Cree, Inc. (NASDAQ:CREE), a market leader in LED lighting, today announced consolidated revenue of $321 million from continuing operations, and $50 million from discontinued operations, for a combined revenue of $371 million for its first quarter of fiscal 2017. This represents a 13% decrease compared to combined revenue of $425 million ($381 million from continuing operations and $44 million from discontinued operations) for the first quarter of fiscal 2016 and a 4% decrease compared to the fourth quarter of fiscal 2016. Combined GAAP net income for the first quarter of fiscal 2017 was $0.6 million, or $0.00 per diluted share, compared to combined GAAP net loss of $24 million, or $0.24 per diluted share, for the first quarter of fiscal 2016. On a non-GAAP basis, combined net income for the first quarter of fiscal 2017 was $15 million, or $0.15 per diluted share, compared to combined non-GAAP net income for the first quarter of fiscal 2016 of $21 million, or $0.21 per diluted share.

Revenue from continuing operations was $321 million in the first quarter of 2017 compared to revenue from continuing operations of $381 million in the first quarter of fiscal 2016. Loss from continuing operations for the first quarter of fiscal 2017 was $3 million, or $0.03 per diluted share, compared to loss from continuing operations of $26 million or $0.25 per diluted share for the first quarter of 2016. On a non-GAAP basis, income from continuing operations for the first quarter of fiscal 2017 was $9 million, or $0.09 per diluted share, compared to non-GAAP income from continuing operations of $15 million or $0.14 per diluted share, for the first quarter of 2016.

Revenue from discontinued operations was $50 million in the first quarter of 2017 compared to revenue from discontinued operations of $44 million in the first quarter of 2016. Income from discontinued operations, net of tax for the first quarter of fiscal 2017 was $3 million, or $0.03 per diluted share, compared to income from discontinued operations, net of tax of $1 million, or $0.01 per diluted share for the first quarter of 2016. On a non-GAAP basis, income from discontinued operations, net of tax for the first quarter of fiscal 2017 was $6 million, or $0.06 per diluted share, compared to non-GAAP income from discontinued operations, net of tax of $7 million, or $0.07 per diluted share, for the first quarter of 2016.

“We delivered solid results in fiscal Q1, as Lighting, LED Products and Wolfspeed all achieved revenue and gross margins that were in line with our targets,” stated Chuck Swoboda, Cree Chairman and CEO. “We continue to make progress with our transition to a more focused LED lighting company and building a more valuable business by bringing better light to our customers.”