Crees LED sales leapt by a massive 37% over the previous quarter, reaching almost $92.0 million. Sales in the year-ago quarter were $85.1 million.
However, Crees income is down. GAAP net income for the fourth quarter was $6.4 million, or $0.08 per diluted share, compared to net income of $13.2 million or $0.17 per diluted share for the fourth quarter of 2006.
For fiscal year 2007, Cree reported revenue of $394.1 million, which represents a 7% decrease compared to revenue of $423.0 million for fiscal 2006. GAAP net income was $57.3 million, or $0.72 per diluted share, compared to $76.7 million, or $0.98 per diluted Share for fiscal 2006.
On a non-GAAP basis net income for fiscal year 2007 was $35.4 million, or $0.44 per diluted share, compared to $83.2 million, or $1.06 per diluted share, for fiscal 2006.
Fiscal 2007 was a challenging but successful year for Cree as we made great strides in our transformation from an LED chip and SiC materials technology company into a components company positioned to lead the LED lighting revolution, stated Chuck Swoboda, Cree chairman and CEO.
During the quarter, Cree completed the acquisition of COTCO, a leading supplier of high-brightness, packaged LEDs in China, for consideration valued at approximately $204 million.
In the fourth quarter, we again delivered financial results that were in line with our previously announced targets, and the COTCO integration is off to a good start, said Swoboda. We believe the combination of growing XL XL (r) LED sales, our new high -brightness, packaged LED product line and a more stable LED chip business has put Cree in a strong position for growth in fiscal 2008.
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