Financial focus

03 Feb 2005

A selection of the latest financial results from Cree, Lucent Technologies, Corning and more.

•  Cree of the US has reported a second quarter revenue of $97.4 million, an increase of 34% year-on-year. The firm's net income for the quarter increased 92% to $25 million compared to $13 million for the same quarter in fiscal 2004. Gross margin for the second quarter was 50.4 percent of revenue, down from 56 percent in the previous quarter. Cree said that gross margins decreased sequentially due to increased LED costs associated with its three-inch wafer conversion and X class product ramp up, lower than expected December LED shipments and lower LED average sales prices.

•  Corning has recorded sales of $3.85 billion for fiscal 2004, an increase of 25% over fiscal 2003 sales of $3.09 billion. "Three years ago we embarked on a significant restructuring of the company. At that time I said there was a light at the end of the tunnel," said Corning's chairman James Houghton. "I am pleased to say today that we have emerged from that tunnel and I believe Corning has a bright future." He added that this is the second consecutive year that Corning has achieved a $500 million improvement in profitability before special items.

•  JDS Uniphase has announced a second quarter net revenue of $180.5 million and a quarterly net loss of $43.5 million. This compares with a net revenue of $194.5 million and a net loss of $36 million reported in the first quarter of fiscal 2005. The company expects to report a net revenue in the range of $155 to $165 million for its third fiscal quarter.

•  Lucent Technologies, US, has reported a revenue of $2.34 billion and a net income of $174 million for its first fiscal quarter of 2005. The results compare with a revenue of $2.40 billion and a net income of $1.21 billion for the fourth quarter of fiscal 2004. The latest results include a charge related to the litigation brought by the firm's shareholders. "We continue to expect Lucent's annual revenues for fiscal 2005 to increase on a percentage basis in the mid-single digits," commented Frank D'Amelio, Lucent's chief financial officer.

•  French thermal infrared camera specialist CEDIP Infrared Systems has announced its fourth consecutive year of double-digit growth in international sales. In 2004, CEDIP achieved a revenue growth of more than 12% compared to 2003. It adds that export sales accounted for 70% of turnover. The company says that new products and consolidation of its sales organization in the US have fuelled this growth. CEDIP is now investing EURO 1 million in a new building at its headquarters. This will contain a new clean-room as well as expanded assembly and calibration facilities.

•  II-VI, the US infrared optoelectronics specialist, has announced record revenue and bookings for the quarter ended 31 December 2004. Revenues for the quarter increased 25% to a $43.2 million from $34.4 million in the same period in 2004. Bookings for the quarter increased 20% to $49.4 million. Net earnings for the quarter were $5.8 million, compared with net earnings of $3.4 million for the second quarter of last fiscal year. "Record revenues and bookings for the second quarter attest to the continued strong worldwide demand for II-VI products, said II-VI's president Francis Kramer. "In particular, demand for infrared and near-infrared optics accelerated during the quarter as the pace of both laser production and usage increased."