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[Moonlighter]

Cree Reports Eighteen Consecutive Quarters of Profitability

Earnings Per Share Increased 125 Percent;
Product Revenue Rose 70 Percent

DURHAM, N.C., Jan. 11 /PRNewswire/ -- Cree, Inc. (Nasdaq: CREE), reported today record second quarter fiscal year 2001 revenue of $41,494,000, a 10 percent increase, sequentially, and a 67 percent increase over the $24,814,000 reported in the year ago period. Earnings per share rose 125 percent to $0.18, per diluted share, over the $0.08, per diluted share, reported in the comparable period in the prior year (as adjusted for the company`s 2-for-1 stock split in December 2000). Net income increased 145 percent to $13,861,000 compared to $5,647,000 in the year ago period. Product revenue grew 70 percent on a year-over-year basis, and 10 percent, sequentially. Product margins for the second quarter were 57.0 percent compared to 57.8 percent reported in the first quarter of fiscal year 2001. Gross margins increased to 53 percent compared to 51 percent reported in the second quarter of fiscal year 2000. Operating margins were the highest in the history of the company at 40 percent compared to 39 percent for the first quarter of fiscal 2001 and 32 percent for the comparable quarter in fiscal 2000. Net margins for the quarter were 33 percent compared to 23 percent in the year ago period.

For the six-month period ended December 24, 2000, the company reported record revenue of $79,136,000, an increase of 73 percent over the $45,675,000 reported for the comparable period of the prior year. Net income rose 160 percent to $26,515,000 or $0.35 per diluted share, and compares with net income of $10,201,000, or $0.15 per diluted share, for the corresponding prior year period. Product revenue increased 78 percent for the six-month period over the year ago period.

"We are particularly pleased with our continued revenue and earnings growth and the fact that we have now reported eighteen consecutive quarters of profitability," said Neal Hunter, Chairman and Chief Executive Officer. "Our strong financial performance results from our concentrated focus on expanding our market penetration through new product offerings as well as through acquisitions, strategic alliances and partnerships. We believe the acquisition of UltraRF will offer Cree significant opportunities to reduce the cost and increase the performance characteristics for the emerging radio frequency applications for wireless infrastructure. We have also made tremendous progress in the our blue laser efforts and the recent announcement of the Rohm alliance is expected to further aid in the development and commercialization of blue laser diodes for consumer applications."

Cree, Inc. will host a conference call at 4:30 p.m. EST today to review the details of the second quarter. The conference call will be available to all interested parties through a live audio web broadcast via the Internet. Log onto our website at www.cree.com and go to "Investor Info" for webcast details. The call will be archived and available on the website through the sixth calendar day following the webcast.

North Carolina-based Cree, Inc. is the world leader in developing and manufacturing semiconductor materials and electronic devices made from silicon carbide. The company uses proprietary technology to make enabling compound semiconductors such as blue and green LEDs, SiC crystals used in the production of unique gemstones and SiC wafers that are sold for device production and research. Cree has new product initiatives based on its expertise in SiC, including radio frequency and microwave transistors for use in wireless infrastructure applications and radar, blue laser diodes for optical storage applications and high power devices for power conditioning and switching. For more information on Cree, visit http://www.cree.com .

This press release contains forward-looking statements involving risks and uncertainties that may cause actual results to differ materially from those indicated. Actual results could differ materially due to a number of factors, including uncertainty whether we can achieve our targets for increased yields and cost reductions needed to permit lower product pricing without margin reductions; risks associated with the production ramp-up for our new ultra bright LED chips, including the possibility of unexpected delays, increased costs and manufacturing difficulties or less than expected market acceptance; the risk of variability in our manufacturing processes that can adversely affect yields and product performance; uncertain product demand; concentration of our business among few customers; uncertainty whether our intellectual property rights will provide meaningful protection; the possibility of adverse results in our pending intellectual property litigation; and other factors discussed in our filings with the Securities and Exchange Commission, including our report on Form 10-K for the year ended June 25, 2000 and subsequent reports filed with the Commission.


CONSOLIDATED FINANCIAL STATEMENT HIGHLIGHTS
(in thousands, except per share data)



Three Months Ended* Six Months Ended*
12/24/2000 12/26/1999 12/24/2000 12/26/1999
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Product Revenue $ 37,587 $ 22,137 $ 71,898 $ 40,385
Contract Revenue 3,907 2,677 7,238 5,290
Total Revenue 41,494 24,814 79,136 45,675

Cost of Product Sales 16,163 10,075 30,652 19,571
Cost of Contract Sales 3,257 2,012 5,844 3,900
Total Cost of Sales 19,420 12,087 36,496 23,471

Gross Profit 22,074 12,727 42,640 22,204

Operating Expenses:
Research & Development 2,295 1,911 4,396 2,842
Sales, General &
Administrative 3,010 2,767 6,967 4,823
Other Operating Income
(Loss) (62) 8 (62) (93)
Income from Operations 16,707 8,057 31,215 14,446

Other Non Operating Income
(Loss) (11) -- (99) --
Net Interest Income 4,322 573 9,105 1,126
Income Before Income Taxes 21,018 8,630 40,221 15,572
Income Taxes 7,157 2,983 13,706 5,371
Net Income $ 13,861 $ 5,647 $ 26,515 10,201

Net Income Per Share
(diluted) $0.18 ** $0.08 ** $0.35 ** $0.15 **


Weighted Average Shares of
Common Stock Outstanding,
diluted 75,200 ** 67,084 ** 75,230 ** 66,705 **


Balance Sheet Highlights*
12/24/2000 06/25/2000
Accounts Receivable, Net $ 22,708 $ 12,406
Inventory 13,335 9,320
Current Assets 300,510 289,019
Total Assets 525,966 486,202
Current Liabilities 36,017 23,062
Long Term Debt -- --
Shareholders` Equity $ 489,512 $ 463,140

* Consolidated statements including the impact of the acquisition of
Nitres, Inc. in a pooling of interests transaction.

** Earnings per share reflects adjustment for two-for-one stock split
effective 12/1/00.



/CONTACT: Fran Barsky, Investor Relations Manager of Cree, Inc., 919-313-5397, or fax, 919-313-5452/

[Kostolany4]

Der Wallstreet wars nicht gut genug - minus 2,00 USD auf 32 5/8 nachbörslich.
Trotzdem ist Cree eine gute Anlage - diese Firma braucht eben etwas
Zeit, bis das enorme Wachstum entsprechend honoriert wird.

Charttechnisch ist Cree noch im Abwärtstrend und meiner Meinung nach
sollte man versuchen, etwas unterhalb des derzeigigen Kursniveaus
an schwachen Tagen Bottom Fishing zu betreiben. Cree wird als Chipwert
eingestuft und parallel mit der Erholung der Chipwerte wieder auf alte
Hochs steigen.

[Moonlighter]

Die Vorteile von Silikon-Karbid-Chips bei Temperatur und Stromstärke haben Cree dazu veranlasst, eine Chipserie zu produzieren, die auf den Stromumschaltermarkt abzielen. Stromumschalter-Chips werden, wie ihr Name impliziert, dazu verwendet, elektrischen Strom, der in eine Richtung geht, in eine andere Richtung zu senden.
Obwohl Cree bei den Verkäufen von Stromumschalterchips wahrscheinlich nicht die Art Gewinnspannen sehen wird wie, sagen wir mal, im LED-Chip-Markt, ist das Potential, Shareholder-Value in diesem Bereich zu erzielen, in Anbetracht der Tatsache, dass dieser Markt mehr als $1 Milliarde wert ist, immer noch enorm und ich würde sagen, dass Cree unglaubliches Potenzial dadurch bekommen wird.