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Long Term "LED Revolution" Restated by Cree
28/10/2010
Chuck Swoboda, CEO of Cree stated again the company's commission to the "LED Revolution" in the annual shareholders meeting on Oct. 26th.
As known, Cree has made rapid progress in the passing years, which gained them fluent cash reserves of $1.1 billion and revenues to $867 million for the past year.Swoda said they have no plan to do a stock buy-back with the reserved $1.1 billion recently. Instead, they would prefer to focus on improve faster with good investment strategy.
The latest earning report for the first quarter of fiscal year 2010-11, the company rewrote the record revenues again with $268.4 million for the fourth quarter, up 59 percent from the same period a year ago. Net income also increased 176 percent from the previous year to $58 million.
As pointed out by the CEO, the primary challenge for Cree will still be LED lighting popularization among the public. However, Swoboda emphasized, "It's not about the light bulb." Light bulbs will only account for 1/10 of the illumination, it only exists because it breaks all the time. This is really a step toward changing the industry.
Additionally, there will be a investment plan of $135 million for production capacity expansion which will be fullfilled by 2013, which will create 250 more jobs.