This represents a 17% increase compared to revenue of $269.0 million reported for the first quarter of fiscal 2012 and a 3% increase compared to the fourth quarter of fiscal 2012. GAAP net income for the first quarter was $16.1 million, or $0.14 per diluted share, an increase of 26% year-over-year compared to GAAP net income of $12.8 million, or $0.11 per diluted share, for the first quarter of fiscal 2012. On a non-GAAP basis, net income for the first quarter of fiscal 2013 was $31.8 million, or $0.27 per diluted share, an increase of 13% year-over-year compared to non-GAAP net income for the first quarter of fiscal 2012 of $28.1 million, or $0.25 per diluted share.
"We started the year strong in our fiscal first quarter with record revenue and non-GAAP earnings per share at the high end of our target range," stated Chuck Swoboda, Cree chairman and CEO. "Overall company backlog is stronger than it was at this point last quarter, although visibility is still limited and the macroeconomic environment remains a headwind. Our results are beginning to demonstrate the enormous leverage we have in our fully integrated vertical lighting model."
By partnering with PolyBrite, we quickly and efficiently added a full assortment of complementary bulbs and new luminaires with new technology that is clearly differentiated,” says Mike Bauer, president and chief executive of Nexxus.
The move is part of a larger strategy by Nexxus to boost growth and generate profit after struggling with sliding revenue and quarterly losses. In August, it received noncompliance notice from the NASDAQ stock exchange for failing to file financial reports on time. Preliminary results for the second quarter show a net loss of $2.4 million, or 15 cents per share, on revenue of $1 million. The company was recently helped by a $6 million investment from an affiliate of Aston Capital, which brought new directors to the board.
"We started the year strong in our fiscal first quarter with record revenue and non-GAAP earnings per share at the high end of our target range," stated Chuck Swoboda, Cree chairman and CEO. "Overall company backlog is stronger than it was at this point last quarter, although visibility is still limited and the macroeconomic environment remains a headwind. Our results are beginning to demonstrate the enormous leverage we have in our fully integrated vertical lighting model."
By partnering with PolyBrite, we quickly and efficiently added a full assortment of complementary bulbs and new luminaires with new technology that is clearly differentiated,” says Mike Bauer, president and chief executive of Nexxus.
The move is part of a larger strategy by Nexxus to boost growth and generate profit after struggling with sliding revenue and quarterly losses. In August, it received noncompliance notice from the NASDAQ stock exchange for failing to file financial reports on time. Preliminary results for the second quarter show a net loss of $2.4 million, or 15 cents per share, on revenue of $1 million. The company was recently helped by a $6 million investment from an affiliate of Aston Capital, which brought new directors to the board.
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