Cree

(CREE) - Get Report

saw its shares tank a day after the semiconductor company provided its quarterly results and said its chief financial officer was planning to resign.

Cynthia B. Merrell, who has served as the company's CFO and treasurer since 1998, submitted her resignation, and it will be effective when a successor takes over, but not later than mid-February.

For the fourth quarter, Cree reported revenue of $98.9 million, up 9% from $90.9 million a year ago. Net income was $21 million, or 27 cents a share, including items that together cut earnings by 2 cents. In the same quarter last year, the company earned just under $21 million, or 28 cents a share.

Cree forecast first-quarter revenue of $101 million to $104 million with earnings of 22 cents to 24 cents a share, including 4 cents for the cost of expensing stock options and other equity compensation and 1 cent for severance costs.

Shares of Cree fell more than 13% to $23.66 Friday.

On average, analysts surveyed by Thomson First Call expected a profit of 27 cents a share in the fiscal fourth quarter. For the first quarter, the consensus earnings estimate is 25 cents with revenue of $106.6 million.