Key Developments For Cree Inc
Cree Inc (CREE.O) (Nasdaq)
Cree, Inc. Signs Agreement For Expansion In Huizhou, China
Cree, Inc. announced an agreement to purchase a 592,000 square foot facility in Huizhou, Guangdong Province, China. The facility will be Cree`s first chip production facility outside of North America and is targeted to also house future components manufacturing expansion.
Cree, Inc.'s LED Lamps Selected For Initial 650 Store Deployment At Walmart
Cree, Inc. announced that it has been selected to provide energy efficient LED lighting to Walmart for new stores and renovations. Walmart plans to install Cree LRP-38 LED light bulbs in 650 stores during the first year, replacing ceramic metal halide in the produce and electronics departments. Cree's LR6 recessed LED downlights are also being used in new construction applications.
Cree, Inc. Issues Q2 2010 Outlook Above Analysts' Estimates
Cree, Inc. announced that for second quarter of 2010, it expects revenue in a range of $180-$190 million with GAAP net income of $21-$23 million, or $0.20-$0.22 per diluted share. Non-GAAP net income is targeted to increase $29-$32 million, or $0.28-$0.30 per diluted share. According to Reuters Estimates, analysts were expecting the Company to report revenues of $173 million, non-GAAP net profit of $22 million and non-GAAP EPS of $0.24 for the same period.
Cree, Inc. Announces Exercise Of Underwriters' Overallotment Option
Cree, Inc. announced that the underwriters of its recent public offering of common stock have fully exercised their overallotment option, resulting in the issuance of an additional 1,650,000 shares. The option was granted in connection with the public offering of 11,000,000 shares of common stock at a public offering price of $35.50 per share, which closed on September 16, 2009. The exercise of the overallotment option brings the expected total net proceeds of the public offering to $434.1 million, after deducting offering expenses and underwriting discounts and commissions payable by Cree. Cree intends to use the proceeds from the offering for anticipated capital expenditures of approximately $150 million in fiscal year 2010 and additional future capital expenditure needs with the remainder being used for general corporate purposes, including working capital and potential strategic investments. J.P. Morgan Securities Inc. was the sole book-running manager for the offering, BofA Merrill Lynch was the lead manager, and Piper Jaffray, Morgan Keegan, Oppenheimer and America's Growth Capital acted as co-managers.
Cree, Inc. Prices Common Stock Offering
Cree, Inc. announced that the public offering of 11,000,000 shares of its common stock has priced at $35.50 per share for gross proceeds of $390.5 million. The offering includes a 30-day option for the underwriters to purchase up to 1,650,000 additional shares to cover overallotments, if any. Cree is conducting the offering pursuant to an effective registration statement under the Securities Act of 1933. The offering is expected to be completed on September 16, 2009. Cree intends to use the proceeds from the offering for anticipated capital expenditures of approximately $150 million in fiscal 2010 and additional future capital expenditure needs with the remainder being used for general corporate purposes, including working capital and potential strategic investments. J.P. Morgan Securities Inc. was the sole book-running manager for the offering, BofA Merrill Lynch was the lead manager, and Piper Jaffray, Morgan Keegan, Oppenheimer and America's Growth Capital acted as co-managers.
