Non-GAAP, net income for the third quarter of fiscal 2014 was $47.7 million (or diluted earnings per share of $0.39), compared with $40.8 million in non-GAAP net income for the third quarter of fiscal 2013 (or diluted earnings per share) Compared with the gain of 0.34 US dollars, it increased by 17%.
Chery Swoboda, Chairman and CEO of Cree, said: “The third quarter of fiscal 2014 is a solid quarter. Both revenue and operating profit are in line with our target range. The fourth quarter of the fiscal year will have a good growth. These results once again demonstrate our ability to achieve strong business results while continuing to invest in new technologies and Career brand building."
Financial indicators for the third quarter of fiscal 2014:
(Except for the amount and percentage of each share, all other units are in thousands of US dollars)
| the third quater | Variety | ||||
| 2014 (unaudited) | 2013 (unaudited) | ||||
| Net income | $405,259 | $348,934 | $56,325 | 16% | |
| GAAP | |||||
| gross profit | 37.0% | 38.1% | |||
| Operating gross profit | 7.5% | 6.7% | |||
| Net income | $28,164 | $22,157 | $6,007 | 27% | |
| Diluted earnings per share | $0.23 | $0.19 | $0.04 | twenty one% | |
| non- GAAP | |||||
| gross profit | 37.8% | 38.8% | |||
| Operating gross profit | 13.2% | 12.9% | |||
| Net income | $47,710 | $40,761 | $6,949 | 17% | |
| Diluted earnings per share | $0.39 | $0.34 | $0.05 | 15% | |
â—Ž According to GAAP, gross profit decreased by 50 basis points to 37.0% in the second quarter of fiscal 2014. In non-GAAP calculations, gross profit decreased by 40 basis points to 37.8% from the second quarter of fiscal 2014.
â—Ž Cash and investment totaled US$1.2 billion, an increase of US$39 million from the second quarter of fiscal 2014.
â—Ž Net receivables were US$222.3 million, an increase of US$8.8 million from the second quarter of fiscal 2014, and the receivables turnover period was 49 days.
â—Ž Inventory was $251.2 million, an increase of $16.8 million from the second quarter of fiscal 2014, equivalent to 89 days of inventory.
Looking forward to the fourth quarter of fiscal 2014 (as of June 29, 2014), Cree plans to achieve a revenue target of US$430 million to US$460 million. The GAAP gross profit target is set at 36.8% +/-, and the non-GAAP gross profit target is set at 37.5. %+/-. GAAP gross profit targets include stock compensation fees, which are approximately $3.2 million, while non-GAAP targets are not included. The operating expense plan increased by $7 million based on the third quarter of the fiscal year.
Cree said the tax rate for the fourth quarter of fiscal 2014 is expected to be 21.0% +/-. GAAP net income target is $28.2 million to $36.3 million, or diluted earnings per share of $0.23 to $0.29. Non-GAAP net income targets range from $46.5 million to $54.6 million, or diluted earnings per share of $0.38 to $0.44. The GAAP and non-GAAP diluted net income per share targets are based on an estimated 124 million dilution weighted average shares. Non-GAAP target income does not include acquisition of intangible asset cost amortization and stock compensation expenses (diluted $0.15 per share).
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