Consolidated statements of income

CREE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts and percentages)
(unaudited)
Three Months Ended
September 28,
2014
$
427,672
Revenue, net
September 29,
2013
$
391,006
Cost of revenue, net
291,852
240,249
Gross profit
135,820
150,757
Gross margin percentage
31.8 %
38.6 %
Operating expenses:
Research and development
46,725
41,743
Sales, general and administrative
69,692
64,278
6,499
7,287
Amortization or impairment of acquisition-related intangibles
Loss on disposal or impairment of long-lived assets
Total operating expenses
Operating income
Operating income percentage
1,447
657
124,363
113,965
11,457
36,792
2.7 %
9.4 %
Non-operating income, net
2,904
2,818
Income before income taxes
14,361
39,610
3,231
9,113
Income tax expense
Net income
$
11,130
$
30,497
Diluted earnings per share
$
0.09
$
0.25
Shares used in diluted per share calculation:
121,143
5
122,364