On Wednesday, Shares of Cree, Inc. (NASDAQ:CREE), gained 5.52% to $26.59.
Cree, declared revenue of $382 million for its fourth quarter of fiscal 2015, ended June 28, 2015. This represents a 12% decrease contrast to revenue of $436 million stated for the fourth quarter of fiscal 2014, and a 7% decrease contrast to the third quarter of fiscal 2015. GAAP net loss for the fourth quarter was $88 million, or $0.83 per diluted share, contrast to GAAP net income of $30 million, or $0.24 per diluted share, for the fourth quarter of fiscal 2014. On a non-GAAP basis, net loss for the fourth quarter of fiscal 2015 was $21 million, or $0.19 per diluted share, contrast to non-GAAP net income for the fourth quarter of fiscal 2014 of $51 million, or $0.42 per diluted share. During the fourth quarter of fiscal 2015, Cree recognized $84 million of costs related to the LED business restructuring that was declared on June 24, 2015. The restructuring charges comprised of $27 million of LED revenue reserves, $11 million of LED inventory reserves and $46 million of factory capacity and overhead cost reductions. The revenue and inventory reserves are comprised of in both the GAAP and non-GAAP results, while the capacity and overhead charges are comprised of in the GAAP results only.
For fiscal year 2015, Cree stated revenue of $1.63 billion, which represents a 1% decrease contrast to revenue of $1.65 billion for fiscal 2014. GAAP net loss was $64 million, or $0.57 per diluted share, contrast to $124 million of net income, or $1.01 per diluted share, for fiscal 2014. On a non-GAAP basis, net income for fiscal year 2015 was $72 million, or $0.64 per diluted share, contrast to $203 million, or $1.65 per diluted share, for fiscal 2014.
“Fiscal 2015 was a year of good progress in our Lighting and Power and RF businesses, mixed with challenges in the LED industry,” stated Chuck Swoboda, Cree Chairman and CEO. “The actions we took in Q4 to restructure our LED business position us for solid revenue growth and margin expansion in fiscal 2016, driven by the strength of our commercial lighting business.”
Cree, Inc. develops, manufactures, and sells lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally.
Shares of Sunedison Semiconductor Ltd (NASDAQ:SEMI), inclined 5.52% to $13.20, during its last trading session.
SunEdison Semiconductor Limited stated financial results for the second quarter ended June 30, 2015.
Highlights:
- Revenue grew sequentially on higher volume, flat pricing
- Gross profit dollars and margin were up sequentially
- SOI grew sequentially and demand remains strong
- Signed long-term polysilicon supply agreement with SunEdison
Results Review
Net sales for the 2015-second quarter were $207.4 million; up 4.0% sequentially contrast to $199.4 million in the 2015 first quarter but down 3.5% contrast to the preceding year. Higher volume in both polished and SOI wafers drove the sequential enhance, while lower pricing drove the year-over-year decline, which was partially offset by higher volume. Pricing remained flat in the second quarter of this year contrast to the first quarter.
Gross profit for the 2015-second quarter rose 36.6% to $23.5 million, or 11.3% of net sales, contrast to $17.2 million, or 8.6% of net sales, for the 2015 first quarter. Contrast to the preceding year, gross profit grew 15.2%, representing 184 basis points of margin expansion year-over-year. Gross profit and gross margin percentage rose sequentially primarily due to higher volume and lower manufacturing cost. Gross profit and margin raised year-over-year primarily due to higher volume and lower manufacturing cost, partially offset by lower average prices.
SunEdison Semiconductor Limited develops, manufactures, and sells silicon wafers for the semiconductor industry in the United States and internationally. The company provides polished wafers for various applications, counting memory, analog, radio frequency (RF) devices, digital signal processors, and power devices; EPI wafers that enhance the reliability and decrease the power consumption of semiconductor devices in mobile device and cloud infrastructure applications; and SOI wafers, which enhance switching speeds and the performance of RF devices, such as power amplifiers, switches, and sensors.
Finally, Kindred Healthcare, Inc. (NYSE:KND), ended its last trade with -0.58% loss, and closed at $22.41.
Kindred Healthcare, declared its operating results for the second quarter ended June 30, 2015.
Second Quarter Merged Highlights:
- Merged revenues raised 45.4% to $1.83 billion and earnings before interest, income taxes, depreciation, amortization, rent and certain charges (“core EBITDAR”) raised 48.9% to $262 million, each as contrast to the same period last year
- Core diluted EPS from ongoing operations was $0.39 and adjusted core diluted EPS from ongoing operations was $0.51 based upon 86.4 million weighted average diluted shares, an improvement as contrast to core diluted EPS of $0.35 and adjusted core diluted EPS of $0.50 for the same period a year ago based upon 53.8 million weighted average diluted shares
- The Company generated noteworthy core operating cash flows of $98 million contrast to $1 million for the same period a year ago; core free cash flows were $73 million contrast to a core free cash flow deficit of $23 million in the second quarter of 2014
- The Kindred Board of Directors declared a regular quarterly cash dividend of $0.12 per share on the Company’s common stock payable on September 4, 2015
Kindred Healthcare, Inc. provides healthcare services in the United States. It operates in four divisions: Hospital, Nursing Center, Rehabilitation, and Care Administration. The Hospital division operates transitional care hospitals that provide services for medically complex patients, counting the critically ill, suffering from multiple organ system failures, primarily the cardiovascular, pulmonary, kidney, gastro-intestinal, and cutaneous systems.
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