22
$
0.98
Shares used in diluted per share calculation
115,883
109,976
114,239
109,817
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