Consolidated statements of income

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
$
Operating expenses:
Research and development
Sales, general and administrative
Amortization or impairment of acquisitionrelated intangibles
Loss on disposal or impairment of long-lived
assets
Total operating expenses
Three Months Ended
June 29,
June 30,
2014
2013
436,290
$
375,009
$
274,024
234,284
162,266
140,725
37.2 %
37.5 %
Year Ended
June 29,
June 30,
2014
2013
1,647,641
$
1,385,982
1,028,846
862,722
618,795
523,260
37.6 %
37.8 %
48,577
70,871
39,365
61,696
181,382
268,460
155,889
236,581
10,188
7,715
31,988
30,823
909
130,545
1,088
109,864
2,690
484,520
3,473
426,766
Operating income
Operating income percentage
31,721
7.3 %
30,861
8.2 %
134,275
8.1 %
Non-operating income, net
Income from operations before income taxes
Income tax expense
Net income
$
3,922
35,643
5,794
29,849
$
2,685
33,546
5,304
28,242
$
13,295
147,570
23,379
124,191
$
11,063
107,557
20,632
86,925
Diluted earnings per share
$
0.24
$
0.23
$
1.01
$
0.74
Shares used in diluted per share calculation
122,043
5
121,081
122,914
96,494
7.0 %
117,979