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TheStreet Open House

Cree's CEO Discusses F4Q12 Results - Earnings Call Transcript

Today’s presentations include forward-looking statements about our business outlook, and we may make other forward-looking statements during the call. These may include comments concerning trends and revenues, gross margin and earnings, plans for new products and other forward-looking statements indicated by words like anticipate, expect, target and estimate. Such forward-looking statements are subject to numerous risks and uncertainties.

Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially. Also, we’d like to note that we’ll be limiting our comments regarding Cree’s fourth quarter, the fiscal year 2012, to a discussion of the information included in our earnings release and the metrics posted on our website.

We will not be able to answer any questions that would involve providing additional financial information about the quarter beyond the comments made in the prepared remarks. This call is being recorded on behalf of the company. The presentations and the recording of this call are copywritten property of the company and no other recording, reproduction or transcription is permitted unless authorized by the company in writing.

Consistent with our previous conference calls, we are requesting that only sell-side analysts ask questions during the Q&A session. Also since we plan to complete the call in the allotted time of one hour, we ask that the analysts limit themselves to one question and one follow-up.

We recognize that other investors may have additional questions, and we welcome you to contact us after the call by e-mail or phone at 919-287-7895. We are also webcasting our conference call and a replay will be available on our website through August 21, 2012.

Now I’d like to turn the call over to Chuck.

Chuck Swoboda

Thank you, Raiford. In fiscal 2012, we once again demonstrated the strength of our industry leadership, delivering solid results in a very tough market, by focusing on innovation to drive LED lighting adoption. We gained significant momentum in scale in lighting with our acquisition of Ruud, which has better positioned Cree to lead the market. For the year, revenue increased 18% to $1.16 billion with non-GAAP net income of $109 million, or $0.95 per share.

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