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CREE RESEARCH, INC. ANNOUNCES FISCAL YEAR-END FINANCIAL RESULTS

 DURHAM, N.C., Aug. 5 /PRNewswire/ -- Cree Research, Inc. (NASDAQ: CREE) today reported a record net income of $593,535, or $.14 per share, on revenues of $6,322,380 for the fiscal year ended June 30, 1993. This compared with a net loss of $978,340, or $0.62 per share, on revenues of $2,955,431 for the fiscal year ended June 30, 1992.
 For the fourth quarter ended June 30, 1993, the company reported net income of $175,606, or $0.03 per share, on revenues of $1,733,039. This compared with a net loss of $(128,058), or $(0.08) per share, on revenues of $1,085,124 for the same period last year. Cree ended fiscal 1993 with $14.4 million in cash and marketable securities and $19.7 million in shareholders' equity.
 "Cree made significant progress during fiscal year 1993 in meeting technological and product development milestones that are important to the long-term growth of our current and future device businesses," said Eric Hunter, president and chief executive officer. This work resulted in the production of larger single crystalline silicon carbide (SiC) wafers and higher performance SiC-based blue light emitting diodes (LEDs). Cree plans to make additional investments in FY94 to continue the development of new SiC-based device products.
 Cree announced today a brighter version of its C470 blue LED chip. These devices output 50-60 percent more light at the same rated current. Cree's blue LED chip is used with existing red and green diodes to create full-color solid-state light sources. Solid-state light sources enabled by Cree's blue LED are used in color imaging applications such as Nikon's recently announced Coolscan color scanner. Brighter blue LEDs will provide performance improvements in many applications.
 Cree expects to make additional LED product announcements in mid-September.
 Cree also announced today the development and the release of a new type of SiC wafer product that may allow significant improvements in power semiconductor devices. The new 4H wafer has a different atomic structure than the currently available 6H wafer. This new structure permits a higher electron mobility, which means electrons can accelerate faster through the 4H wafer. Power transistors based in 4H-SiC can theoretically be much smaller than equivalent silicon devices and operate more efficiently. Silicon power transistors are currently used in a wide variety of existing electrical systems, including computer power supplies and electric motor controls. "SiC has properties that make it potentially more attractive than silicon for power transistor applications," according top Dr. Dale Brown, physicist at General Electric's Corporate Research and Development Center. "The advent of a higher mobility structure makes this even more likely. SiC power devices could eventually lead to greatly increased efficiency with much smaller chip sizes in a variety of power conditioning applications."
 Higher costs related to the new product introductions and the transition to production of Cree's brighter LEDs, combined with a continuation of slow LED sales in Japan may cause the company to post a loss for the quarter ending Sept. 30, 1993.
 Cree Research, which recently completed an initial public offering of common stock, is the world leader in developing and manufacturing electronic devices made from silicon carbide, a semiconductor material that is superior to other semiconductor materials for certain applications.
 CREE RESEARCH, INC.
 CONDENSED STATEMENT OF OPERATIONS
 Three Months Ended Twelve Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Total revenues $1,733,039 $1,085,124 $6,322,380 $2,955,431
 Cost of revenues $1,195,973 $ 781,992 $4,339,815 $2,475,056
 Total operating
 expenses $ 484,988 $ 420,055 $1,551,439 $1,410,560
 Net income (loss) $ 175,606 $ (128,058) $ 593,535 $ (978,340)
 Net income (loss)
 per share of
 common stock $0.03 $(0.08) $0.14 $(0.62)
 Weighted average
 shares of common
 stock outstanding 5,607,105 1,584,667 4,360,557 1,584,574
 -0- 8/5/93
 /CONTACT: Alan Robertson, Chief Financial Officer, Cree Research, 919-361-5709/
 (CREE)


CO: Cree Research, Inc. ST: North Carolina IN: CPR SU: ERN

MM-CM -- CH004 -- 9757 08/05/93 09:38 EDT
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Date:Aug 5, 1993
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