Cree, Inc. (Nasdaq: CREE), a market leader in LED lighting, today announced revenue of $436 million for its fourth quarter of fiscal 2014, ended June 29, 2014. This represents a 16% increase compared to revenue of $375 million reported for the fourth quarter of fiscal 2013, and an 8% increase compared to the third quarter of fiscal 2014. GAAP net income for the fourth quarter was $30 million, or $0.24 per diluted share, an increase of 6% year-over-year compared to GAAP net income of $28 million, or $0.23 per diluted share, for the fourth quarter of fiscal 2013. On a non-GAAP basis, net income for the fourth quarter of fiscal 2014 was $51 million, or $0.42 per diluted share, an increase of 12% year-over-year compared to non-GAAP net income for the fourth quarter of fiscal 2013 of $46 million, or $0.38 per diluted share.
For fiscal year 2014, Cree reported revenue of $1.65 billion, which represents a 19% increase compared to revenue of $1.39 billion for fiscal 2013. GAAP net income was $124 million, or $1.01 per diluted share, an increase of 43% compared to $87 million, or $0.74 per diluted share, for fiscal 2013. On a non-GAAP basis, net income for fiscal year 2014 was $203 million, or $1.65 per diluted share, an increase of 31% compared to $155 million, or $1.32 per diluted share, for fiscal 2013. Cree generated $319 million of operating cash flow and $121 million of free cash flow during fiscal 2014.
"Fiscal 2014 was another great year, as we achieved record revenue and grew our non-GAAP net income by over 30%," stated Chuck Swoboda, Cree Chairman and CEO. "The strength of our operating model gives us the flexibility to make investments to support our goal to grow the business and increase operating margin. Our new product pipeline, brand momentum and strong balance sheet put us in a great position to enable our long-term customer goal of 100% upgrade to LED lighting."