North Carolina
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0-21154
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56-1572719
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(State or other jurisdiction of
incorporation)
|
(Commission File
Number)
|
(I.R.S. Employer
Identification Number)
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4600 Silicon Drive
|
|
Durham, North Carolina
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27703
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(Address of principal executive offices)
|
(Zip Code)
|
Item 7.01
|
Regulation FD Disclosure
|
Item 9.01
|
Financial Statements and Exhibits
|
Exhibit No.
|
Description of Exhibit
|
||
99.1
|
Press release dated March 23, 2011
|
CREE, INC.
|
|||
By:
|
/s/ John T. Kurtzweil
|
||
John T. Kurtzweil
|
|||
Executive Vice President - Finance,
Chief Financial Officer and Treasurer
|
Exhibit No.
|
Description of Exhibit
|
||
99.1
|
Press release dated March 23, 2011
|
For Immediate Release
|
Press Release
|
Contact:
|
Raiford Garrabrant
|
Cree, Inc.
|
|
Director, Investor Relations
|
|
Ph: 919-287-7895
|
|
|
|
Email: investorrelations@cree.com
|
●
|
LED component demand is improving post-Chinese New Year, yet revenue is lower than originally targeted. It has taken longer to work through customer inventories than previously anticipated and pricing was lower than the company had previously forecast.
|
●
|
The LED chip business is also weaker than targeted due to more aggressive pricing and weaker demand.
|
●
|
Gross margin for the quarter is expected to be approximately 43%. The decline in gross margin targets is attributable primarily to increased pricing pressure in the LED chip product line.
|
●
|
Operating expenses are expected to be slightly lower than previously targeted.
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