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Cree Raises Financial Targets for the Fourth Quarter of Fiscal Year 2009

May 26, 2009

Cree


DURHAM, N.C., May 26, 2009 – Cree, Inc. (Nasdaq: CREE), a market leader in LED lighting, today announced increased revenue and earnings targets for its fiscal fourth quarter ending June 28, 2009. Cree now targets revenue in a range of $143 million to $150 million with GAAP earnings of $0.07 to $0.09 per diluted share and non-GAAP earnings of $0.15 to $0.17 per diluted share, based on an estimated 89 million diluted weighted average shares. Targeted non-GAAP earnings exclude expenses related to the amortization of acquired intangibles of $0.03 per diluted share, and stock-based compensation expense of $0.05 per diluted share. The targeted revenue range is higher than previously announced primarily due to stronger LED component bookings for lighting-related applications, as well as higher LED chip bookings for notebook backlighting. The targeted revenue range is higher than previously announced primarily due to stronger LED component bookings for lighting-related applications, as well as higher LED chip bookings for notebook backlighting. Operating expenses are targeted to be approximately $46 million. “We are pleased with the strong booking trends for Q4,” stated Chuck Swoboda, Cree chairman and CEO. “We also remain optimistic about the growth potential for LED lighting in fiscal 2010, although there is some near term execution risk as we ramp up production to meet these higher targets.”



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